Is Cryptocurrency Mining Dying? GPU | ASIC | VoskCoin Crypto Farm | August 2018



what's going on everyone it's a boss and I'm here with tales and today I'm gonna give you my monthly cryptocurrency update in August 28 teens but first let's talk about where we came from what the form looked like a year ago this garage is where it all started but you wouldn't know it by the looks of it because we just recently remodeled it all to make it finally look nice and maybe in a car guy garage is kind of like your temple here and I used to sleep in a hallway because I had my mining rigs in the bedroom where I should have been but that was a room better situated for them and then I tried to have them set up here in the garage but the only way to really get in taken exhaust would be to use the concrete foundation wall or to mess over here with the front of the house and neither of those were good options so I had to go with the route of a mining shed we basically dug to China with how much we had to dig to get a suitable area for it and then we got that deployed last July and August is when I really started to get that up and running I ordered a ton of parts and I built out 20 initially and then I ended up building two more trio mining Ares which is a 1080 TI 1080 TI and a 1070 mini trio direct inject Oh right there on the board riser Ellis got about 20 rigs you round up it's crazy I can't believe I've gotten this far so fast I really wanted to showcase the riderless design which is actually really taken off with you know things like the octo monitor which are built all around having those eight cards on a riser this board so maybe we're ahead of the times maybe we didn't know we were doing but either way that's what I had going on took out a bunch of money on debt and gambled it all on cryptocurrency mining because of GPU mining it's something I really believed that I sold off all my stuff and I turned around and I reinvested everything into more hardware I don't hold a lot of crypto right now because I'm building a mining setup and the sooner you get a miner running the sooner it's gonna profit I'm pulling about thirty thousand souls 30,000 hash – that's you and me about conservative number 1z cash every other day but times have changed some so let's talk about where right now and what's the future of cryptocurrency looking like it's just crazy to hear myself say that I was mining one Z cash every other day with the 30 K soul farm try to do that today because it's not happening and to make things even worse the C cash is worth less than it was a year ago times have changed and with that my outlook has changed and as always with anything you have to constantly evolve and adapt in comparison to my old tree o mining farm I've got about 50 GPUs right now and at the peak of my mining farm not last August but late several months later I reached about 120 graphics cards which is pretty insane and at that point I was I was really you know I had rigs inside the house and in the shed I was you know scrounging up every piece of electric I had and I kind of just take a step back I'm like I needed any just settle down and slow this down a little bit this is a little bit beyond my capability of doing everything I want to do and also maintaining at this farm and really just even having the capability to run all of those in addition to the way the market was starting to turn I was worried that there was gonna be the downturn that we're in now and thus I wanted to hedge some of my farm because you know like any other investment you don't want to be overextended and while I never sold out my farm I still maintain some rigs it's not nearly as big as it used to be and you know that's the advice I would offer to everyone else as well don't don't be overextended don't be making crazy moves on credit you know you don't wanna get stuck in debt now is not the time for that in my opinion regardless I'm still hashing away I'm still chasing the top coins and not just you know day-to-day profitability but also the coins with promise you saw my recent video about how to vary and F out of mine a on because I'd say that is the most difficult coin to mind that we've ever covered on the channel and thus the rewards kind of warranted it as well as I'm still mining some low key the price drop has been crushing to me I've lost a ton of time and money on that stuff but I'm hopeful that it'll go back up and I still believe in the project I still think it's a cool project it's just really disappointing this or it's falling and then my goal for just a little bit more of short-term cash short-term gains is mining a theorem classic with the impending addition to coin base I think that that's a really safe bet of mining a coin that will go up and its profitability is on par just a little bit better a little bit worse than mining aetherium which is lately been the top coin to mine thus you can't really go wrong day to day you're gonna be earning more or less than most and it's a safe bet and you can cash out whenever it does pump and it's added to coin base or right before time will tell what happens with theorem classic but in the short term I think we're going to only go up and I can't imagine it could go down too far in comparison again a safe bet we can make some good cash hopefully I just want to give you guys one example right now and it's just one it's not an end-all be-all but just something I want everyone watching this video to think about if you're into cryptocurrency and especially if you're into cryptocurrency mining last summer in May i pre-ordered an a-minor out three plus for like fourteen hundred bucks I believe after like shipping customs on a power supply you're looking like sixteen hundred dollars right and when I got it it was mining like point five point six point seven or something like coin a day I believed which had earned in something like fifteen twenty bucks a day right well now today on eBay there are a minor L 3 plus selling for like a hundred and fifty dollars and it's not just one that's just I mean if you want to sell yours today you're probably gonna have to list it at that price and it makes like twenty five cents a day or something it's crazy how much these things don't make anymore and that's the game of a sick mining I sold mine then because I wanted to focus more on GPU mining and I sold it at the going rate of the current market which was about four thousand five hundred dollars so I bought it made three times the money just for selling it because bitman used to not pump out a ridiculous amount of units it was a mad dash to order their miners now you can order as many as you want pretty much whenever you want that's because they're essentially cashing out of their miners as far as I'm concerned coupled with just the demand which has fallen immensely right so you got that example you know basically a year ago today now you get so for 4500 take the original value of say $1,500 and it still reduces down to about 150 bucks just to kind of keep round numbers there in comparison last summer I was buying 1080 tea eyes