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Re:Bitcoin mining becomes unprofitable as BTC price falls to... by aasasd on Sunday June 19, 2022 @03:00AM (#31796905)
> mining equipment as collateral

So the same hardware that becomes useless when the btc price falls?

Re:Bitcoin mining becomes unprofitable as BTC price falls to... by hef19898 on Sunday June 19, 2022 @03:06AM (#31796957)
Good for the miners, the equipment and the coins are worthless, worst case, and thr money is gone. The bank will hold the bag so.
Re:Bitcoin mining becomes unprofitable as BTC price falls to... by bottled_poe on Sunday June 19, 2022 @03:51AM (#31797210)
If you think the bank is losing out here, I have a bridge to sell you.
Re:Bitcoin mining becomes unprofitable as BTC price falls to... by hef19898 on Sunday June 19, 2022 @03:17PM (#31802469)
Depending on the bank in question that bag will be passed on rather quickly. Doesn't mean a bank cannot be bitten, in 2008 most banks held CDOs only for a short period of time, it was tue volume they held thatvwas the problem for those banks.
Re:Bitcoin mining becomes unprofitable as BTC price falls to... by jedberg on Sunday June 19, 2022 @03:07AM (#31796960)
I guess it depends if they are custom ASICS or just GPUs. GPUs can be useful elsewhere, custom ASICS not so much.
Re:Bitcoin mining becomes unprofitable as BTC price falls to... by sgt101 on Sunday June 19, 2022 @03:13AM (#31796989)
For BTC I think ASICS have been required (to make money) for a long time, and you needed to be able to get them early - buying them and finding that there were other people using newer more efficient chips meant your money was wasted because you would not discover any coins.
Re:Bitcoin mining becomes unprofitable as BTC price falls to... by icelancer on Sunday June 19, 2022 @03:12AM (#31796981)
They're ASICs. GPUs haven't been used for BTC mining in a long time.
Re:Bitcoin mining becomes unprofitable as BTC price falls to... by ChuckNorris89 on Sunday June 19, 2022 @04:03AM (#31797255)
>GPUs haven't been used for BTC mining in a long time.

False. For westerners who have to pay market price on electricity that's true, but GPUs have still been used in geographic areas where dirty energy is super cheap of even free for the right connected people (China, Iran, Russia and former Soviet republics, disputed conflict zones in former Yugoslav states, etc.)

That's also where most of the mining is still happening.

Re:Bitcoin mining becomes unprofitable as BTC price falls to... by shawabawa3 on Sunday June 19, 2022 @04:36AM (#31797446)
This is just not true

Other coins are minable with GPUs (because their algorithm was purposely designed to be ASIC resistant)

But bitcoin has been exclusively ASIC mined since probably 2013 at least

Even with free electricity and stolen GPUs you cannot profitably mine bitcoin (you'd get a fraction of a penny a month, less than the cost of simply storing a gpu)

Re:Bitcoin mining becomes unprofitable as BTC price falls to... by icelancer on Sunday June 19, 2022 @06:13AM (#31797965)
>> Even with free electricity and stolen GPUs you cannot profitably mine bitcoin (you'd get a fraction of a penny a month, less than the cost of simply storing a gpu)

And even if you could mine it profitably, you would be better off mining the worst shitcoin instead, much less a reasonable alternative like ETH or RVN.

Re:Bitcoin mining becomes unprofitable as BTC price falls to... by robocat on Sunday June 19, 2022 @06:10AM (#31797954)
False. If your electricity is free and you can earn $1 mining Bitcoin, or $10 mining Etherium, then you would mine Etherium. You would only mine Bitcoin if you had another reason to want to mint blocks apart from the expected return for minting a Bitcoin. https://whattomine.com/coins?aq_2080Ti=1&a_2080Ti=true (edit: improved wording).
Re:Bitcoin mining becomes unprofitable as BTC price falls to... by renonce on Sunday June 19, 2022 @04:30AM (#31797411)
GPUs are being used to mine ETH, not BTC. Hashrate by GPU cards on BTC is tiny compared to ASIC. It takes literally 1000x more power and 1000x the cost at the same hashrate.
Re:Bitcoin mining becomes unprofitable as BTC price falls to... by usr1106 on Sunday June 19, 2022 @05:37AM (#31797787)
Interesting discussion whether GPUs are used or not. i don't know the answer and obviously many others don't.

So instead of being dependent on central banks, crypto is dependent on inside knowledge held by plain criminals or at least very shady businessmen. That much about the openness and transparency in real life.

Re:Bitcoin mining becomes unprofitable as BTC price falls to... by icelancer on Sunday June 19, 2022 @06:11AM (#31797961)
> Interesting discussion whether GPUs are used or not. i don't know the answer and obviously many others don't.

The discussion is not interesting. It is well-known GPUs are not used for mining BTC. Mining other cryptocurrency? Sure. BTC? No.

Re:Bitcoin mining becomes unprofitable as BTC price falls to... by irusensei on Sunday June 19, 2022 @05:36AM (#31797777)
> That's also where most of the mining is still happening.

Not true. Almost 40% of the hashrate is being generated from the US. https://ccaf.io/cbeci/mining_map

Re:Bitcoin mining becomes unprofitable as BTC price falls to... by caymanjim on Sunday June 19, 2022 @04:58AM (#31797552)
No one smart enough to mine BTC is dumb enough to use GPUs for it, regardless of the price of electricity. If electricity is so cheap that there's profit to be made from GPU mining, the profit would be astronomically higher with ASIC mining.
Re:Bitcoin mining becomes unprofitable as BTC price falls to... by DeathArrow on Sunday June 19, 2022 @06:00AM (#31797908)
>No one smart enough to mine BTC is dumb enough to use GPUs for it

How much intelligence is required to mine bitcoins?

Re:Bitcoin mining becomes unprofitable as BTC price falls to... by icelancer on Sunday June 19, 2022 @06:10AM (#31797955)
None of what you said is accurate. GPU mining is very popular... just not for BTC. Even at discount/free electricity, it's not worth it given the alternatives of mining ETH, XMR, RVN, etc.
Re:Bitcoin mining becomes unprofitable as BTC price falls to... by droidist2 on Sunday June 19, 2022 @03:37AM (#31797110)
But people are always blaming crypto miners for the shortage of GPUs.
Re:Bitcoin mining becomes unprofitable as BTC price falls to... by thematrixturtle on Sunday June 19, 2022 @03:44AM (#31797152)
ASIC are used for major cryptos like Bitcoin that can justify the design and fabrication costs. For random shitcoins, you need GPUs.
Re:Bitcoin mining becomes unprofitable as BTC price falls to... by forgotpwd16 on Sunday June 19, 2022 @03:46AM (#31797167)
There're cryptocoins other than BTC. Ethereum and Monero are two that are popular and GPU profitable.
Re:Bitcoin mining becomes unprofitable as BTC price falls to... by droidist2 on Sunday June 19, 2022 @06:33AM (#31798069)
Aren't all their prices pretty correlated though? When Bitcoin falls like this, the altcoins do too.
Re:Bitcoin mining becomes unprofitable as BTC price falls to... by jstanley on Sunday June 19, 2022 @07:49AM (#31798436)
Even if there were a fixed peg between cryptocurrencies, that still wouldn't imply that GPU-mining BTC is just as good as GPU-mining other cryptocurrencies.