This is not like investing in Beany babies because a Bitcoin can be used for actual purchase of goods and services directly. A transaction could be me sending some amount of coin from one wallet to another.
#GPU MINING LITECOIN 2017 REDDIT VERIFICATION#
The mining is also used for verification of one or more transactions that occur through the block chain and when verified a transaction is register on the distributed block chain for all to see. Given a finite supply, there is an inherent supply problem and the mining aspect grows more-difficult the more people attempt to mine them. They can often mine and sell on a market to someone who has a demand for them be it investing or other uses. The value of mining comes from people playing a close-margin race for earning money based on hardware costs and electrical costs. The fundamental value is based on a supply and demand like many other markets and commodities. This will cause alterations in the normal market for GPUs as a possible shift happens for people wanting to buy these cards instead of gaming GPUs.but this is a tough change to predict without knowing the price point, performance, and availability of these dedicated mining GPUs. You will also soon have Nvidia and AMD producing dedicated mining GPUs that can't be used for gaming. You may see a flood of cards on the market as people panic both in ditching coins and also selling hardware they can't afford to mine with. Then there is Ethereum which has had a following and is currently in a downward trend causing some people to bail out.
#GPU MINING LITECOIN 2017 REDDIT HOW TO#
This flux and indecision in how to proceed is causing shifts of investment in other coins like Ethereum and Litecoin (among others). This could cause more turmoil as the community tries to resolve the problem. This puts a conflict between users of coins (payment transactions) and efficiency for miners.
There is contention and split opinion right now in the bitcoin community regarding a proposed change to the block size of the block chain to rectify problems related to the amount of time and money needed to verify transactions. This correction will happen as it's always happened throughout the history of mining cryptocurrency. What do you guys think about this? Is this really a "fad" that will correct itself in the coming months, or will the cryptocurrency miners create a new pricing level for graphics cards? Demand for new GPUs will dry up and used cards will flood the market. A lot of idiots got in over the last few months, overpaid for their equipment, and may never break even. There seem to be a lot of people in the community who think that cryptocurrency mining is going to crash soon. Six months ago, it was worth about fifty bucks less than I paid for it. And I may have sold into a lull in the mining rush, as the card was going for a fifty bucks more than that a few weeks ago. Last week, I sold my year-old reference RX 480 for about fifty bucks more than I paid for it. I looked into mining for fun and profit, but it turns out the best bet was to sell my card, just like selling shovels to gold miners in a rush. Mid-range cards are hard to find and everything else is overpriced. Cryptocurrency miners ate the GPU market.
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