Cryptocurrency Mining has become a very profitable business and gpu manufacturers sure want to take advantage of it.
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Due to the enormous growth of the cryptocurrency market during 2017, you can now build a rig and make ROI in only 3 to 4 months, which is to any standards pretty freaking good!
Now, to put it into perspective lets compare the costs of 6 graphic (Nvidia 1070s) cards back in December 2017 and January 2018:
December 2017 - MSI 1070, 600 USD x 6 = 3.600 USD
January 2018 - MSI 1070, 949 USD x 6 = 5.694 USD
That is a whopping 58% increase in less than 30 days, talk about inflation!
Why could the increase in GPU prices actually be a good thing for us holders?
The production cost of the mined coins and the actual sell price was reaching a very dangerous gap, if coins are cheap to produce it is more likely that the price will be contained by miners selling their huge profits.
With the increase in GPU prices, mining becomes more expensive and therefore the cost of production of every mined coin also increases, which should reflect positively in the price.
So there could be an upside to this huge GPU price increase, unless you are gamer of course, in that case there is no upside for you and maybe you should consider buying a PS4!
For now, I am happy that I got my hands on one of the last cheap 1070s before the price increase hits my country, will be doing a review on it soon…
Merci pour ton post et pour toutes ces infos
Profite bien de ton nouveau jouet 😉
"With the increase in GPU prices, mining becomes more expensive and therefore the cost of production of every mined coin also increases, which should reflect positively in the price."
Genius!
@chitty - Now I understood how it's valuable to the miners... Nice explanation Sir... Thank you for letting us know about such things that we are not well aware about...
+W+
@chitty,
You are absolutely correct! Price of VGA cards when damn high in my country also :D Not only mining VGAs, gaming VGA are also highly demanding in here too :D
Cheers~
Haha, there's always a positive side if you look for it! The price increase is quite big in such a short amount of time, but I guess it's only natural in the end. Congrats on getting a cheaper 1070s before the price increases! :D
Thanks, I feel quite lucky actually hehe
Oh yes, an excellent purchase and you are right if you compare today's hardware prices, then your purchase should pay off pretty soon. Successful prey @chitty
If GPU price increases, bitcoin mining will be better.
? bitcoin use asics not pgu to mine
@chitty...present markets all around the country gets low..in india also the rate was down very huge..i think entire world have same situatiin now..i hope that it will be grow in few days.....thank you for sharing this information with us chitty...have nice day
there dependably a positive side in the event that you search for it! The cost increment is very huge in such a short measure of time, however I get it's just normal at last
Interesting point of view, thanks for the post. I'm happy for that you bought cheap. Waiting for the review! all the best.
you should read this article bitcoin ripple
https://steemit.com/bitcoin/@maykocan/why-is-bitcoin-are-being-asked-to-create-the-wrong-perception
lol.
really Congrats on getting a cheaper 1070s before the price increases.i follow you sir.
thanks for shareing.
This is a negative situation for those who do not mining.the increase in prices makes it difficult to invest in mining.
excellent post.i follow you. thanks for share.
thanky for your post
You have 1070 in your woow. I wait for your introduction video with impatience. I think the price increase is very high compared to normal. demand is more but it is very big increase 58%
Suggesting that gamers who want high-end graphics cards should get a console instead, is down right insulting.
Thanks for sharing information 😉
Good luck my sir @chitty👍
@chitty Such a great article & nice photography
##Upvote/Resteem###
Your post made me think different. Finding positivity in everything is a hard thing and great at the same time.
I wish a price pump in gpu but i am also a gamer lol !
You need to be positive for positive results. Best of luck :)
As the business is more exciting logically increase more, the incredible thing is that it is almost twice the price is crazy, I think you took advantage at the time to acquire yours, is a project that will bring you many challenges, take it soft!
I totally agree, but it does mean I have to stick with my old GPUs because it's too expensive to upgrade. Thankfully I have a 3DS for last me a few years.
I also bought the last cheap 1080's here in my country :D Currently mining Zclassic with these cards
very good post very educational thanks for the information.
Hey @chitty, just wanted to let you know that I nominated you take part in the 7 day Black and White Challenge in my last post.
oh so cool ! :)
Man, I've been trying to buy a gaming PC for the past 6 months and right when I get enough money, GPU prices skyrocket because of crypto mining. I don't want a ps4 either, I want a gaming PC (PC MasterRace). On the other hand, I'm a crypto holder so I can't be that mad because I'm getting f***** and making profit at the same time! Guess you can't have it all right...