[HN Gopher] GPU mining no longer profitable after Ethereum merge
       ___________________________________________________________________
        
       GPU mining no longer profitable after Ethereum merge
        
       Author : geekinchief
       Score  : 265 points
       Date   : 2022-09-16 15:38 UTC (7 hours ago)
        
 (HTM) web link (www.tomshardware.com)
 (TXT) w3m dump (www.tomshardware.com)
        
       | geekinchief wrote:
       | It would take at least 20 years for you to break even on the cost
       | of a graphics card. Expect to see a lot of used cards on eBay.
        
         | ddevault wrote:
         | A lot of heavily used cards, which were run at 100% load 24/7
         | for who knows how long. What a deal.
        
           | staringback wrote:
           | Untrue, forcing more usage on a card while mining will
           | immensely increase power usage whilst hardly improving
           | hashrate. Mining GPUs are undervolted and arguably will be in
           | better condition than a hardcore gamer's card.
        
           | belval wrote:
           | Most "professional" miners were actually undervolting to keep
           | the power consumption down so it's really not that bad as
           | long as the price is right.
           | 
           | Anecdata but, 3 years ago I got an old mining RX 580 4GB for
           | ~120 CAD (about a $100). That card can run almost everything
           | at 1080p and has been used a lot ever since.
        
             | latchkey wrote:
             | I've got over 100,000 of those RX470,480,570,580 8gb cards
             | running for 24/7 _years_. It is a total farce that they go
             | bad over time.
             | 
             | Not only were ours undervolted, but also individually tuned
             | for best performance/watt. A very difficult thing to do at
             | my scale since the failure mode is a full machine crash.
             | 
             | Only thing that really degrades is the paste on the
             | heatsink and that's fairly easy to fix.
        
               | causi wrote:
               | Also the fan bearings, but again an easy fix.
        
               | latchkey wrote:
               | We don't have fans on the cards.
        
               | j0hnyl wrote:
               | Sounds like you run a large operation. Would you be
               | comfortable sharing what country you're in?
        
               | belval wrote:
               | I know there is a lot of negativity around mining
               | nowadays, but I'd love to hear more about the challenges
               | of running a large-scale operation.
        
               | latchkey wrote:
               | The largest challenge was tuning the cards for best
               | efficiency.
               | 
               | Next up is just tracking inventory, making changes to the
               | system, etc... this is over 8k individual computers in
               | multiple data centers.
               | 
               | We also added a different class of hardware which was
               | blade based... which increased the individual computers
               | significantly. Ended up with a very cool iPXE boot
               | solution for that.
               | 
               | I also built some pretty cool software to manage it all.
               | It runs on the concept that each machine is an individual
               | worker that knows how to self-heal itself. Even just
               | distributing the software to so many machines reliably,
               | is a challenge.
               | 
               | It has been a fun few years.
        
           | Workaccount2 wrote:
           | It's more temperature variation that kills cards. In a
           | conventional mining setup thermals are monitored and
           | accounted for. A card running at 70C 24/7 will last a long
           | time. Longer than a card that is constantly bouncing around
           | in temperature.
        
             | KennyBlanken wrote:
             | Miners overclock and overvolt the memory because there's a
             | substantial performance advantage to doing so with little
             | efficiency loss. This rapidly ages the memory.
             | 
             | Also, 70c is well into the temperature range that will
             | significantly age capacitors.
        
               | Workaccount2 wrote:
               | I would hope performance GPUs are using 105C caps. At a
               | 30% derating they should last almost 10x as long as at
               | 105C.
        
             | latchkey wrote:
             | Also untrue. My cards have been running for _years_ in
             | shipping containers that are outdoors and go through full 4
             | seasons (winter snows to summer heats).
             | 
             | Edit: power supplies on the other hand... are a mess.
             | Mostly hand soldered in China... they fail randomly due to
             | the environment they run in. Sometimes, they "die", let
             | rest for a day or two and then fire back up and run just
             | fine.
        
               | TakeBlaster16 wrote:
               | Temperature changes outside don't translate to
               | temperature changes on the die. If the cards are running
               | 24/7 there will be no thermal shock to speak of since
               | they are always generating heat.
        
               | latchkey wrote:
               | Various machines reboot randomly _all the time_. Given
               | the amount of direct outdoor airflow that we push through
               | the machines (we don 't have fans on the GPUs), as soon
               | as the GPUs stop running, they cool down very very
               | quickly. That is the 'shock' you're looking for.
               | 
               | Why do they reboot? We run on the edge of peak OC tuning
               | performance by default and I've built an automated tuner
               | which downclocks individual cards. This way, they get
               | more stable over time, while maintaining their best
               | possible performance.
               | 
               | Occasionally, we would reset the tunings and then let
               | them auto tune back... this accounted for the seasonal
               | variances because hotter cards are more prone to
               | crashing.
        
               | mlyle wrote:
               | > That is the 'shock' you're looking for.
               | 
               | It may still be a lot less 'shock' than normal use, where
               | players have a 15 minute round, then low use for a couple
               | minutes, etc, for hours.. and then turn the card off.
               | 
               | Thermal cycling is known to be bad for electronics-- this
               | is well studied and documented. Sustained high
               | temperatures are also bad, but it's only really bad when
               | the temperatures are really high.
        
               | latchkey wrote:
               | I'm pretty sure my cards have gone through all extreme
               | different load situations that you could possibly make up
               | in your head.
               | 
               | Certainly, thermal cycling can be an issue for
               | electronics in general, but my experience with these
               | specific cards says that it isn't an issue at all. At
               | least certainly not as much as something that should
               | dictate purchasing 'miner' cards or not.
        
               | jiggawatts wrote:
               | Since you would know about every possible failure mode...
               | 
               | Do you know what causes NVIDIA cards to have their output
               | turn off (black screen) and the fan to go 100%?
               | 
               | Been happening to my 2000-series recently but I don't
               | know what to try to fix: cooling, PSU, or capacitors...
        
               | latchkey wrote:
               | My primary experience is with AMD cards.
               | 
               | My guess is a vbios or driver bug. You could also be
               | running into a tuning issue. GPUs are amazingly complex
               | beasts.
        
               | TakeBlaster16 wrote:
               | How often does the average machine reboot? If it's less
               | often than 24 hours you're still putting the card under
               | less thermal stress than someone who games for a half
               | hour every evening. I'd buy your used GPU over a gamer's
               | used GPU
        
               | latchkey wrote:
               | Sometimes it can reboot 50+ times in a row. Each box has
               | 12 gpus, so if I reset the tuning for the box, it can
               | take a while to find the optimal settings because the
               | voltage/clock tuning steps are very granular.
               | 
               | Again, this isn't an actual issue and I have the data to
               | prove it.
        
               | TakeBlaster16 wrote:
               | Fair enough, I'll defer to your experience. Although if
               | you're power cycling that much, I take it back, maybe I
               | won't buy your cards :)
        
               | latchkey wrote:
               | No, you want my cards because I've proven that
               | reboots/thermal changes don't make any difference. =)
               | 
               | You wouldn't want my cards, because they don't have fans.
               | Most people don't have adequate cooling for something
               | like that.
        
           | ben-schaaf wrote:
           | I'd be mostly worried about the fans. IIRC the thing that
           | really kills microchips is heat-cycles, so a continuous load
           | seems pretty good.
        
             | nomel wrote:
             | Is this actually a problem, besides needing to replace a
             | cheap fan? If the fans go out, they just maintain thermal
             | limit. These aren't like old cards, where they would melt.
        
           | vorpalhex wrote:
           | Don't run your hospital on them. Probably fine for gaming or
           | a little render farm.
        
         | whycombinetor wrote:
         | That's assuming the cost of electricity doesn't go up and the
         | value of POW coins doesn't go down.
        
         | neilv wrote:
         | I just got a nice GPU upgrade off eBay, and it looked like it
         | came from a farm/cluster.
        
       | sp332 wrote:
       | GPU prices _are_ tanking. They seem to be falling by the hour.
        
         | pawelduda wrote:
         | Hey, do you have any resource which tracks these, and
         | historical prices in real time?
        
           | usednet wrote:
           | Just look at posts on r/BuildAPCSales
        
             | [deleted]
        
           | wtallis wrote:
           | Long-term price trends:
           | https://pcpartpicker.com/trends/price/video-card/
           | 
           | They also have more or less real-time pricing and price
           | history for individual products. But it doesn't provide
           | visibility into the used GPU market.
        
         | coffee_beqn wrote:
         | Finally we beat inflation
        
           | doubled112 wrote:
           | If only I could eat a PCB.
        
             | dragontamer wrote:
             | Oh, you can.
             | 
             | https://my.clevelandclinic.org/health/diseases/22944-pica
        
           | ajross wrote:
           | I know this is a drive-by joke, but in fact speculative
           | bubbles (crypto among them) were among the big drivers of
           | last year's inflation hump. Production was still suppressed
           | by the pandemic, lots of expenditures (travel, etc...) were
           | likewise suppressed, yet bank account balances were still
           | around and wanting to be spent.
           | 
           | Broadly: what do you do when you can't go to Cancun like you
           | planned? You bet on Doge and GME, apparently. (Or you declare
           | yourself a "VC" and start handing out checks to 20-something
           | quarantined hackers.) Then you just end up with _more_ money
           | you can 't spend.
        
         | bagels wrote:
         | Why didn't people sell before the merge? Did they think it
         | wouldn't happen?
        
           | joecot wrote:
           | Given that crypto miners weren't willing to think ahead to
           | the consequences of countries needing to fire coal power
           | plants back up to meet their demand, or the problems with
           | continuing to crypto mine during multiple worldwide energy
           | crises, I am not surprised if they didn't think ahead to what
           | would happen if the Ethereum merge happened exactly as
           | planned.
        
           | miragecraft wrote:
           | Because they want to mine until the last second, supposedly
           | there will be a lot less ETH being generated after the merge
           | so each one will be worth more.
        
             | datalopers wrote:
             | > supposedly there will be a lot less ETH being generated
             | after the merge so each one will be worth more
             | 
             | This has been hands-down the most ignorant view of the ETH-
             | merge proponents. The floor of the currency is tied to the
             | cost to mine. There's minimal cost to mine now. The price
             | will fall. It's not a supply vs demand problem.
        
               | DennisP wrote:
               | > The floor of the currency is tied to the cost to mine.
               | 
               | This is not true because of difficulty adjustment. If the
               | price drops enough so miners are losing money, some of
               | them quit, the difficulty adjusts downward, and the
               | economics improve for the remaining miners.
        
             | epolanski wrote:
             | "worth" depends on price.
        
         | fortysixdegrees wrote:
         | Where can you see this?
         | 
         | I've been looking on eBay but can't see any change. I'd like to
         | buy a lot of GPUs but don't know where to look
        
           | mmastrac wrote:
           | eBay is tough because the prices you see are the prices the
           | sellers want. I don't think it's in eBay's interest to show
           | you the real price.
        
             | albedoa wrote:
             | In the Advanced Search, you can include completed listings
             | and sold listings. This is a much better indicator of
             | market prices for consumer goods.
        
               | mmastrac wrote:
               | I didn't know this! Thanks
        
             | thrtythreeforty wrote:
             | If not on eBay, where, then? The list of "sold" cards on
             | eBay appear to me to be a pretty good starting point, but
             | if there's something I don't know, like "everyone on eBay
             | is a scalper" (which is not implausible) then where should
             | I be looking?
        
               | cercatrova wrote:
               | /r/hardwareswap
        
       | andrewla wrote:
       | There is one other cryptocurrency use for these mining rigs, and
       | that is to compromise existing chains.
       | 
       | Now that there is a great deal of excess capacity, presumably it
       | would be possible to attack smaller chains in an attempt to glean
       | some profit through double-spending, as those chains might now be
       | vulnerable to larger-scale history-rewriting attacks.
        
