Ethereum

tacofries

Have made a 30% return with Litecoin over the last few weeks but surely there is a dip coming. Thinking of selling up soon and buying back in in the future.

Edit: Going to sell as soon as it starts to go down, buy back in if a dip comes.

pro_gnostic_8

Grumpypants wrote: »

The big push now is people think bitcoin has peaked but rather than taking the cadh they are moving bitcoin to altcoins

?

I would have thught that sentiment behind Bitcoin was positive; that the widespread opinion amongst analysts, investors, users etc is that it will rise further before it peaks.

I think it more likely that the reason for the surge in the Eth price is the market's appreciation of the recent developments in the Eth system -- Casper, PoS, the Ice Age etc.

unkel

Will this current massive surge in value bring in a new generation of miners? Surely it must look attractive? My 2 rigs were making about €12 per day combined, now it's gone up to about €20

Thargor

Dont see it anywhere else but I notice Coinbase touched €406 at about 2am, this is getting serious now

traveller0101

Bought my first bit of ETH at 9.98e per ETH. Wish I had bought more!

Grumpypants

I don't think those announcements have the impact people think. Most spike are from traders looking to make money rather than people suddenly thinking wow that tech upgrade is something i want to get behind longterm.

Everyone up on the tech has been invested and holding for a while.

Everyone that made 30-40% on the 5k to 7k bitcoin jump dont see bitcoin going to 10k in the next week or two. But they can flood ETH and jump that price by 30-40% pretty easily. They will likely find a new target once they feel ETH has topped out and keep their money rolling along.

The One Doctor

Grumpypants wrote: »

I don't think those announcements have the impact people think. Most spike are from traders looking to make money rather than people suddenly thinking wow that tech upgrade is something i want to get behind longterm.

Everyone up on the tech has been invested and holding for a while.

Everyone that made 30-40% on the 5k to 7k bitcoin jump dont see bitcoin going to 10k in the next week or two. But they can flood ETH and jump that price by 30-40% pretty easily. They will likely find a new target once they feel ETH has topped out and keep their money rolling along.

Yup, makes more sense. Logic and reason has nothing to do with this market. For example, if I see something that's a bargain I'll jump on it and then sell once I get my predicted profits. That usually takes 12-24 hours. However this ETH spike makes me nervous and I have stayed clear of it (other than losing €43 after I FOMOd and panicked). I'm well up for the week anyway.

Anyone who thinks these surges have anything to do with innovations or technology, forget it. The market is at the whim of buy, sell and stop limit orders put in by traders. Just look at the GDAX exchange.

Thargor

Motoring along, hopefully $500 becomes new support if it gets through. I thought it would crash today with the amount of money flowing into BTC tbh.

Grumpypants

My predicted 500 a coin within this year isn't far off now.

Thargor

There goes $500, well done all holders, this is on the way to getting a bit life changing for me, as always with everything crypto, wish I'd put in more but who would have predicted this?

Thargor

Giving up all its gains now, maybe just because of meltdown on the exchanges...

Try again tomorrow, I seriously doubt that will be the last ATH it ever sets.

unkel

Wow that's some drop. €430 to €340 in just a few hours! Hope you HODLers have sold out (but I bet you haven't)

I have zero ETH, won't buy any until it drops a lot more. But the mining is going very well these days

Grumpypants

Holding since it was €5, so even at 340 i'm way up.

I've never panic sold since i started and it has served me well. I've watched plenty of others cash out to take small short term gains only to lose big time in the long run.

I've yet to meet someone who has traded their way to riches.

Thargor

unkel wrote: »

Wow that's some drop. €430 to €340 in just a few hours! Hope you HODLers have sold out (but I bet you haven't)

I have zero ETH, won't buy any until it drops a lot more. But the mining is going very well these days

375 now and heading back up, I don't see any Sell signals on that graph anyway, it was €250 three weeks ago! Are you not regretting dumping everything you mine?

unkel

Of course there is always regret if you sell and then it goes up!

But it's too volatile for me to leave my money in. If it goes down a lot further, I'll buy some and / or hold my mined coin. And sell straight away once it's gone up a bit. Fair play to those people who mined BTC in 2009 with their laptop for a week or two and now have $10 million, but I've yet to meet someone who has HODLd their way to riches

Wizard!

Is there any reliable mining tutorial for ETH ?

SkySter

Wizard! wrote: »

Is there any reliable mining tutorial for ETH ?

Nicehash provide an easy way into ETH mining. Not saying its necessarily the most profitable but it was a good way to learn the basics.