for about $650 to 710 dollars even with the dramatic drop in GPU prices recently at Natt I will still sell for over $500 all day on eBay understand thieves and all that stuff but that is an incredibly much lower depreciation in your hardware value as opposed to the ASIC minor because an ASIC application-specific integrated circuit is a purpose-built machine that is good for one thing and one thing only and that's money that's single algorithm GPUs have a ton of purpose aside from just all the versatility that they maintain and cryptocurrency mining they were also useful for obviously gaming and many other intensive tasks what does your l3 Plus do it hates your room now I'm not here to say GPU mining is dead I'm not here to say mining is dead but is mining dying is the bear market showing us that if everything remains stable mining will no longer be profitable but how can that be the case when there will be transaction fees awarded to just example Bitcoin miners for the end of time so as long as you have that miner in and Bitcoin is still being used you will earn money even when the supply of my Bitcoin runs out so when there's no longer a block reward and you're just getting the earnings for the you know combined transaction fees then there will still be profits to be made however is mining being professionalized is mining dying for the average person the average home miner is my is mining dying for them hey how you doing this is my little mining garden I don't actually have a farm so I called my to garden I have a three card reading right here and then a four card reading right behind my right shoulder are you going to be bled out by your electric cost you know it against these farms that pay three cents per kilowatt of electric when your average home electric is by 12 cents per kilowatt hour personally I pay ten and a half cents per kilowatt hour and while I have a good electric rate it's not amazing and eventually if things continue at this rate I will also be bled out and you can only mine at a loss for so long before you know how much will that coin have to increase in value for you to make your money back for you to have earnings for it all to be worthwhile for to be dealing with these monomers and the maintenance if any point in the future it makes sense to mine that previously it would have also made sense to mine so if in you know if prices go up in 60 days and you have the same mining rig making 20 bucks a day again right if that happens then in retrospect theoretically you should at least be making 20 bucks a day however you know the normal you used to be able to assume that difficulty will only increase so you would like to assume that previously there was a lower difficulty so there are less people vying for the same amount of reward so in retrospect you would have been making more 25 30 35 dollars a day and in you know if you if you had the ability to hold on to all those coins you would make a killing so it's back to the point where you know you can mine as a part-time job a side project a very consuming you know project but also maintain a full-time job to pay your electric bill so you're not it's not cutting into your crypto because you're selling when prices are low it's only gonna hurt you when this stuff goes back up it's a big cycle I'm not a professional investor I'm just a Doge dad but I would imagine that prices will go up then we are instant we do have a big ball run in store and right now it's just kind of like weathering the storm I'd be cautious ton expanding your mining operations right now I would be cautious but potentially looking into vine cryptocurrency if you're holding Fiat or other coins are still low there's the altcoins alternative cryptocurrency is basically everything but Bitcoin their prices have been getting slaughtered and with that you'd like to think that there's even more room for gain if you're able to buy in at this load time or you're Hodler like me and you're just hoping things go back up one day personally I'm not really interested in this ASIC mining cycle of you buy the hardware you barely make your money and you have to buy the new hardware to be competitive again and then bit mein will rip you off you know Jack the prices up then lower for the next batch and then they send you a coupon code like hey sorry dude and here's a couple hundred more dollars to take off our overpriced thing on our website like thanks a bit man like thanks dude you're really looking out for me man you're really gonna keep me in their cycle just because I want to mind some dos going you wanna mind some dos going so what are some of the alternatives well of these players that are negatively impacting mining and proof-of-work are paving the way for proof of state coins to come in here and try to you know show that they're useful and make their case for example aetherium s plan and why they don't really care about forking not only are they a bit out of touch but i don't they just don't care as they they don't believe in proof of work to the capacity that it cannot be replaced with a green alternative and that doesn't mean less energy consumption that means you know basically none in comparison AKA there will be no mining it'll be these nodes and in that setup i think it's very hard to see a place where the rich don't just get richer and you have a good entry way for newcomers kind of on that same topic is why i've been researching masternodes so heavily the past couple months so if you saw my recent video on how to set up a zen cache super node which if you're thinking about that it's actually way more profitable to set up a Zen cache secure node currently so if you've got the Zen for one of the other definitely go towards the secure node I'm not saying that just because I have some super notes I'm going to talk about that and my secured node tutorial which I'll have coming out you know maybe in a week or so but either way nodes are looking like a better alternative I've got none of the hassle of mining rigs it's being dominated by bit main and all these ASIC players just completely taking the fun and opportunity out of it and you know I could sit back have a virtual server and makes them you know passive income if that's the way it goes and unfortunately that's that's all that's left i I like nodes I think they're interesting and I think when they're utilized like how Zen cache is planning to do so as well as the low key service nodes are coming up just for a couple examples of projects I'm involved with I think they've got a great use case so as always I'm gonna spend all day everyday researching this stuff and bringing you all the best content that I and if you enjoy it please make sure to hit that subscribe button hit thumbs up on the video back those those are huge for me and keep me going and keep me here every day doing the best I can for you all so again thanks for watching I got tails right here and we're gonna go on a walk so I'll see you all next time tails do you want a treat do you want to get pay do you want to treat this cook your pain let's go get paid