         | mattnewton wrote:
         | The problem is that such an attack would be discovered and send
         | the value of the token to zero , so you'd have a limited window
         | to double spend into something else valuable but also not
         | revokable.
        
       | pengaru wrote:
       | Does this mean the Monero/XMR network is about to explode in
       | size?
        
         | stiltzkin wrote:
         | Monero works with CPU mining.
        
           | pengaru wrote:
           | You're not wrong but it's far far more productive on the GPU.
           | If you're willing to burn your CPU on mining XMR, you may as
           | well add GPU(s) to that host and light them up as well.
        
       | humanwhosits wrote:
       | The miners will just start hyping the next most popular needs-gpu
       | coin
        
         | latchkey wrote:
         | None of that can support the amount of GPU compute. The price
         | would have to be the same as ETH and nothing is even close.
        
       | syntaxing wrote:
       | A bit off tangent, what would be the best bang for the buck GTX
       | GPU to buy nowadays if I want to use it for machine learning
       | (like running stable diffusion locally)?
        
         | switchers wrote:
         | 12gb 3060 if you can find one. That extra memory over 8gb will
         | try help for that kind of thing.
        
         | hedora wrote:
         | If you want the cheapest total spend, use paperspace. (I linked
         | their price page elsewhere.) It's about $7 per month for boot
         | drive storage, plus tens of cents per hour of uptime.
         | 
         | If you want the cheapest total spend where you buy your own
         | hardware, it basically runs on any current-generation amd /
         | nvidia / m1 card. I used a modified version of stable diffusion
         | that works with < 10GB of DRAM on a AMD RX 6600XT. Check around
         | before buying, obviously; I lucked out.
         | 
         | The modified version produces the same quality output, but has
         | to page data in and out. It takes about 100 seconds per batch
         | of five images. The card cost under $300, and is plugged into a
         | ~ 10 year old Linux box. It's probably possible to go cheaper
         | than that.
        
         | ftufek wrote:
         | RTX 3090, it has 24 gb of memory which is barely enough
         | nowadays. Hoping that 4090s will have 48gb, but we'll know on
         | the 20th.
        
         | malikNF wrote:
         | https://lambdalabs.com/gpu-benchmarks
        
       | illuminerdy wrote:
       | Great. Now I can build my next rig with 4x RTX 3080 and,
       | well...who cares about the rest of the parts?
       | 
       | Also, I hope every GPU miner's fireproof safe fails and all their
       | money burns up.
        
         | ftufek wrote:
         | It's actually not that straightforward to plug in these
         | consumer cards as 4x setup. We spent weeks researching how to
         | achieve up to 7x RTX 3090 setup in a single rig. Could write up
         | our method if anyone is interested.
        
           | krisdol wrote:
           | What kind of motherboard can accommodate such a set up? There
           | are not enough PCIe slots on many high end boards.
        
             | ftufek wrote:
             | It's not even just about the slots, it's about the PCIe
             | lanes (which is something I never had to worry until now,
             | though I built countless PCs in the past).
             | 
             | We tried bunch of setups with Threadrippers and EPYC, at
             | the end settled for the ROMED8-2T which is a monster
             | motherboard.
        
               | tinco wrote:
               | We run 4x 2080s on threadripper systems. What sort of
               | trouble did you run into? I thought threadripper has
               | plenty of PCIe lanes. We didn't have any trouble but it
               | could be I missed something, we had to get it working
               | quick and I didn't do very much benchmarking.
        
               | ftufek wrote:
               | Threadrippers are great and I had 4x Threadripper setup
               | for the longest time, but they are a bit more expensive.
               | 
               | The advantage of EPYC is that because it's so common, we
               | can find used cheaper ones on ebay. They are a bit slower
               | I believe, but we can deal with that by using Nvidia's
               | DALI and decoding images on the GPU rather than CPU.
        
           | pixelHD wrote:
           | Oh that sounds interesting! I'd love to read about it, please
           | post/write!
        
             | ftufek wrote:
             | Sure, will do, though it might take some time to finish
             | writing the blog post, you can get a preview of our
             | previous setup with 4x GPUs here:
             | https://twitter.com/ftufek/status/1569367127878139905. For
             | those that are curious, that's running a Threadripper
             | 3970x.
             | 
             | It's not exactly a "clean" one, like a proper 2u/4u chassis
             | and server grade GPUs but it does the job for 70-90%
             | cheaper.
        
           | Cixelyn wrote:
           | would love to see the riser setup that you're using for such
           | a monster!
           | 
           | we mostly gave up and just got barebones machines since the
           | cabling situation becomes pretty tricky, and the barebones
           | total cost is low relative to the GPUs anyways.
        
             | ftufek wrote:
             | I posted a link just below to twitter with an image of the
             | riser setup. That setup worked well for 4x, but for the 7x
             | we're moving the cards upside down and setting them up like
             | tree branches if you will. So the trunk/floor is the
             | motherboard and you get close to edges, the cards are
             | angled and use longer riser cables.
             | 
             | The issue we had with barebones was cost and cooling, we
             | use 30$ racks from Target and hang the GPUs with metal zip
             | ties and a box fan from below, so they get lots of air and
             | we don't break the bank and can easily roll them around.
        
         | post_break wrote:
         | Without SLI no you can't.
        
       | nharada wrote:
       | Where's the best place to actually find these cards? When I see
       | used cards on say Craigslist they always claim "never used for
       | mining" or similar, is there a way to verify that kind of thing?
        
         | capableweb wrote:
         | What's the problem with cards that been used for mining? People
         | say that they are in worse state than other second-hand cards,
         | but I'm not sure that's true. Most if not everyone I know who
         | uses GPUs for mining undervolt the cards as it's more
         | profitable, while everyone I know who is a gamer run their
         | cards overclocked.
         | 
         | So in theory (but someone please correct me if I'm wrong), with
         | that in mind, you should prefer cards that have been used for
         | mining and undervolted, rather than cards from gamers that have
         | been overclocked.
        
           | nharada wrote:
           | I might not mind for the right price, but I'd like to at
           | least know. Right now it seems that either (a) nobody is yet
           | selling used mining cards or (b) everyone selling used mining
           | cards is lying about it and trying to sell them at the same
           | prices as barely used cards.
        
           | smoldesu wrote:
           | > Most if not everyone I know who uses GPUs for mining
           | undervolt the cards as it's more profitable
           | 
           | This is true, but it doesn't mean that the card runs any
           | cooler. Yes, for mining it makes perfect sense to run it at a
           | lower voltage. That doesn't stop your VRAM from getting
           | pinned at 95c, and if you do that for long enough then it
           | won't matter how hard you underclock your GPU. The clock
           | speed doesn't directly correlate to your hash rate.
        
           | ulrikrasmussen wrote:
           | Linus tech tips had an episode on it, and largely found that
           | the performance degradation was insignificant:
           | https://www.youtube.com/watch?v=hKqVvXTanzI
           | 
           | He did however note that the cards that he tested had been
           | used in a relatively clean and dust-free environment. The
           | biggest risk to buying a card that has been running 24/7 for
           | years is that the cooling system is busted due to build-up of
           | dust.
        
           | GaryNumanVevo wrote:
           | Used mining cards are definitely worse, the VRMs are usually
           | destroyed and they're typically missing a couple VRAM memory
           | modules as well
        
             | GaryNumanVevo wrote:
             | to people downvoting this for some reason, it's real:
             | https://wccftech.com/beware-several-used-nvidia-geforce-
             | rtx-...
        
               | lostmsu wrote:
               | I would not trust anything coming from wccftech. That
               | particular article is probably just an advertisement for
               | some shitty software that promises to fix your broken
               | GPU.
        
       | frakt0x90 wrote:
       | The city of Denton TX recently signed a huge deal to allow a
       | mining company (Core Scientific) to set up a large GPU mining
       | facility directly next to their powerplant to make up for lost
       | revenues during the winter storms. I'm wondering what's going to
       | happen there. It seems like they mostly mine BTC but this can't
       | help their bottom line.
        
         | latchkey wrote:
         | It'll be BTC mining and if they do anything with GPUs it'll be
         | for other workloads than mining (likely rendering/ai/ml), which
         | is a very competitive market and not much money there either.
        
         | moomin wrote:
         | I don't think you can mine BTC with GPUs? Might be unaffected.
        
         | ThrowawayTestr wrote:
         | You sure it's GPU mining? Their website only mentions ASIC
         | mining.
        
         | [deleted]
        
         | banana_giraffe wrote:
         | Core Scientific is mining Bitcoin (they mention how many
         | Bitcoin in their filing where they update on the status of the
         | Denton location [1] ). No doubt all of their work is done on
         | ASICs, not GPUs.
         | 
         | 1
         | https://www.sec.gov/Archives/edgar/data/1839341/000119312522...
        
         | fluidcruft wrote:
         | I don't think GPU mining of bitcoin has been profitable for
         | quite some time. ASICs obliterated GPUs in $/hash.
        
       | nrdgrrrl wrote:
        
       | [deleted]
        
       | ikornaselur wrote:
       | I don't understand this well enough, but, why can't miners just
       | mine other coins? Was all GPU mining Etherium based?
       | 
       | I know that bitcoin mining requires ASICS and GPUS can't compete
       | with that, but I just assumed miners are just mining one of many
       | possible coins, with Etherium being one of them.
        
         | HideousKojima wrote:
         | I would assume the problem is that a lot of alt-coins are built
         | on top of the Ethereum blockchain, and that most of those that
         | aren't are nowhere near as profitable to mine.
        
         | Aaronstotle wrote:
         | No other coins provide the profitability margins that ETH did,
         | so miners can switch to other POW coins, however the will be
         | paying more in electricity than whatever crypto they are
         | mining.
        
         | zeven7 wrote:
         | If 80% of the revenue was from Ethereum, and now that part
         | disappeared, 100% of the miners are left fighting over the 20%
         | that's left.
        
       | ftufek wrote:
       | Looking forward to all the creative AI startups using these cheap
       | cards to build cool products. We've been waiting a long for the
       | merge to finally happen.
       | 
       | I can't believe that you can buy a card that'll do 15+ Tflops for
       | like 500$.
        
       | generj wrote:
       | Thank goodness. Hopefully they aren't able to grift another coin
       | up enough to be worth mining.
        
         | yieldcrv wrote:
         | If enough GPU miners stop, it becomes profitable for other GPU
         | miners to mine. Fortunately that's currently 90% fewer GPU
         | miners at the moment, across the whole sector.
        
           | BuckRogers wrote:
           | That's a good outcome. We'd still be in a situation with so
           | many fewer miners that GPU prices aren't influenced as they
           | have been. The investment becomes risky as it'll always be
           | teetering on the edge. I'm finally looking forward to a new
           | GPU to pair with this 11900K.
        
             | f38zf5vdt wrote:
             | Didn't this already happen several times in the history of
             | cryptocurrency? Then GPUs because scarce again when the
             | price of them goes up.
        
               | yieldcrv wrote:
               | yes and it will happen again!
               | 
               | the 2020 cycle was a triple whammy though
               | 
               | 1) semiconductor and supply chain shock
               | 
               | 2) cryptocurrencies zooming in price and profitability
               | again
               | 
               | 3) cryptocurrencies actually being used. in all prior
               | cycles, blockchains were empty (although people got a
               | glimpse of what congestion would be like, during the 2017
               | cycle). miners earned the subsidy made for people to show
               | up at all. miners are also privy to a cut of transactions
               | that occur, but this was close to 1% of the subsidy. in
               | the 2020 cycle it was 250% on top of the subsidy,
               | frequently, and way more than that as blocks were full.
               | All mining calculators were wrong because they only show
               | the predictable subsidy and not a forecast based on an
               | average, but miners learned how profitable it was.
               | 
               | Automated Market Makers (Uniswap code and classes) and
               | Automated Lending (Compound) were 2020 cycles killer apps
               | built on top of 2017's killer app of ERC20 tokens.
               | 
               | Followed by NFT's and their marketplaces.
               | 
               | Other chains secured by GPUs will get this activity,
               | periodically.
        
