Second Hand Rigs Are Dumped because the Solo Mining Dream Dies

Mining In the summertime of 2017, rising cryptocurrency costs led to a run on excessive efficiency graphics playing cards. Coveted playing cards with a excessive hashrate have been snapped up like proverbial sizzling muffins, leaving avid gamers, scientific researchers, and anybody else who relied on flagship GPUs priced out because the cryptocurrency frenzy escalated. One


Second Hand Rigs Are Dumped as the Solo Mining Dream Dies

Mining

In the summertime of 2017, rising cryptocurrency costs led to a run on excessive efficiency graphics playing cards. Coveted playing cards with a excessive hashrate have been snapped up like proverbial sizzling muffins, leaving avid gamers, scientific researchers, and anybody else who relied on flagship GPUs priced out because the cryptocurrency frenzy escalated. One yr on, and those self same graphics playing cards may be acquired for discount costs.

Additionally learn: SHA-256 Mining Hashrate Climbs Significantly in One Year

From Sizzling Property to Out of date {Hardware}

It was the summer season of 2017 and the Geoforce 1070, Nvidia’s second-most highly effective graphics card, was retailing for $450. There was only one drawback: nobody may pay money for one. In PC shops around the globe, naked cabinets occupied the house the place avid gamers’ go-to improve ought to sit. That’s as a result of a cryptocurrency mining increase, the likes of which had by no means been seen earlier than, was in full swing, with crypto miners clearing shops and wholesalers of all of the items they may lay arms on.

Whereas laptop retailers in lots of international locations ran dry of fascinating GPUs such because the 1070 and Radeon 570, on second-hand marketplaces they may nonetheless be acquired – for a premium. From final summer season into early 2018, when crypto mania was at its peak, playing cards such because the $400 1070 often traded arms for $800 or extra. The wailing of avid gamers was drowned out by the whirr of cooling followers as miners overclocked their newly acquired GPUs and began crunching numbers in trade for altcoins. Bitcoin was solely minable on ASICs by then, and ethereum was heading that means too, however smaller cash comparable to sia, monero, and zcash, in addition to a whole lot of lesser identified microcap cash, have been nonetheless viable.

Second Hand Rigs Are Dumped as the Solo Mining Dream Dies
A number of the mining rigs at the moment listed on Gumtree within the UK

One yr on from the summer season of shitcoins and the worth of all main cryptocurrencies has taken a tumble, whereas community hashrates have continued to rise. BTC, ETH, and all the remaining may be price greater than they have been a yr in the past, however their ballooning hashrate has meant that mining on GPUs is scarcely worthwhile, inflicting secondary market provide to exceed demand as soon as extra. It’s now the flip of avid gamers, information researchers, and scientists to brag, as they snap up low-cost graphics playing cards offloaded by former miners whose dream has died.

Second Hand Mining Rigs Are Low cost – However Who’s Shopping for?

Second Hand Rigs Are Dumped as the Solo Mining Dream DiesA go searching Craigslist and Gumtree, two of the main P2P marketplaces within the UK and US, exhibits the kind of mining rigs that may now be acquired. A lot of these on the market have seen lower than six months’ use, suggesting that their unique house owners might not even have turned a revenue earlier than offloading them. Within the Bay Space, one seller is providing 16x 1080s for $3,950 – or about $246 a card. The vendor professes to have paid over $4,000 for them however to have made a lot of the prices again from mining.

In the identical space, someone’s selling a bunch of 1070s and 1080s at $375/$425 apiece. “Since I obtained too many rigs and electrical charges for tier Three excessive electrical use is simply too excessive for me at 45 cents watt fee, I’ve determined I must promote some,” they clarify. One of many rigs seems precarious, to place it mildly. Over within the UK, Gumtree is at the moment displaying 42 mining rigs on the market, together with a construct of 7x RX480s, “Now surplus to requirement, inbuilt Q1 2017 for a buddy”. There’s also a rig of 8x 1070s going for round $4,500.

For the primary time in a very long time, single GPUs are promoting secondhand for lower than their RRP, displaying that the crypto mining increase is over, for now. Whereas hashrates – like market costs – can fall, it’s unlikely that situations will make it worthwhile to solo mine with a handful of GPUs once more. With mining shifting to cooler climes with cheaper power, and from residential areas to objective constructed farms, the period of beginner mining is nearly over. Except for the lowered profitability of solo mining on GPUs, there’s one more reason why many sellers appear to have determined to name it a day: there merely isn’t room.

Second Hand Rigs Are Dumped as the Solo Mining Dream Dies
The worth of the 1070 spiked in January earlier than declining

Judging by the explanations cited in lots of labeled adverts, a change of circumstances – normally an impending transfer or a brand new girlfriend – is commonly the ultimate straw. Like accepting your band won’t ever make it and promoting your electrical guitar, promoting your mining rig may be construed because the acknowledgement that the crypto dream is over with out having made you wealthy. As most sellers will certainly aver, although, it was a blast – a loud, sizzling blast that was enjoyable whereas it lasted.

Do you assume the period of solo GPU mining is over? Tell us within the feedback part beneath.


Photos courtesy of Gumtree, Twitter, PCpartpicker.com and Craigslist.


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