Wizard!

SkySter wrote: »

Not saying its necessarily the most profitable

Because?
High wallet fee, or low performance?

SkySter

Wizard! wrote: »

Because?
High wallet fee, or low performance?

Nicehash takes a benchmark of your GPU and runs the miner it thinks will generate the most profit. It cycles these every few minutes. The setting for the miner might not be as efficient as doing your own tweaks. It is a balance between miner control and ease of use. Nicehash also pays out in BTC regardless of what coins you mine. At the moment this is fine by me but again may not be what you want if you'd want to mine and hold ETH directly rather than buying the ETH with the payout.

SkySter

SkySter wrote: »

Nicehash takes a benchmark of your GPU and runs the miner it thinks will generate the most profit. It cycles these every few minutes. The setting for the miner might not be as efficient as doing your own tweaks. It is a balance between miner control and ease of use. Nicehash also pays out in BTC regardless of what coins you mine. At the moment this is fine by me but again may not be what you want if you'd want to mine and hold ETH directly rather than buying the ETH with the payout.

Forgot to add you can set Nicehash to run only one miner. I currently have it dual mining Ethereum and Decred using Claymore miner.

garrettod

Hi,

For those of you that are mining, are you using particularly powerful computers, or possibly a second machine just for mining purposes ?

I am struggling to believe that most bog standard PCs will ever achieve much, unless I'm badly mistaken.

Thanks

unkel

Nope, any old PC will do. I've a 10 year old mobo / cpu combo (conroe / core 2 duo) that can mine with the latest graphics cards. In fact if you build a dedicated mining rig and have to buy the parts new, it is generally recommended to use the cheapest (=slowest) celeron processor. You also need just 4GB of RAM (I've tried with 2GB (DDR2!!!) in above rig running Windows 10 and it still works fine too. I've 2 mining rigs running 24/7 and the older one is just my old PC (4th generation i5)

It's the graphics cards that do all the work. They need to be modern and high end. The oldest ones that still work very well are probably the R9 390 cards from around 2013/2014

unkel

Nice earner too. Making about €25 revenue per day at the moment - paid out daily - with the high price of ETH. Electricity is free (just energy - fixed price contract for the year based on my last years usage, no matter how much I use this year ) and depreciation of the hardware about €5 per day worst case scenario. I'm not holding my mined coin, so I am actually making real money here. Opportunity costs of money of my investment in graphics cards is almost zero these days.

Thargor

Have you fully paid off the initial hardware investment then? How long did that take?

pro_gnostic_8

Two days ago, first generation Cryptokitties (on the Ethereum blockchain) were selling for around $30. This morning they are trading at $22,000 ( 48 Eth). One CryptoKitty has been sold for $110,000. :eek:
This CryptoKitties thing has turned into a mania since it was released on Nov 28th.
As usual, I'm late to the party so I won't be buying my own CryptoKitty now.
The first real dAPP on the Ethereum blockchain (after Etherdelta) ............. and it's virtual cats !
https://www.cryptokitties.co/marketplace?orderDirection=asc&sorting=old-first

Shauny2010

Will all this mining equipment become redundant when ethereum switches to proof of stake?
At the moment I am mining Monero as it is the most profitable this month, but I'm only on a small scale, 1 X 1080 getting 2000hash plus 2 X Saphire 7770 getting 300hash

mickdw

What would electricity useage be roughly for mining with a basic setup?

unkel

Thargor wrote: »

Have you fully paid off the initial hardware investment then? How long did that take?

God no, I only started mining a few weeks ago.

Shauny2010 wrote: »

Will all this mining equipment become redundant when ethereum switches to proof of stake?
At the moment I am mining Monero as it is the most profitable this month

You've answered your own question. When you can't mine ETH anymore, you can mine other coins. And if all coins would disappear overnight, you could just sell your expensive graphics cards to people who play games. Worst case scenario is the depreciation of the hardware (provided you sell your mined coin immediately when you get it and don't speculate with it)

mickdw wrote: »

What would electricity useage be roughly for mining with a basic setup?

A basic 6 gpu system would use roughly the guts of 1kW at the wall. You do get free heating in return though

I've currently got 13 gpus mining, heating 3 of the biggest rooms in my house for free. Saving at least a few hundred EUR in gas over the winter.

Benildus

any chance the mining chat could go to the mining thread instead of this ethereum thread

Wizard!

Benildus wrote: »

any chance the mining chat could go to the mining thread instead of this ethereum thread

Which is...?