               | velmu wrote:
               | Yes. Nothing unique.
        
         | LazyMans wrote:
         | Yeah, looks like it's all trash now.
         | https://whattomine.com/gpus
        
           | MuffinFlavored wrote:
           | I see peak Profit 24h at $0.29
           | 
           | What was it before ETH PoW -> PoS merge?
           | 
           | And is 0.1 $/kWh average/normal?
           | 
           | Let me pull up my latest electric bill (which I almost have
           | never looked at/have on autopay):
           | 
           | New Charges
           | 
           | Rate: RS-1 RESIDENTIAL SERVICE Base charge: $8.99
           | 
           | Non-fuel: (First 1000 kWh at $0.073710) (Over 1000 kWh at
           | $0.083710) $76.74
           | 
           | Fuel: (First 1000 kWh at $0.034870) (Over 1000 kWh at
           | $0.044870) $36.49
           | 
           | Electric service amount 122.22
           | 
           | 20.99 in taxes / surcharges
           | 
           | Total $143.21
           | 
           | $143.21 for 1036 kWh in a 30 day timespan
           | 
           | 0.138 $/kWh with taxes and fees I guess for me, I'm sure if I
           | was doing crazy ASIC stuff at my house they'd charge me
           | more/the rate would become less favorable
           | 
           | Looks like mining BTC would net be $0.85 a day profit with
           | some kind of ASIC. $310/yr. Yikes.
        
           | ComputerGuru wrote:
           | It doesn't matter if its trash so long as its fungible trash
           | at a profitable price. i.e. the situation is OK for now but
           | as soon as the market adjusts to the glut of GPU miners
           | suddenly minting no-name coins no one really wants (and the
           | novelty wears off) those prices are going to drop like a
           | rock.
           | 
           | Most of these coins only have value as scams that you could
           | prop up then cash out by exchanging for BTC or ETH; so long
           | as the "new coin of the day" hype train exists there will be
           | a way to make money off of GPU mining. I guess there will
           | always be suckers in this unregulated market.
        
       | downrightmike wrote:
       | Head to the Winchester, grab a pint and wait for those GPU prices
       | to come down
        
         | amelius wrote:
         | Especially now the energy prices go up.
        
         | Macha wrote:
         | To some extent this has already happened, as the recent crash
         | in the GPU market from its highs a few months back, but
         | obviously we did see some miners hold on to the bitter end, but
         | it's not clear how much difference that inventory will make.
        
         | serg_chernata wrote:
         | Love the reference. On a more serious note I'm really curious
         | how this will play out. Nvidia seems to be doing it's best to
         | prop up the prices of existing models as it prepares to launch
         | the 4k series. The big question seems to be whether most of
         | these miners will start mining some other token or get out of
         | gpu mining entirely.
        
           | aosmith wrote:
           | If the card has cuda support I would guess they're off to
           | some sort of p2p AI / ML marketplace. Unfortunately AMD cards
           | were actually better for mining. If anybody knows of
           | something like vast.ai or render for AMD I'm all ears.
        
             | asciimike wrote:
             | Morgenrot Cloud (https://morgenrot.cloud/) is the main
             | consumer grade AMD compute provider I know of. Not quite
             | vast.ai in that they're centralized, but they've got the
             | hardware.
        
             | capableweb wrote:
             | > they're off to some sort of p2p AI / ML marketplace
             | 
             | Seems to be at least slightly true, by my amateur
             | judgement. Sometimes I use https://vast.ai, and seems there
             | is more offers than usual, currently ~180 instances
             | available for rent.
        
           | KennyBlanken wrote:
           | > Nvidia seems to be doing it's best to prop up the prices of
           | existing models as it prepares to launch the 4k series.
           | 
           | Not really, no:
           | 
           | https://wccftech.com/hours-into-the-eth-merge-nvidia-
           | geforce...
           | 
           | New 3000 series retail prices on the high end cards have been
           | steadily dropping, and it seems like on ebay used prices have
           | dropped 10% in the last month.
           | 
           | As for the 4000 series cards - they've stated in SEC filings
           | that they will be trickling out stock to keep prices high.
           | 
           | AMD are the ones who are really fucked; their cards suck, and
           | nobody bought them out of choice but desperation. Now that
           | the market is glutted, people will heavily prefer nvidia
           | cards.
        
             | sofixa wrote:
             | > AMD are the ones who are really fucked; their cards suck,
             | and nobody bought them out of choice but desperation.
             | 
             | Do they really suck? From some benchmarks i saw there are
             | cards comparable to 3060-3070s (the 6800 IIRC) which is
             | solid midrange competition.
        
       | MatthiasPortzel wrote:
       | This is surprising to me for two reasons. The first is that we
       | knew the merge was coming. Second is that it wasn't obvious to me
       | that Ethereum was a majority of mining.
        
         | BaseballPhysics wrote:
         | So regarding your first point, the merge has been coming for
         | years now. I suspect the folks who kept mining and didn't dump
         | their cards earlier were basically making the bet that the
         | merge would fail or get delayed once again.
         | 
         | If they had been right, it would've meant more mining rewards
         | going to fewer miners. So it's an understandable bet. They just
         | bet wrong.
        
           | LazyMans wrote:
           | Yes, also, if they acquired these cards at or below MSRP. Now
           | they can dump these GPUs and only take a loss of 10-20% on
           | the hardware. Much less than the profits made while mining.
        
         | [deleted]
        
         | sp332 wrote:
         | Ethereum was a majority of GPU mining. Bitcoin miners use
         | ASICs. And mining was profitable right until it wasn't, so why
         | not wait until then?
        
           | bagels wrote:
           | The marginal gain from a few days/weeks of mining might not
           | outweigh the drop in value of the hardware.
        
             | depingus wrote:
             | But who would be buying these cards? Other miners looking
             | to mine to the last second might not be so keen on
             | expanding their operation. And gamers looking for cheap
             | cards would be better served by waiting for the merge.
        
               | colinmhayes wrote:
               | gamers might not be paying attention to the merge
               | situation.
        
               | ajhurliman wrote:
               | There's always a market for GPUs. The market was trading
               | higher immediately before the merge, and now it's trading
               | lower, so if you ran a mining operation then selling your
               | hardware before the merge would've yielded some good
               | money unless you held so much it would actually change
               | the market price (unlikely).
               | 
               | So why did the price drop so suddenly? Why didn't
               | everyone anticipate this and sell before? Probably some
               | combination of laziness and belief that the merge
               | wouldn't work.
        
           | coffee_beqn wrote:
           | I mined for a few weeks out of curiosity and I figured it
           | would work as a heater downstairs since it was winter. I
           | would think that the best move was to sell your GPU about a
           | month before it all ends since the actual mining doesn't make
           | enough money to offset the resale value plummet.
        
       | djhworld wrote:
       | I'm really hopeful we won't see this problem anymore.
       | 
       | However a small part of me thinks some other coin/token/digital
       | widget will gain traction and the whole GPU rush will come around
       | again.
        
       | Animats wrote:
       | NVidia stock down 42% in last year.
        
         | devman0 wrote:
         | Lots of tech is down, the NASDAQ is down 25% YoY. NVDA is
         | certainly down a lot, but so is INTC for instance.
        
       | m4jor wrote:
       | You can still get paid to crack hashes :)
        
       | donmcronald wrote:
       | I hope to see a glut of used cards on the market. In the past
       | I've always been able to buy decent used cards for <$100, but the
       | prices have been crazy for the last few years.
       | 
       | I wonder if this is the end of an era for GPU based mining. It's
       | been a long time. I remember buying an R9 270X in 2014 from a guy
       | that was mining Bitcoin, but had switched to ASICs. When I picked
       | it up he was telling me he didn't win enough blocks with the
       | ASICs and was going to sell them too.
       | 
       | I always wonder if that guy played his cards right and became a
       | Bitcoin millionaire. Lol.
        
         | spapas82 wrote:
         | What's the step after asics for bitcoin mining?
        
           | ElevenLathe wrote:
           | quantum miners?
        
           | [deleted]
        
           | retrac wrote:
           | ASIC is "application-specific integrated circuit". A custom
           | IC design for some task. There won't be anything after except
           | maybe better and more miniaturized designs, at least until
           | computers and digital logic are built from something other
           | than electronics.
        
       | Gordonjcp wrote:
       | FIIIIINALLY I can buy a decent GPU to edit video with, which is
       | far more important than making pretend number money.
        
       | shadowgovt wrote:
       | Among the things that are unfortunate about cryptocurrency as a
       | model is the fact that it's not immune to the general capital-
       | breeds-capital effect. For proof of stake, people with money to
       | spare are likely to have newly-minted money granted to them in
       | the future. For proof of work, people with money to spare can
       | afford to buy the rigs to increase the odds they have newly-
       | minted money granted to them in the future. I think it's fair to
       | ask what the net benefit is to society for a wealth-distribution
       | system to give more money to those who have the most money.
       | 
       | Fiat currency has issues, but at least a government has the
       | authority to conjure money out of nothing and hand it to the
       | poor.
        
         | godelski wrote:
         | > Fiat currency has issues, but at least a government has the
         | authority to conjure money out of nothing and hand it to the
         | poor.
         | 
         | This is why I'd rather see development of privacy coins, like
         | zcash, and less concerned with the decentralization issue (I've
         | yet to see a project actually address centralization or even
         | acknowledge the issue you're bringing up: momentum). We're
         | moving away from a cashless society and while that has a lot of
         | great benefits it also has a lot of detriments. So why not have
         | digital cash then? ZKPs for transactions.
         | 
         | If you want to promote democracy you should also want to
         | decrease the ability for authoritarians to arise, which in our
         | modern era means how much data they can get their hands on and
         | abuse. There's common cop-outs like how will taxes work etc,
         | but society ran pretty smoothly on cash before. Companies still
         | have to report incomes and salaries. We can still do
         | consumption taxes. So we have our income and consumption easily
         | solved. I'm even fine with a small transaction fee, which I
         | know others aren't, but we already pay this in the world of
         | credit cards (2-4%). I think we could really bring down the
         | Visa/Mastercard tax (maybe something like 0.1%/0.5%?) and it
         | would all be a win for everyone.
         | 
         | It is clear to me that cryptocurrencies aren't going to get us
         | this world, so let's start thinking about other means.
        
         | thayne wrote:
         | > Fiat currency has issues, but at least a government has the
         | authority to conjure money out of nothing and hand it to the
         | poor.
         | 
         | Maybe, but it is much more common to summon money out of
         | nothing and give it to the rich. At least in the US this
         | happens in the form of buying securities from entities that
         | hold them, which from what I understand is kind of similar to
         | proof of stake (you stake some of your currency by buying a
         | security for a chance to get more when you sell it).
        
           | __blockcipher__ wrote:
           | Just to give context to others, it sounds like you're talking
           | about https://en.wikipedia.org/wiki/Quantitative_easing
        
         | the-anarchist wrote:
         | You, Sir, have clearly never been poor and required that
         | handout money you're claiming to exist.
        
           | pessimizer wrote:
           | Either this entire subthread is a confused reaction to
           | someone who expressed a belief that quick transfer payments
           | for the poor are good, and the fact that they couldn't be
           | done in a bitcoin economy is an argument against bitcoin, or
           | I'm the confused one.
        
           | bee_rider wrote:
           | Countries with social safetynets do exist, even if we don't
           | live in one.
        
             | nightski wrote:
             | Social safety nets are one thing. But in those countries
             | don't fool yourself capital still breeds capital. Also the
             | U.S. _does_ have social safety nets. In fact the largest
             | source of government spending is on them. I 'm not saying
             | we don't need more, but we can't dismiss what does exist.
        
               | derac wrote:
               | The OP didn't claim any currency is immune to that.
               | Actually, noone did.
        