29 thoughts on “Is Cryptocurrency Mining Dying? GPU | ASIC | VoskCoin Crypto Farm | August 2018”

  1. AMD Rx570 continue to be a top mining GPU – http://geni.us/f3Sz8
    VoskCoin August 2017 30,000 Sol ZEC Mining Farm Update – https://youtu.be/wUoSfvNPQiE
    VoskCoin Twitter – https://twitter.com/VoskCoin
    VoskCoin Patreon – https://www.patreon.com/VoskCoin

  2. Hey there, a new crypto socia media site I am working with would love to do a paid promotion with you. Send me a message so i can give you the details.

  3. so people like this guy are why i cant afford a good gpu just to try and build a pc to enjoy the little free time i get after my 12hr shifts……. thumbs up bud.

  4. People went ape sh!t on spending on mining gear or buying crypto they couldn't afford to hold through a long dip… now blame crypto for their choices to be irresponsible… Those that "cost average over time" have big smiles on our faces during the blood baths lol

  5. I've always been a huge fan of Proof of stake, that's mostly what I mine to earn more of… I am not a fiat chaser, I only mining what I can afford to hold. I hope you held some of your gear for the long haul… as bad as it seems now I don't believe the bear season will last forever, just longer than we hope'd

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  7. Hey, I'm going to mine but a new cryptocurrency like FUTUROCOIN. Do you have any experience with this coin? Until now, I was only thinking about trading but I watched the video on their profile and now I think about mining.

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  9. Smarter thing to do today is to "mine" electricity. If you live where the power companies charge you good for every wattage .
    Build a wind turbine park and push it back to the grid and charge the power companies for your electricity.

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