Crypto Blood Bath? Mining ideas...

[funkywizard]

Crypto prices seem to be going off a cliff, as well as mining revenues.

Mining revenues "per hardware" are down 50 - 70% vs 2-3 weeks ago.
Crypto prices are in a similar boat -- down 30-70% vs 2-3 weeks ago.

Any coins bucking the trend?

For gpu mining, Lux was a good alternative to zcash for a bit there, with mining revenues 50% above already-high zcash revenues. But both have dropped substantially, with lux only about 10% better than zcash now at $130/mo per 1080ti vs $120 for zcash (both were above $200/mo recently).

Any good mining alternatives for nvidia cards?

For cpu mining, thats not fared any better. On a Dual E5-2680v2, Monero is showing $30/mo, Aeon $40/mo. Sumokoin has some brief spikes (right now it's showing $70/mo for example), but this tends to be short lived. Electroneum is also showing $70/mo, but, due to the 1 minute target block times, a lot of hash power gets spent on outdated blocks, so real revenues are lower than the calculators would show.

Any better Cryptonote coins out there for mining right now?

 

[Joel]

I think you've about covered it. The only other cryptonight coins that I'm aware of aren't even on the exchanges yet.

 

[Patrick]

Often when this happens you see smaller cryptos get crushed in a flight to quality. That is why ETH is doing relatively well.

In the past, if I had cryptos I would direct them towards cryptos that I thought would be around in 12 months.

It may also be a good opportunity to put your servers to web hosting duties and get more money for their time.

 

[marcoi]

i wonder if this is enough to bring video card prices back down?

 

[funkywizard]

Often when this happens you see smaller cryptos get crushed in a flight to quality. That is why ETH is doing relatively well.

In the past, if I had cryptos I would direct them towards cryptos that I thought would be around in 12 months.

It may also be a good opportunity to put your servers to web hosting duties and get more money for their time.

Lol, true enough.

Interestingly, the higher mining profits of December especially, made it difficult to sell E5 servers to legitimate customers. At the time, the servers could earn more mining crypto than you would get renting the same type of server to a typical client. One problem is, miners knew this and were trying to rent these servers, from us and others. Not a very appealing customer type, who wants to pay less than I'm already earning, and will cancel as soon as the revenue drops. Why bother? So on the side of hosting, having the mining revenues drop does make it easier to sell to "real" customers. At current rates, miners wont pay what the servers are worth to normal customers. So if you quote someone a normal rate, and they're still interested, they're obviously not a mining customer who will be gone at the next downturn.

Silver lining in everything I suppose.

 

[funkywizard]

i wonder if this is enough to bring video card prices back down?

Rumor is that 10xx Nvidia cards are not being produced or distributed any longer, as manufacturers build up initial stock of the next generation GPUs. If that's true, then cards won't get much easier to find from normal retailers, but perhaps the markups from resellers will decline.

 

[marcoi]

Rumor is that 10xx Nvidia cards are not being produced or distributed any longer, as manufacturers build up initial stock of the next generation GPUs. If that's true, then cards won't get much easier to find from normal retailers, but perhaps the markups from resellers will decline.

i rather get a few next gen cards, especially if i can get them near MSRP or less

 

[mstone]

good opportunity to stop wasting the electricity?

 

[keybored]

i wonder if this is enough to bring video card prices back down?

Only if prices stay down for many weeks or keep crashing... So far I'm not seeing any decrease in network hashrates, at least not in any cryptonight currencies and it's even higher in some. Heck, Monero is already at 800MH/s.

 

[funkywizard]

good opportunity to stop wasting the electricity?

I know these are turbulent times, but there's no need to be reckless.

 

[onsit]

Well it's mostly coming down to the fact all altcoins are backed by BTC/LTC and both of which are tanking below 9000 atm. Once things stabilize who knows what happens next. Until Monero possibly becomes the big daddy that backs other cryptonote coins, we are at mercy of BTC's performance.

You can give KRB a look, it actually has real world usage atm. Ukraine is using it for burger stands and phone refills.

So all speculations of mining any altcoin should be speculations of BTCs success.

 

[Patrick]

This happened a few times last year as well. Mining was super profitable and cards were hard to get. Then it eased. Then it went crazy again.

I think a bigger impact, that few are talking about, is the leveraged folks not pouring into the market. In 2017 you could buy BTC / ETH on Coinbase with your credit card and by the time you had to pay your statement you would have had a nice return just about every 30 day period. People mortgaged their houses and etc. to get money to put into crypto.

As the consecutive winning streak ends, the market gets de-levered and prices go down.

Another important part is that most of the BTC futures are being denominated in dollars. That means that people are not buying/ selling on the dates when BTC is due. It is easier to settle, but also means a lot of volume is not really in the market.

 

[ehorn]

Did this thread mark the bottom of the correction? Lol...

 

[Joel]

This happened a few times last year as well. Mining was super profitable and cards were hard to get. Then it eased. Then it went crazy again.

I think a bigger impact, that few are talking about, is the leveraged folks not pouring into the market. In 2017 you could buy BTC / ETH on Coinbase with your credit card and by the time you had to pay your statement you would have had a nice return just about every 30 day period. People mortgaged their houses and etc. to get money to put into crypto.

As the consecutive winning streak ends, the market gets de-levered and prices go down.

Another important part is that most of the BTC futures are being denominated in dollars. That means that people are not buying/ selling on the dates when BTC is due. It is easier to settle, but also means a lot of volume is not really in the market.

Another factor with the leverage discussion is this issue:

Coinbase warns that banks now process credit-card crypto purchases as ‘cash advances’

It actually makes sense, because crypto can be easily converted to cash, either through exchange or making purchases in BTC.

 

[Joel]

Did this thread mark the bottom of the correction? Lol...

Dead Cat Bounce

 

[ehorn]

I know these are turbulent times, but there's no need to be reckless.

Lol...

Just found this site. Have not run validation yet though.

CryptUnit - Hi. What are you mining today?

 

[Jeggs101]

@ehorn it's using 3x for AEON auto convert. That's a little low.

 

[gigatexal]

it's just a downturn keep mining and wait for the eventual rise in BTC which will take all other coins with it. That's my hypothesis anyway.

i bought ~ 3k Siacoin's. Still mining Aeon and looking into making some altcoin bets that will likely still be around. It's a gamble but so is this whole house of cards.

 

[mstone]

it's just a downturn keep mining and wait for the eventual rise in BTC which will take all other coins with it. That's my hypothesis anyway.

I'm curious why you think other coins would have any value at all if one coin ever actually became successful (however unlikely that actually is).

 

[onsit]

I'm curious why you think other coins would have any value at all if one coin ever actually became successful (however unlikely that actually is).

BTC is trackable, the darknet uses cryptonight based currencies to do whatever it is they do. These exchanges from BTC -> Alt will always happen. XMR didn't just get popular because of cool tech and lively developers, darknet got onboard with it and caused it to skyrocket.