           | shadowgovt wrote:
           | I'm thinking more along the lines of the giant stimulus the
           | United States cut to almost everyone during the COVID-19
           | pandemic. Everyone who paid taxes just got a check in the
           | mail.
        
             | engineer_22 wrote:
             | The handout went to the wealthy in the form of Payroll
             | Protection Loans that never were required to be disbursed
             | to employees or repaid. And Wall Street got a huge multi-
             | trillion-dollar boost.
             | 
             | The stimulus checks were a door prize.
        
               | brightball wrote:
               | PPP loans were required to be paid out or paid back.
               | 
               | Issuing those loans prevented nationwide layoffs and
               | insurance termination for millions of people.
        
               | pessimizer wrote:
               | https://www.pandemicoversight.gov/data-interactive-
               | tools/dat...
               | 
               |  _Update: 10.2 million PPP loans were forgiven. Here 's
               | why._
               | 
               | > If borrowers use at least 60% of the loan to cover
               | payroll within 8 or 24 weeks after receiving the loan,
               | they can submit an application to have the loan forgiven.
               | 
               | -----
               | 
               | edit: if anybody can clear this up for me, I'd appreciate
               | it, but what could it possibly mean for "at least 60% of
               | the loan to cover payroll?"
               | 
               | Does that mean that the company has to spend its way into
               | insolvency first, then after becoming insolvent pay out
               | 60% of the loan to employees, or does it simply mean that
               | an employer's payroll has to sum to at least 60% of the
               | loan within 24 weeks, no matter how much cash the
               | employer has?
               | 
               | It seems like the difference between 1) handing out gifts
               | to employers of up to 40% of their 24-week payroll, or 2)
               | handing out gifts to employers that are up to 166% of
               | their 24-week payroll. But I'm not a math scientist.
               | 
               | Either way, making direct cash payments to employers in
               | proportion to their payrolls is as stark an example of
               | welfare for the rich as you could cite. That's like
               | paying money to people in proportion to their total
               | stockholdings, as long as they promise to spend at least
               | 60% of those payments to buy more stock. Even worse in
               | the execution, where tons of the smallest employers and
               | the self-employed were left out in favor of companies
               | with high-powered accounting firms or lawyers on staff.
        
               | nightski wrote:
               | There were limits on what you could spend the other 40%
               | on (defined categories of expenses). You could spend 100%
               | on payroll if you wanted, but it had a minimum of 60%.
               | The other 40% had to be used for specific things such as
               | building maintenance, etc... No owner could take a
               | distribution of these funds (directly at least, although
               | if this loan allowed them to be profitable they could of
               | taken those profits).
               | 
               | Businesses that wanted to be legit put this money into a
               | specific account (in their accounting system) and tracked
               | all expenses against that specific account for
               | auditability.
               | 
               | The only loans that had less strict rules were for sole
               | proprietors/self employed businesses. But the size of the
               | loan was capped pretty low relatively.
               | 
               | Of course this program was highly flawed. But it was
               | thrown together quickly in response to the pandemic.
               | Personally I wish our government would already have plans
               | in place ahead of time so everything wasn't done so
               | hastily and last minute causing massive fraud.
        
               | pessimizer wrote:
               | What I'm trying to figure out is if they had to spend
               | their own money before spending the loan. Otherwise it's
               | strange to say that the money went to either payroll or
               | "specific things such as building maintenance." The money
               | went to the employer, and in return they wouldn't lay off
               | so many employees that their 24-week payroll would fall
               | below 60% of the amount of the loan (and a possible
               | requirement that they'd have to spend the difference
               | between the amount of the loan and the 24-week payroll on
               | capital improvements?)
               | 
               | Did they at least have to prove that it would be
               | financially beneficial for them to do layoffs?
               | 
               | > Of course this program was highly flawed. But it was
               | thrown together quickly in response to the pandemic.
               | 
               | Eh, this isn't a deep dive, these are basic questions
               | about the concept. Not that a deep dive wouldn't be
               | warranted with tens or hundreds of billions at stake.
        
               | brightball wrote:
               | The flip side of this is that if the loans weren't given
               | and everybody is closed for lockdown, companies are
               | either firing everybody or going out of business.
               | 
               | If that had happened, all of those people would have been
               | applying for unemployment, COBRA, Obamacare plans,
               | Medicaid, etc as well. It was more a question of which
               | Federal accounts to drain. By giving businesses a clear
               | path to making sure they could keep paying people
               | regardless of whether money was coming in from customers,
               | that was avoided. In order to get business owners to take
               | it though, you had to basically give it to them.
               | 
               | It was highly variable which businesses could find a way
               | to keep operating in the conditions of lock down and
               | COVID protocols. Remote work was easy. Running a bar was
               | not.
               | 
               | Even then you also had exorbitantly high unemployment
               | payments for a long period of time. It wasn't as if the
               | PPP loans were the only money being injected.
        
               | pessimizer wrote:
               | I'm asking specifics, you're giving me ideology. Unless
               | you have some evidence that people had to prove that they
               | would it would be more profitable to layoff/close unless
               | they got the loan, which is what I've asked.
               | 
               | > If that had happened, all of those people would have
               | been applying for unemployment, COBRA, Obamacare plans,
               | Medicaid, etc as well.
               | 
               | If we don't prefer direct aid over middlemen, why don't
               | we route all social programs through middlemen? I'd like
               | to volunteer, as long as I'm allowed a 40% cut off the
               | top.
               | 
               | I have no objection to the government sending money to
               | people who were made unemployed by covid. I have little
               | objection to the government propping up marginal
               | businesses that serve a valuable purpose in better times,
               | but would otherwise fail during covid without aid,
               | although I feel it was largely a landlord subsidy.
               | 
               | I'm asking a process question.
        
               | nightski wrote:
               | As for certifying whether your business needed it or not
               | you had to make a statement saying it was necessary for
               | you to continue the business on the loan app. But it was
               | an honor system. It will be up to the government to
               | search out & prosecute fraudsters.
        
               | pessimizer wrote:
               | I didn't ask any questions about fraud.
               | 
               | edit: thanks for the edit.
        
               | [deleted]
        
               | stonemetal12 wrote:
               | https://www.sba.gov/funding-
               | programs/loans/covid-19-relief-o...
               | 
               | To get your loan forgiven, you had to take a loan and
               | show documentation of having spent loan amount of dollars
               | on qualified expenses. There is no "must prove you were
               | saved by the loan" requirement.
        
               | pessimizer wrote:
               | That's what I figured.
        
             | belltaco wrote:
             | >Everyone who paid taxes just got a check in the mail
             | 
             | There was an income limit of $75,000, thats not close to
             | everyone.
        
             | sam0x17 wrote:
             | It really wasn't giant. It was less than the average cost
             | of one month of rent in most locations
        
               | hn_throwaway_99 wrote:
               | BS, especially since the 3-time IRS checks were just one
               | small part of the stimulus. The enhanced unemployment
               | lasted for months, and the increased amount alone was
               | more than many people's regular paychecks.
        
               | shadowgovt wrote:
               | Precisely. I'm trying to imagine how one would have
               | implemented something similar atop the cryptocurrencies
               | I'm familiar with and coming up empty.
               | 
               | Stabilizing an economy when a national quarantine had
               | shut down production and trade is one of those challenges
               | that's much easier to solve in a centralized fashion.
        
               | calculatte wrote:
               | And that's one of the reasons supply chain issues
               | continue today as well as the record inflation.
        
               | sam0x17 wrote:
               | For middle-class workers who didn't lose their job it's
               | as I said, just a little bit less than one month's rent.
               | Definitely not enough to compensate for increased cost of
               | living and inflation across the board, especially now.
        
               | salawat wrote:
               | Correct. When you are poor, a one time check does
               | nothing. Your issue is lack of cash flow.
               | 
               | You want to talk really uplifting those in poverty, we
               | need to talk stipend.
        
           | nomel wrote:
           | I would assume the problem they have, and that we should all
           | have, is the source of the money, which is leaving the
           | printer running through the night.
        
         | belltaco wrote:
         | MS has a patent application on PoL (proof of life) so that
         | crypto can be distributed to every human being that wants it.
         | 
         | https://www.pcmag.com/news/microsoft-patent-describes-tracki...
        
           | dezmou wrote:
           | "By tracking brainwaves when someone watches an advert,
           | Microsoft hopes to use the data generated as a "proof-of-
           | work." " Look like an episode of black mirror
        
         | DennisP wrote:
         | The government authority doesn't go away just because
         | cryptocurrency exists. Unless cryptocurrency somehow replaces
         | fiat entirely, which seems unlikely. And even if that happened,
         | governments could do the same by way of taxes.
        
           | hitpointdrew wrote:
           | > Unless cryptocurrency somehow replaces fiat entirely, which
           | seems unlikely.
           | 
           | No the central banks of the world are all working on fiat
           | crypto, so we'll get the worst of both worlds.
        
             | dsr_ wrote:
             | "fiat crypto", or if you prefer, digital currency, will
             | neither be proof-of-work nor proof-of-stake. Neither
             | mechanism is needed when there is a single trusted
             | authority.
        
               | hitpointdrew wrote:
        
               | lovich wrote:
               | Relative to random individuals it seems like a democratic
               | form of government at least, has several advantages
               | 
               | Did society fall apart when current fiat currency with
               | the government as the central trusted authority was
               | adopted?
        
               | [deleted]
        
               | codehalo wrote:
               | A "single authority", not a "single trusted authority".
        
         | px43 wrote:
         | PoS pays the people who run the infrastructure. Someone has to
         | run it, and it's trivial for anyone to participate. If you have
         | 5 dollars you can stake it in the PoS network and earn rewards.
         | The barrier for entry in the legacy financial system is way way
         | higher. Have you ever applied for a banking license?
        
           | BbzzbB wrote:
           | False equivalence, why is your equivalent to staking
           | (investing crypto) applying for a banking license rather than
           | opening a brokerage account (investing dollars)? With the
           | advent of fractional shares anyone can buy $5 of stocks too,
           | but it requires zero technical know-how.
        
             | nightski wrote:
             | When you stake, you are still processing transactions and
             | creating blocks/forming consensus similar to what mining
             | did. This isn't really comparable to investing in a
             | security.
             | 
             | Just because you can join a staking pool which often takes
             | a cut and makes it easy doesn't invalidate what is actually
             | going on.
        
               | BbzzbB wrote:
               | Sending $5 to a third party pool so they stake it in your
               | stead under the promise it remains your $5 does not make
               | you a bank. It's more like sending $5 to Robinhood so
               | they buy $BAC in your stead under the (legally backed up)
               | promise it remains your $5. IMO.
        
               | nightski wrote:
               | That's not really staking. It's just lending your eth to
               | a staker which is completely different.
        
           | belltaco wrote:
           | >PoS pays the people who run the infrastructure
           | 
           | Both Ethereum's and Bitcoin's regular nodes don't make any
           | money.
        
           | jsemrau wrote:
           | You are conflating several topics. (Background: through
           | Ternary we run the Red Bike validator nodes on Cardano).
           | 
           | 1. If you want to run a validator node, i.e. run the
           | architecture you need to have 32 ETH to be eligible to
           | provide this service. And it does not mean immediately that
           | you will earn something. https://ethereum.org/en/staking/
           | 
           | 2. If I stake the equivalent of 5 USD I will likely get a 5%
           | return on it per year making it much less interesting from an
           | investment perspective given volatility and opportunity cost.
           | 
           | 3. Staked funds are locked and can't be used anywhere else or
           | for anything else. At least GPUs can be used for mining AND
           | general purpose computing.
           | 
           | 4. It is much easier to go to any random money exchanger and
           | go USD/EUR or USD/JPY
           | 
           | 5. Getting a retail bank account can be done in a matter of
           | minutes online.
        
           | sterlind wrote:
           | you have to have 32 ETH, which is around $50K USD, but agreed
           | other than that.
        
             | sudhirj wrote:
             | Pooling should be possible, same as mining earlier. Collect
             | ETH from a bunch of people and split the gains by ratio.
        
             | px43 wrote:
             | You need 32 ETH to run your own staking node, but there are
             | many options for liquid staking, which can be done with any
             | denomination of ETH.
        
           | shadowgovt wrote:
           | [edit: misunderstood the initial statement; disregard the
           | part that was previously here]
           | 
           | > The barrier for entry in the legacy financial system is way
           | way higher. Have you ever applied for a banking license?
           | 
           | One doesn't have to have a banking license to use the local
           | fiat currency of one's nation (basically, one is born into
           | it). And one must do almost nothing to get a check from the
           | government if they decide to stimulate the economy by handing
           | out money to those who showed they had very little on their
           | last tax return.
        
             | px43 wrote:
             | You don't need to be a staker to use Ethereum either. You
             | can also stake with a few clicks on a website if you're
             | using a web3 capable browser. You don't need to buy
             | anything fancy or even open up a terminal if you don't want
             | to.
             | 
             | If you're into UBI type stuff, yeah, there are multiple UBI
             | projects on Ethereum https://www.proofofhumanity.id
             | 
             | There are a ton of other projects that allow people to
             | share storage space, compute, art, information, etc to earn
             | cryptocurrencies. People contribute what they can to the
             | network, and are compensated for their efforts. Projects
             | like gitcoin are raising millions of dollars for people who
             | volunteer to provide public goods, from performing security
             | audits on large open source projects, to cleaning plastic
             | out of rivers (https://gitcoin.co/grants/). Seems to me
             | like the Ethereum ecosystem is far more altruistic than
             | many current governments.
        
           | candiddevmike wrote:
           | How will PoS not deflate the currency to zero? Why would you
           | spend eth at all when you can make more money holding it via
           | guaranteed returns?
        
             | Drakim wrote:
             | Couldn't somebody ask the same about getting interest rate
             | on their savings? Why spend money when you can use the
             | money to grow more money?
        
             | [deleted]
        
           | dmarcos wrote:
           | Yep. Parking your ETH in a staking pool much better than in a
           | traditional bank saving accounts. There's a proliferation of
           | services that make it easier and easier and can put any
           | amount.
        
             | spywaregorilla wrote:
             | My bank account didn't drop 63% YTD though
        
               | calculatte wrote:
               | 1 ETH = 1 ETH still.
        
               | blep_ wrote:
               | The numbers are irrelevant over time. Can you buy the
               | same things for 1 ETH now as you could then?
        
               | kodyo wrote:
               | Dollars have similar problems, for more depraved reasons.
        
               | calculatte wrote:
               | That all depends on the time points you are comparing to.
               | 1 ETH now is $1400. 3 years ago it was $180.
               | 
               | Can you buy the same things for 1 USD as you could then?
               | (no)
        
               | blep_ wrote:
               | No, but it's close. USD's swings are a hell of a lot less
               | wild, even in high-inflation years.
        
               | NotYourLawyer wrote:
               | Or 100% when it got hacked.
        
               | kelseyfrog wrote:
               | My loss, I guess
        
               | glennvtx wrote:
               | Nor did it go up thousands of percent over the past
               | decade
        
         | kmeisthax wrote:
         | This isn't unfortunate, this is deliberate. Bitcoin was birthed
         | dripping in the amniotic fluid of right-libertarian ideology.
         | Capital-breeds-capital isn't so much a side effect as much as
         | it is the deliberate goal of capitalism: use money to make more
         | money. And the core of right-libertarian ideology is to more or
         | less let the capitalists do what they want.
         | 
         | This isn't exclusive to capitalism; there are other ideologies
         | that work this way. However, they are ever more intolerably
         | authoritarian than capitalism. Capitalists at least offer the
         | promise of growing the economic universe alongside themselves -
         | you can get 10x richer by taking 50% _less profit_ in some
         | businesses. But fascists, criminals, and dictators also play
         | this game - not to create wealth and grow the size of the pie,
         | but to shrink it so their share gets bigger. And without a
         | government to enforce rules, capitalists will be out-moded,
         | out-gunned, and out-played by thieves of various stripes every
         | time.
         | 
         | Making this worse is the fact that Bitcoin mining is inherently
         | and deliberately zero-sum. It _has_ to be, because it pays in
         | inflation (block subsidy) and confiscation (transaction fees).
         | So capitalists can offer no wealth creation here.
         | 
         | In other words, Bitcoin is how authoritarians trolled right-
         | libertarians into building and buying into a system that
         | creates the thing they hate.
        
         | [deleted]
        
         | chef0 wrote:
         | A deflationary system awards each market participant with an
         | equitable increase of purchasing power relative to the increase
         | in demand for earning more units through value creation. I'd
         | imagine that would shift some social responsibility from being
         | more centralized to being more decentralized. The Gini Index
         | over time has only been trending up toward 100, signaling a
         | growing environment of inequality. Having said that I do
         | believe that we tend to oscillate between central and
         | decentralized governance of social responsibility and
         | technology innovation around how we transfer value (money)
         | enables a shift away from one end of the spectrum.
        
           | lottin wrote:
           | > A deflationary system awards each market participant with
           | an equitable increase of purchasing power relative to the
           | increase in demand for earning more units through value
           | creation.
           | 
           | What do you mean? Holding a currency involves zero value
           | creation.
        
         | jalino23 wrote:
         | nothing stops crypto PoS with governance to hand money to the
         | poor as well.
        
           | klodolph wrote:
           | With fiat, there are at least some incentives. Not perfect
           | incentives, but incentives just the same. Not sure what would
           | incentivize crypto here.
        
             | bee_rider wrote:
             | If a cryptocurrency actually gained widespread use
             | (competitive with cash), I'd imagine it would take on some
             | aspects of a central bank -- being the only currency is
             | only fun if the economy running smoothly. Money given to
             | poor people more-or-less immediately enters circulation.
        
           | skybrian wrote:
           | Depending on what you mean by money, there are unsolved
           | problems. You need some kind of layer that maps real people
           | to accounts, or people can just create lots of accounts for
           | unlimited money.
           | 
           | There was some crypto startup that wanted to do this and was
           | going to different cities and doing retina scans. I wonder
           | what happened to them?
           | 
           | I suppose you could outsource it by donating to GiveDirectly,
           | but that would require conversion to real money and then (by
           | GiveDirectly) to mobile phone payments. In that case, the
           | cryptocurrency isn't solving much of the problem.
        
           | bee_rider wrote:
           | Seems like an interesting idea to spur adoption of the
           | currency.
        
         | iLoveOncall wrote:
         | "Unfortunate" is a very generous word in that case.
         | 
         | For a technology that claims to be decentralized, it is simply
         | one more major flaw in an already terrible design.
        
         | dlivingston wrote:
         | > [crypto is] not immune to the general capital-breeds-capital
         | effect.
         | 
         | Is there a currency - even theoretical - where 'capital-breeds-
         | capital' is _not_ a side-effect?
        
           | shadowgovt wrote:
           | Fiat currencies can defend against that phenomenon via wealth
           | redistribution: simply creating more currency and handing it
           | to the poor.
        
           | fwip wrote:
           | Most currencies don't have it baked it into the core workings
           | of the currency.
           | 
           | In crypto, possessing money generates money, without
           | investing it or putting the money "to work." This would be
           | like if the dollar bills in your wallet periodically grew
           | another dollar.
        
       | oumua_don17 wrote:
       | I won't be surprised if this is final nail in the coffin for
       | Intel dGPU efforts as well. Intel has only to blame itself though
       | for the debacle a second time.
        
         | ant6n wrote:
         | Seriously. If they'd launched a year ago they could've perhaps
         | prevented their stock tanking and future being totally in
         | doubt.
        
         | latchkey wrote:
         | https://www.coindesk.com/business/2022/04/04/intel-doubles-d...
        
       | armchairhacker wrote:
       | If I am looking to buy a GPU chip for ML research:
       | 
       | - What chip should I buy? - When should I buy? Should I wait for
       | prices to drop? Will new and improved chips be released anytime
       | soon? - What are the advantages / disadvantages of each chip
       | (3060 vs 3080, Nvidia vs AMD)? Which chip is most cost-efficient?
       | What are each chips' specialties (e.g. specific type of neural
       | network, graphics vs compute)?
        
         | cstejerean wrote:
         | I picked up a 3090 Ti for this purpose given the price drop.
         | The 24 GB of VRAM is hard to beat.
        
           | ftufek wrote:
           | Not much difference between 3090 or 3090 ti though, while the
           | price is usually 30% higher.
        
             | wincy wrote:
             | The prices are identical now from what I've seen.
        
             | cstejerean wrote:
             | Mostly because the 3090 Ti was discounted to $1,000, at
             | which point it's about the same as the non-Ti version.
        
             | barrkel wrote:
             | The 3090 Ti also pumps out a lot more heat.
        
         | learndeeply wrote:
         | This applies for all neural networks. Depending on how much
         | money you're willing to spend, in descending order: DGX
         | (computer with 8 A100s, $150,000), A100 (80GB, $15,000), A6000
         | ($5000), RTX 3090 ($1000).
        
           | hedora wrote:
           | I'd consider renting these, especially if you are just
           | getting started:
           | 
           | https://docs.paperspace.com/core/compute/machine-types/
           | 
           | 1 x A100, 80GB is $3.19 / hour. 8 x A100, 80GB is about $25 /
           | hour.
           | 
           | They have much less expensive machines. I used to use them to
           | run steam games, but now proton is just too darn good. Their
           | low end machines are OK for CAD software that supports real-
           | time raytracing.
        
             | asciimike wrote:
             | Lots of good options for cheap GPU clouds, including
             | Paperspace (mentioned above), Coreweave, and Crusoe Cloud
             | (crusoecloud.com). Crusoe Cloud's angle is that our GPUs
             | are powered off otherwise wasted energy and are carbon-
             | reducing; running one for a year provides an emissions
             | reduction equivalent to taking one car off the road.
             | 
             | Disclosure, I'm head of product @ Crusoe Cloud. Feel free
             | to ping me at mike at crusoecloud dot com if you've got
             | questions or feedback.
        
               | hedora wrote:
               | How do you carbon offset?
               | 
               | We have a bunch of diseased pine trees. Assuming we don't
               | have enough time to cut them down and burn them in the
               | next 12 months, and that I am unscrupulous, I could sell
               | you carbon credits through one of the bigger exchanges.
               | You would never know, and it would be completely above
               | board.
               | 
               | John Oliver had a particularly depressing segment on this
               | recently.
               | 
               | (Totally off topic, but I'd love to biochar them instead.
               | Using them for lumber and shipping them offsite are non-
               | starters. Any ideas, anyone?)
        
               | asciimike wrote:
               | See above post, but the TL;DR: is "we capture methane
               | that would otherwise be flared."
               | 
               | Agreed that a lot of carbon offsets look like, "we were
               | going to cut this section of the rainforest down, but if
               | you pay us, we won't do that for X period of time." This
               | is _actually_ reducing existing emissions.
        
               | douto wrote:
               | How can this be carbon-reducing? That sounds like a
               | dubious marketing claim.
        
               | asciimike wrote:
               | TL;DR: we run data centers on-site at oil wells and take
               | natural gas that would otherwise be flared (it can't be
               | economically transported as natural gas in a pipeline or
               | turned into electricity and transported) and combust it
               | completely. Methane is a significantly more potent
               | greenhouse gas than CO2, so it ends up being a net
               | reduction in emissions vs what's currently happening.
               | 
               | https://www.crusoeenergy.com/digital-flare-mitigation has
               | some more information.
        
               | pbronez wrote:
               | Cool idea. Tried to join your waitlist but the form
               | throws errors. Could be my security measures, but I'm on
               | mobile safari, toggled off all content blockers and still
               | had an error.
        
               | asciimike wrote:
               | Odd, I just tested on Safari mobile and it went through
               | without issues. Mind sending me an email at mike at
               | crusoecloud dot com and we can get you set up?
        
           | UncleOxidant wrote:
           | Won't 3090 prices go down a good bit after the 4xxx series
           | cards start coming out in a couple of months?
        
             | kajecounterhack wrote:
             | My guess is "not as much as most folks seem to think"
             | 
             | Comparable 24gb vram 4xxx cards are also 1 slot bigger and
             | many watts hungrier. If you want to be able to use a 800w
             | PSU + 3 slots, and just need 24gb vram for say, running
             | inference on a big diffusion model, then 3090 is still
             | going to be your only option for a while.
             | 
             | They're pretty well priced right now, at $1k. If you need
             | one, not much reason to wait, your time is probably worth
             | more than saving a couple hundred bucks.
        
               | KaoruAoiShiho wrote:
               | Is there no consumer option bigger than 24gb next gen?
        
               | tootyskooty wrote:
               | The 4090ti is rumoured to be 48GB [1], but who knows when
               | that will release or how much it will cost. If you really
               | need extra VRAM and don't mind longer inference, older
               | used Tesla cards are an option. A used Tesla V100 32GB
               | can be sometimes found on Ebay for 1500.
               | 
               | [1] https://www.techpowerup.com/gpu-specs/geforce-
               | rtx-4090-ti.c3...
        
               | KaoruAoiShiho wrote:
               | Thank you great tip on V100.
        
               | InvaderFizz wrote:
               | It appears as though the 4090 will be 24GB, but that card
               | may also be almost $2k.
               | 
               | Used 3090s on eBay are $800 all day long. That price may
               | drop a bit in the next week or so, but not much, as that
               | 24GB of VRAM is the main draw for that over a 3080Ti.
        
         | pbronez wrote:
         | Lambda Labs crunched the numbers in Feb 2022 [0]. They
         | concluded:
         | 
         | """ So, which GPUs to choose if you need an upgrade in early
         | 2022 for Deep Learning? We feel there are two yes/no questions
         | that help you choose between A100, A6000, and 3090. These three
         | together probably cover most of the use cases in training Deep
         | Learning models:
         | 
         | Do you need multi-node distributed training? If the answer is
         | yes, go for A100 80GB/40GB SXM4 because they are the only GPUs
         | that support Infiniband. Without Infiniband, your distributed
         | training simply would not scale. If the answer is no, see the
         | next question.
         | 
         | How big is your model? That helps you to choose between A100
         | PCIe (80GB), A6000 (48GB), and 3090 (24GB). A couple of 3090s
         | are adequate for mainstream academic research. Choose A6000 if
         | you work with a large image/language model and need multi-GPU
         | training to scale efficiently. An A6000 system should cover
         | most of the use cases in the context of a single node. Only
         | choose A100 PCIe 80GB when working on extremely large models
         | """
         | 
         | [0] https://lambdalabs.com/blog/best-gpu-2022-sofar/
        
         | papercrane wrote:
         | You should get a Nvidia card with as much VRAM as possible. A
         | 12 GB RTX 3060 is probably the most cost efficient at the
         | moment.
         | 
         | I don't think AMD is really viable for ML. Nvidia has the mind
         | share in that segment, so nearly all tools will work with
         | Nvidia, while very few support AMD.
        
           | hedora wrote:
           | Not disagreeing, but my < $300 8GB AMD runs stable diffusion
           | just fine.
        
             | capableweb wrote:
             | Guessing "just fine" is relative, but care to put a prompt
             | + the settings you use, and how many it/s you get? I'm
             | getting max ~8it/s on a 2080ti and I think even that feels
             | slow sometimes so looking to upgrade my GPU now, curious to
             | see what "just fine" means for you here.
        
               | hedora wrote:
               | 100 seconds per batch of five (1.7it/s); default settings
               | (512x512, etc)
               | 
               | Performance seems to be prompt-independent; I'm using a
               | docker container that seems to have disappeared, this
               | modified version for amd cards with less than 10gb:
               | 
               | https://github.com/basujindal/stable-diffusion
               | 
               | and this workaround:
               | 
               | https://github.com/RadeonOpenCompute/ROCm/issues/1756#iss
               | uec...
               | 
               | Anyway, don't "upgrade" to my budget AMD card. :-)
        
               | capableweb wrote:
               | > 100 seconds per batch of five (1.7it/s); default
               | settings (512x512, etc)
               | 
               | What settings precisely? Scale, steps and sampler being
               | the most important ones (together with size, but you
               | already shared that :) )
        
             | Uehreka wrote:
             | Stable Diffusion is the kind of phenomenon where people are
             | actually contributing other backends (like the one for the
             | M1 GPU). That's not super common though, a lot of the time
             | if you want to get a network running you need an Nvidia
             | card so you can use CUDA (it's not even about hardware
             | performance, just that CUDA and CUDNN and so on are written
             | by Nvidia for their GPUs).
        
               | paulgb wrote:
               | I have a dumb question: when someone implements a backend
               | like mps for stable diffusion, what are they actually
               | implementing? Shims for Nvidia proprietary stuff that
               | doesn't exist outside of CUDA?
        
             | orbital-decay wrote:
             | Keep in mind that bigger models are coming. And to use all
             | features of even the current SD version, you need a lot of
             | VRAM - 12GB for textual inversion (making it learn your own
             | style), 30GB+ for Dreambooth (sort of micro-finetuning that
             | doesn't need a GPU farm and a huge tagged dataset), a lot
             | for img2img on a high-res picture. It also massively
             | benefits from the large amount of compute cores.
             | 
             | Right now, the bigger and faster, the better. And there's
             | really no limit of the computing power you can throw at
             | various tasks to make them run better. It almost looks like
             | 90s again.
        
       | 34679 wrote:
       | There are tons of "shit coins" that can be mined with GPUs and
       | there are several mining pools that will allow you to choose what
       | crypto you get your payout in. GPU mining isn't going anywhere.
        
       | Smithalicious wrote:
       | Prediction: this is not gonna lead to even close to the levels of
       | cpu price drops that people expect, especially not for new GPUs.
        
         | iLoveOncall wrote:
         | GPUs are already readily available at MSRP, I don't see what
         | drop would be expected in the non-used market.
        
           | LazyMans wrote:
           | For the last two years, the highest end cards which were good
           | for mining were certainly not available at MSRP in the US.
        
           | nomel wrote:
           | > GPUs are already readily available at MSRP
           | 
           | I don't think maintaining original MSRP, a month before next
           | gen release, is all that great.
        
             | rightbyte wrote:
             | I'll take that any day over what I paid for my 3060 at the
             | time.
        
             | nightski wrote:
             | They are far below. The 3090 original MSRP was $1500 and
             | you can find them brand new for under $1000 now.
        
         | holoduke wrote:
         | Prices are already down to acceptable levels.
        
         | LazyMans wrote:
         | For the RX 6800xt, prices already dropped by over 50% on ebay
         | in the last month.
        
       | TrainedMonkey wrote:
       | I think this is fantastic. Availability of GPUs for gaming and
       | small scale machine learning just exploded dramatically. Would be
       | interesting to see how NVDA behaves in the next couple of
       | quarters
        
       | stuntkite wrote:
       | There is so much interesting stuff going on in GPU compute that
       | isn't crypto. I'm really excited about this because there are SO
       | MANY gpus that are now going to be cheaper than sand. There is A
       | LOT that can be made of that and I intend to get mine. I think
       | the crypto boom really covered up what we can really, really do
       | with GPU compute and possibly stifled adoption and innovation but
       | now we've got so many just sitting around. Which is super useful
       | as we move more into a world after being able to get things
       | manufactured and shipped world wide in what feels like an
       | instant.
        
         | shrimpx wrote:
         | Aren't they immediately going to start mining other PoW coins
         | with those GPUs?
        
           | giarc wrote:
           | I saw that argument on twitter when talking about the energy
           | reduction for ETH mining. Someone commented that it won't
           | change because they will just focus their GPUs on some other
           | coin.
        
             | apeace wrote:
             | TFA is pointing out that other GPU-based POW chains have
             | become unprofitable. Partly because of the massive influx
             | of GPUs increasing the difficulty of those chains, and
             | partly because those coins are just not worth as much as
             | ETH. If that's true, then lots of miners are going to be
             | shutting down their GPUs and selling them.
        
             | latchkey wrote:
             | Power companies are incentivized to sell power.
             | 
             | They will just find other buyers.
        
               | elil17 wrote:
               | Perhaps you are right about power companies wanting to
               | sell more power (although it seems like that is not the
               | case for the marginal kWh given all that power companies
               | do to incentive energy efficiency for their customers).
               | 
               | But even so, at least that power would go to something
               | useful (keeping buildings comfortable, purifying water,
               | who knows what) rather than being burned in the crypto-
               | pit.
        
               | latchkey wrote:
               | I'm getting downvoted on my original comment, sigh HN.
               | 
               | > Perhaps you are right about power companies wanting to
               | sell more power (although it seems like that is not the
               | case for the marginal kWh given all that power companies
               | do to incentive energy efficiency for their customers).
               | 
               | It is literally called a power _company_. They offer
               | special rates for large customers. That alone creates a
               | marketplace.
               | 
               | > But even so, at least that power would go to something
               | useful (keeping buildings comfortable, purifying water,
               | who knows what) rather than being burned in the crypto-
               | pit.
               | 
               | Did you have a choice in where that power went to begin
               | with? No.
               | 
               | "No one has the moral authority to tell you what is a
               | good or bad use of energy (ex: watching the Kardashians)"
               | -- https://twitter.com/danheld/status/1479135584685854729
               | ?lang=...
        
               | simondotau wrote:
               | The parent to your post never asserted "moral authority"
               | around how power is used, only that they think this shift
               | is a good thing in their view.
        
               | latchkey wrote:
               | > _at least that power would go to something useful_
               | 
               | I consider that a moral opinion.
        
               | simondotau wrote:
               | Ultimately it wasn't the grandparent that asserted that
               | proof-of-work Etherium mining wasn't useful, it was the
               | Etherium blockchain community themselves -- which is why
               | they have stopped doing it.
               | 
               | It's not a "moral opinion" to accept someone else's
               | assessment of the utility of their own actions.
               | 
               | Is it a "moral opinion" to state a preference that crude
               | oil is more useful when refined and injected into an ICE
               | vehicle than if it's burned on site in an oil well fire?
        
               | chowells wrote:
               | That tweet thread is 100% wrong. I absolutely do have the
               | moral authority to tell everyone that burning billions of
               | joules per day in a bank of resistive elements and then
               | dumping the heat directly into the atmosphere is morally
               | wrong. It's not even a tough question. It is clearly a
               | malicious (hypothetical) act being done only to hurt
               | others.
               | 
               | So if there's an unambiguous case of morally abhorrent
               | energy use, everything else is up for debate. That tweet
               | thread goes off the rails early, as it's clear the author
               | is financially incentivized to not understand the
               | position he is arguing against. So it's no surprise the
               | argument is nonsense.
        
               | latchkey wrote:
               | It opens a can of worms. If you start telling people how
               | they should or should not use any form of energy, then
               | you have to deg [?]? deg at yourself first.
               | 
               | https://www.lynalden.com/wp-content/uploads/bitcoin-
               | energy-c...
               | 
               | https://www.lynalden.com/bitcoin-energy/
        
               | simondotau wrote:
               | > then you have to deg [?]? deg at yourself first
               | 
               | Yes, and?
        
               | latchkey wrote:
               | It is absurd as: your website makes money from Google
               | Adsense and therefore is a waste of power because google
               | is profiting off people advertising crap to others.
        
               | simondotau wrote:
               | The only way for them to find other buyers is to lower
               | prices, which benefits everyone.
        
           | LazyMans wrote:
           | Not really. https://whattomine.com/gpus
        
             | Volundr wrote:
             | Ouch, looks like for most cards even if energy was free a
             | miner would be looking at ~1000 days to break even.
             | Hopefully this really does more or less end GPU mining.
        
               | cesaref wrote:
               | Those numbers are based on $0.1/kwh electricity costs.
               | Here in the UK the cost is around $0.4/kwh, so I don't
               | believe any of those cards would generate any sort of
               | profit. Basically the electricity cost is the main
               | driver, and you'd need to check what your local cost is
               | to evaluate this.
               | 
               | Of course if you are running from home generated power
               | (e.g solar) then the equation changes, but so does the
               | capital cost.
        
           | [deleted]
        
           | dybber wrote:
           | More/bigger miners ==> higher competition ==> miners will
           | require higher transaction fee's to finance their operation?
           | Or do I misunderstand it?
        
             | [deleted]
        
           | karaterobot wrote:
           | The article gives an answer to this.
           | 
           | > "The only coins showing profit have no market cap or
           | liquidity. The profit is not real."
           | 
           | That is, the remaining PoW derived coins are not as
           | profitable for miners, presumably not enough to cover their
           | margins.
        
           | Retric wrote:
           | Presumably those other coins are close to an equilibrium
           | point where more people mining them would be unprofitable.
           | Aka if the total block rewards from other coins are 1 million
           | dollars per month, there is no way spending 2 million per
           | month on electricity is a good idea.
        
           | fshbbdssbbgdd wrote:
           | Mining is only profitable when the block reward and
           | transaction fees are worth more than the costs of mining
           | (electricity, capital costs). ETH was the only coin big
           | enough to support all those GPU mining rigs. With ETH gone,
           | there are too many miners and not enough valuable stuff to
           | mine.
        
             | adriand wrote:
             | I'm sure this is a stupid question, but I'm going to go for
             | it anyway: isn't Bitcoin also proof-of-work? Why isn't that
             | where ETH miners are going?
        
               | ur-whale wrote:
               | > Why isn't that where ETH miners are going?
               | 
               | Mining BTC on a GPU isn't profitable.
               | 
               | You need a dedicated ASIC chip that is far more efficient
               | at the task than a GPU if you want to hope turning a
               | profit mining Bitcoin.
               | 
               | Something like this:
               | 
               | https://www.bitmain.com/
        
               | duskwuff wrote:
               | Bitcoin mining all switched over to custom ASICs long
               | ago, and is barely profitable even on that hardware. The
               | GPUs that were used for Ethereum mining can't compete.
        
               | wongarsu wrote:
               | For some more background: bitcoin's POW is basically just
               | sha256, which was trivial to port first to GPUs and then
               | to custom hardware. That makes mining a bigger up-front
               | investment and thus more centralized, which is why almost
               | all later coins chose POWs that aren't easy to speed up
               | with ASICs
        
               | cedricd wrote:
               | I'm fairly sure that Bitcoin mining just isn't as
               | profitable to mine with a GPU -- it's more cost-effective
               | to use an ASIC designed for that purpose.
        
         | acchow wrote:
         | > I'm really excited about this because there are SO MANY gpus
         | that are now going to be cheaper than sand
         | 
         | Over the course of a GPU's lifetime (in your hypothetical use-
         | case), how much of the cost is the GPU itself and how much
         | electricity?
        
         | hinkley wrote:
         | I'd like to see some PoW scheme for public good projects like
         | SETI or Folding@Home or even CGI for a fan fiction, where
         | there's perhaps something more than just bragging rights for
         | contributing. I'm not sure what that would look like exactly.
        
           | stuntkite wrote:
           | Since the new GPU offerings from nvidia have secure multi-
           | tenancy, I think you're going to start seeing things like
           | that. Especially when you look at what's happening with
           | compute being more universally adapted via Vulkan. I haven't
           | seen the framework for such a thing yet but you make a good
           | point. I think I've got half a model in my head that could be
           | retooled for something like that in a flexible fashion. It
           | could work both ways too. Either you are giving away GPU
           | cycles for research or you are paying for people to be paid
           | for their cycles, or you post up your own job to be computed
           | for pay or donation of cycles or money. As an example, wanna
           | render predictions for erosion on a property you wanna buy?
           | Put up the job and people that wanna contribute can and you
           | get the result. Any user could set their hierarchy of things
           | they contribute to. Like patreon sort of. So bucks or compute
           | cycles can be chunked out to them by order of need and
           | weighted priority.
           | 
           | Humm. Someone beat me to this idea so I don't have to do it.
        
             | djbusby wrote:
             | GPUslice.com
        
         | Grimburger wrote:
         | > There is so much interesting stuff going on in GPU compute
         | that isn't crypto.
         | 
         | There's a lot of stuff that isn't any better than crypto
         | either, deepfakes, producing hundreds of thousands stable
         | diffusion pics of the same scene.
         | 
         | Much of this is still a garbage fire of greenhouse gases and
         | e-waste, used GPU prices won't change that. Many ml _advances_
         | are simply more compute and bigger models in the end.
        
           | iforgotpassword wrote:
           | By that logic you can include gaming in there as well.
           | Thousands of people re-playing the same scenes over and over
           | again, instead of just watching a let's play of the first
           | person that bought the game. I guess the only reasonable uses
           | for GPUs are cancer research etc.
        
             | yaddaor wrote:
             | Please provide a citation to a well researched study for
             | that claim.
        
             | Dma54rhs wrote:
             | PC gaming alone has bigger carbon footprint than crypto
             | mining so objectively yes they are both anti environmental
             | activities.
        
               | switchers wrote:
               | Running cards at full pelt 24/7 vs at most a few hours a
               | day? Doubtful.
        
               | ben_w wrote:
               | Lot of gamers, and the displays add a few more watts each
               | to the total.
               | 
               | Fermi estimate: 10 million latest Xboxes, used for 1 hour
               | per day.
               | 
               | Power estimates seem to vary from 120 W to 315 W, let's
               | say 200 W including display. That's 2 GWh/day. Probably
               | similar for Playstation, or at least close enough for a
               | Fermi estimate. I'm going to guess similar for PC gaming
               | also.
               | 
               | Smartphones are what, about 1 W? But a few billion of
               | them? 1 hour per day makes that another GWh/day?
               | 
               | So probably about 7 GWh/day for Xbox + Playstation + PC +
               | mobile, 2.5 TWh/year.
               | 
               | Bitcoin is estimated to use 131 TWh/year according to
               | Wikipedia.
               | 
               | Yeah, you're right, it's not even close.
        
               | Dma54rhs wrote:
               | There have been see scientific prayers on power us usage
               | snd PC gaming (only) and it comes similar to crypto
               | usage. There are not many things that take tons of energy
               | - heating, cooling, crypto, gaming etc.
        
               | iforgotpassword wrote:
               | I'd be surprised if it's actually more than crypto; while
               | there are way more gamers than crypto miners, they don't
               | game 24/7, don't have a dozen GPUs per rig etc.
               | 
               | Anyways my main point was that a lot of things people do
               | for fun are more or less directly bad for the
               | environment, like for example creating dozens of silly
               | images with stable diffusion. But it's still better than
               | crypto mining imo, as doing "fun things" usually benefits
               | you/your mental health.
        
           | sacrosancty wrote:
           | If you say something's bad, you imply something else is good.
           | So can you identify some contrasting technologies which
           | didn't start out as a "garbage fire of greenhouse gasses and
           | e-waste" or the appropriate equivalent? Are you wanting a
           | world contains only those born perfect technologies?
        
           | visarga wrote:
           | > producing hundreds of thousands stable diffusion pics of
           | the same scene
           | 
           | Why are you twisting reality? People don't generate hundreds
           | of thousands of stable diffusion pics of the same scene.
           | Instead they generate dozens to hundreds of images carefully
           | tweaking the prompt and the starter image.
        
           | behnamoh wrote:
           | I don't know why you're being downvoted. At least the last
           | part is totally true; advance in ML is unfortunately just
           | bigger models, more data, and more compute.
           | 
           | But doing ML won't necessarily boost GPU sales because most
           | deep learning work is shifted to the cloud.
        
         | CharlesW wrote:
         | > _There is so much interesting stuff going on in GPU compute
         | that isn 't crypto._
         | 
         | For sure, but there were many crypto operations with data
         | centers that had hundreds or thousands of GPUs. For example, a
         | report from JPR estimates that crypto miners bought 25% of all
         | GPUs produced in 1H'2021.1
         | 
         | 1 https://www.jonpeddie.com/blog/crypto-minings-half-a-
         | billion...
        
           | latchkey wrote:
           | Or over 100k...
        
           | UberFly wrote:
           | 25% seems like a very low estimate. All sections of the
           | supply chain were being looted. Barely anything made it to
           | stores.
        
             | CharlesW wrote:
             | It seemed low to me too, but it was the most credible
             | reference I could find. Surely it's an estimate, and I'd
             | guess a conservative one.
        
         | eachro wrote:
         | What other things can you do with GPUs outside of machine
         | learning, generalized scientific computing and gaming?
        
           | qeternity wrote:
           | Can't tell if sarcasm...
        
         | wheresmycraisin wrote:
         | What are the interesting things?
        
           | thaneross wrote:
           | One I'm interested in is graph databases powered with linear
           | algebra (see GraphBLAS and RedisGraph). Putting the graph
           | structure in a sparse matrix in GPU memory and doing matrix-
           | multiplication to perform queries means you can effectively
           | traverse the entire graph quickly by using the massive
           | parallel nature of the graphics card.
        
         | ars wrote:
         | I predict the opposite will happen. GPU demand will drop, which
         | means GPU manufacturers will have less money to spend on R&D.
         | 
         | GPU prices may go down in the short term, but long term GPU
         | speeds will stagnate.
         | 
         | I wish there was a way to put a 1 year timer on this comment to
         | see who's right me or stuntkite.
        
           | AdmiralAsshat wrote:
           | There's more than enough demand for GPUs with gaming, video
           | rendering, and machine learning that R&D will continue
           | without crypto mining.
        
           | stuntkite wrote:
           | You seem to think GPUs are only currently used for gaming and
           | speculation on ape gifs.
        
           | Fabricio20 wrote:
           | We are already at a stagnating point in GPU speeds, with the
           | most recent generations from NVIDIA simply being pump more
           | juice (watts) instead of big design changes and efficiency
           | optimizations.
           | 
           | I don't believe R&D funds will dry as well, since they will
           | simply be relocated to AI and datacenter workloads which have
           | been on the rise more recently.
        
             | ls612 wrote:
             | The rumored 4090 is going to pull 450W and score ~19000 on
             | 3DMark time spy extreme. The 3080 pulls 350W and scores
             | 9000 if we are being optimistic. If these numbers are
             | ballpark correct we are talking about 60% more performance
             | per watt in two years. Your story may eventually come true
             | but it is not yet true.
        
             | stuntkite wrote:
             | Maybe kind of in like clock... but the parallel throughput
             | and the ability to securely slice and provision GPU
             | workloads is what was delivered this go around. As well as
             | optical NV-Link and all the crazy new stuff coupled with
             | their CPUs. Go look at crowdsupply and look at the previous
             | gen cores being strapped to massive software defined radio
             | arrays.
             | 
             | This isn't just about pushing framerate. It's about vector
             | processing being massively more efficient than CPU for
             | almost everything and the tooling to start floating
             | consumer needs that aren't just making pretty bleep bloops
             | go boom boom for fun times is very, very mature.
        
           | im3w1l wrote:
           | I think you are both right. Lower prices _and_ lower r &d. If
           | you buy gpu because you care about the objective performance
           | then it's bad. If you buy gpu to keep up with Joneses, then
           | it's good.
        
           | SketchySeaBeast wrote:
           | I don't think 1 year is long enough to tell - release cycles
           | seem to be ~3 years so you'd need that long to compare the
           | 3xxx->4xxx->5xxx series.
        
       | colordrops wrote:
       | Would it be possible to buy 10 GPUs on the cheap and set them up
       | as a cluster? I'd like to generate larger stable diffusion images
       | for instance, but don't know if a cluster would support this.
        
         | pksebben wrote:
         | https://docs.nvidia.com/deeplearning/modulus/text/features/p...
        
         | ftufek wrote:
         | You could, but you'll need server grade parts and a few good
         | electric circuits. Oh and it costs hundreds of dollars in
         | electricity every month.
        
         | asciimike wrote:
         | If the goal is to increase the GPU vRAM (which I believe it is,
         | given that's the constraint on image size), the answer is "not
         | really" for consumer cards. You need NVLink bridges for pairs
         | of PCIe cards (which they have, but then you'd only double the
         | vRAM), or NVSwitch on the high end data center servers (DGX/HGX
         | A100).
        
       | christkv wrote:
       | This will be helpful for straining electrical supplies as well.
        
       | j-bos wrote:
       | What are the ballpark odds that we'll soon see an uptick in ai
       | image generation? Perhaps for profitable reasons?
       | 
       | My favorite wacky conspiracy theory is that proof-of-work was
       | invented to slow down ai progress.
        
         | MilStdJunkie wrote:
         | Alternative: "Satoshi Nakamoto" was the nom de guerre of an
         | emergent renegade AI who had figured out a way to induce
         | monkeys to attach as much processing power as possible to a
         | network.
        
         | colordrops wrote:
         | I have a similar fun conspiracy theory, that Satoshi is actual
         | an alien farmer that injected the whitepaper into its human
         | farm to get humanity's tensor calculation capacity up, and now
         | injected PoS to switch the capacity over to AI for some
         | ineffable purpose.
        
           | Drakim wrote:
           | Satoshi is actually a time traveling Roko's Basilisk creating
           | itself.
           | 
           | https://rationalwiki.org/wiki/Roko%27s_basilisk
        
             | DennisP wrote:
             | If you and your parent comment are correct, then anyone who
             | owned bitcoin or ethereum before the PoS launch has helped
             | out the basilisk, and anyone who didn't had better do
             | something to catch up. Something besides buying crypto,
             | since that phase of the basilisk's plan is complete.
        
       | UI_at_80x24 wrote:
       | Awesome. I've got a 1060 that is long in the tooth, and I've
       | wanted to add a second video card for experimenting with SR-IOV.
       | 
       | Regarding SR-IOV (if that's what it's still called); Can anybody
       | suggest a decent resource for implementing it?
       | 
       | I know that alot of these mining cards will have been worked
       | hard. I'm not afraid to reapply thermal paste, and if the price
       | is right I can get a couple.
        
       | JoeAltmaier wrote:
       | Maybe there's hope for us after all.
       | 
       | I had given up on the singularity ever coming to pass, and the
       | reason was CryptoCurrency. How could we ever upload our
       | consciousness to the cloud if the cloud was fully occupied
       | inventing imaginary wealth tokens? Because 'mining' can consume
       | any amount of cpu horsepower, so there was never going to be any
       | left for the singularity.
       | 
       | But now? There's a new hope.
        
         | jonny_eh wrote:
         | Why do you want to upload, at best, a _copy_ of your
         | consciousness?
        
           | officeplant wrote:
           | To leave the flesh husk behind.
        
             | TremendousJudge wrote:
             | The flesh husk is you. You can't provably leave it behind
             | without dying.
        
               | cdelsolar wrote:
               | as soon as you copy yourself you're both, and
               | indistinguishable to anyone else but your flesh husk.
        
               | TremendousJudge wrote:
               | Yeah but I don't think _you 'll_ feel that you're both.
               | You'll still feel like yourself, and the other will feel
               | like another. You won't feel as though you have left
               | anything behind, only the other will feel like that.
        
           | dymk wrote:
           | There's an entire subgenre of science fiction exploring just
           | that question!
           | 
           | You may enjoy authors Greg Egan or Dennis E. Taylor.
        
             | trollied wrote:
             | I recently discovered the Bobiverse series. Very
             | entertaining:)
        
             | donio wrote:
             | To me they tend to answer the question of why you wouldn't
             | want to do it.
        
               | JoeAltmaier wrote:
               | Yeah but the bots _would_ so there 's that.
        
           | JoeAltmaier wrote:
           | Immortality
        
             | jdpedrie wrote:
             | But you're dead. Digital copy of you != you.
        
               | anonymoushn wrote:
               | How are you certain that you can survive a night's sleep?
        
               | johndough wrote:
               | The digital copy can be kept alive long enough until we
               | figure out how to download it back into a body again, at
               | which point this is basically the ship of Theseus
               | https://en.wikipedia.org/wiki/Ship_of_Theseus
               | 
               | Also some people might disagree with "digital copy of you
               | != you". Personally, I do not care since it is close
               | enough to immortality imho.
        
               | philipkglass wrote:
               | It won't do anything to solve the dread-of-nonexistence
               | problem. But a copy that behaves just like you is still
               | useful if your motivation is something like "ensure that
               | my line of scientific research continues" or "take care
               | of my extended family."
        
               | ycombobreaker wrote:
               | But even if it's a copy of your essence, it's not a
               | slave. Mortal-you has goals and family to care about.
               | Mortal-you has been living and planning with the
               | constraint of mortality for its entire life. Immortal-you
               | will eventually develop different motivations.
        
               | mlyle wrote:
               | > Immortal-you will eventually develop different
               | motivations.
               | 
               | Yah, well, mortal-me also eventually develops different
               | motivations. There's still continuity and connectedness.
               | 
               | It's just fork(2).
        
             | batch12 wrote:
             | To be fair, it's not you that becomes immortal, just your
             | copy. From your perspective, you still die.
        
               | JoeAltmaier wrote:
               | But not today!
               | 
               | And consider: if I can upload, perhaps I can download.
               | Perhaps my digital copy can live life 'faster'? In that
               | case I live 1000 lives digitally and download that.
               | 
               | Now I'm essentially immortal, in my physical body,
               | because I've lived for millennia!
               | 
               | At the very, very least its no worse than living this one
               | life and dying anyway.
        
               | batch12 wrote:
               | It isn't you living those lives though. What is the
               | difference between this and downloading someone else's
               | memories?
        
           | mlyle wrote:
           | What about the whole Ship-of-Theseus thing?
           | 
           | What if you add something to you that's knit into and
           | augmenting your brain by 10%, and then as a little more of
           | your brain withers, you add another chunk. Ultimately it
           | reaches a point where your existing brain is doing none of
           | the work and it's all machines, but there was arguably never
           | a precipice crossed where it wasn't "you".
        
             | debacle wrote:
             | Such a strange thing, that a comment like this on a Friday
             | afternoon would completely blow my mind.
        
               | mlyle wrote:
               | Thank you :D
        
             | JoeAltmaier wrote:
             | Stories have been written! On this very subject. Back in
             | the day.
        
       | karaterobot wrote:
       | I wonder if keeping their GPUs mining until the last minute ended
       | up making those miners more money than selling them when the
       | price of GPUs was still high would have.
        
       | yuan43 wrote:
       | > If you're looking to build a new gaming PC or upgrade your
       | existing graphics card, just wait a little longer and definitely
       | don't buy any graphics card for more than $500. Prices on
       | existing GPUs will continue to drop, and the new stuff is right
       | around the corner.
       | 
       | To be clear, no mass-produced GPU can profitably mine Bitcoin.
        
         | Sohcahtoa82 wrote:
         | GPUs haven't been profitable for Bitcoin mining in _years_.
         | 
         | Anyone mining on a GPU was likely mining Ethereum.
        
         | dyingkneepad wrote:
         | I always wonder how many people have their boss's machines in
         | their boss's offices mining bitcoin 24/7...
        
         | rhacker wrote:
         | Can a mass produced GPU profitably mine bitcoin if the
         | electricity was "free" somehow?
        
           | latchkey wrote:
           | If you mean "free" as in "stolen", yes.
           | 
           | If you mean "free" as in "solar", then the amount of time to
           | reach ROI would be so long that it wouldn't make much sense.
        
             | Kerrick wrote:
             | What about "free" as in "my solar array is large enough to
             | produce $0 in electricity charges all winter, and the
             | excess I sell back in summer/autumn/spring cannot be cashed
             | out or used to cover my connection charges (and even if it
             | could is sold at a pittance anyways)"? :)
        
               | latchkey wrote:
               | That's what I said, but wasn't clear enough to you.
               | 
               | The hardware capex for mining BTC with GPUs would
               | outweigh any 'free' power you have access to. You can't
               | just focus on one aspect of this business in order to
               | calculate your ROI.
        
             | Sohcahtoa82 wrote:
             | The GPU would need to be stolen, too. You'd never reach ROI
             | on a GPU.
        
               | ComputerGuru wrote:
               | It doesn't have to be stolen, it could have simply
               | "fallen off the back of a truck." /s
               | 
               | (This actually doesn't happen as much as it used to
               | twenty years ago with step-by-step inventory checkins
               | made possible w/ RFID chips and barcodes combined with
               | mobile network connections).
        
               | [deleted]
        
           | ugjka wrote:
           | If electricity was free it would also be "free" for ASIC
           | farms
        
           | MBCook wrote:
           | Yes, but you'd still mine much faster with an ASIC.
        
         | 01100011 wrote:
         | > definitely don't buy any graphics card for more than $500
         | 
         | Ef that, I'm buying a 20GB 4080 when they come out for doing
         | stable diffusion research and gaming. I'm still rocking a 1060.
         | I doubt a 4080 is going to drop below $500, recession or not.
        
           | derac wrote:
           | The 4080 tis might have 48 gb _salivating emoji_
        
       | olliej wrote:
       | I assumed bitcoin also had GPU mining as well, is it now all just
       | ASICs?
        
         | ur-whale wrote:
         | > is it now all just ASICs
         | 
         | Yes.
         | 
         | And been that way for a very long time.
         | 
         | Can't remember exactly but IIRC Bitcoin GPU mining withered off
         | around 2014 or so when the first ASIC miners came out [1]
         | 
         | https://www.coindesk.com/tech/2020/04/26/the-rise-of-asics-a...
         | 
         | https://www.nicehash.com/blog/post/the-history-of-cryptocurr...
         | 
         | https://thenextweb.com/news/a-brief-history-of-bitcoin-minin...
        
       | sc68cal wrote:
       | Good.
        
       | hedora wrote:
       | Queue the machine-generated SEO content / fake-news Internet
       | apocalypse in 3, 2, 1...
        
       | drexlspivey wrote:
       | Is it possible to use one of those GPUs as external GPU for my
       | laptop or NAS? Do I need an enclosure? How would I connect them,
       | PCI-e to USB adapter? I mainly want to experiment with stable
       | diffussion and for video transcoding.
        
         | syntaxing wrote:
         | You just need a computer with TB3 and above. Get an eGPU box
         | like Razer Core X [1]. Caveat is that chances are, these GPU
         | are probably Nvidia because of CUDA. Therefore, it will not
         | work with Mac (will work on Linux or Windows though).
         | 
         | [1] https://www.razer.com/gaming-egpus/razer-core-x
        
       | [deleted]
        
       | trenning wrote:
       | Now all those PC gamers are going to keep polluting the earth
       | with their dirty GPUs that aren't even contributing anything
       | positive to the world.
        
         | neogodless wrote:
         | Just to be clear, have you ever purchased any physical device
         | to be used for entertainment?
        
       | lifeisstillgood wrote:
       | This may be a dumb question but, since I would not trust a GPU
       | card "on eBay" anymore than I would a guy selling the Golden Gate
       | Bridge for scrap, where will these cards appear - how will people
       | trust them? (Or more accurately - where can I pick up a couple?)
        
       | cphoover wrote:
       | good
        
       ___________________________________________________________________
       (page generated 2022-09-16 23:00 UTC)