AMD Radeon Graphic Cards worth reaches SKY HIGH due to Cryptocurrencies!

First of this article explains worth of GPU which have been increased due to Cryptocurrency:
AMD GPUs Now Worth up to 3X Their Original Value Due to Mining Craze

Now a little tl;dr background on what's happening:
> So, a cryptocurrency (like Bitcoin) requires dedicated GPU's to mine.
>When Bitcoin could be mined from GPUs, prices of AMD GPUs rose in the past since AMD GPU are considered better (or atleast better VFM) against Nvidia cards.
> Soon Bitcoins passed the phase when it could have been mined using GPU. Dedicated ASIC miners came into existence to mine them.
> Now, non Bitcoin currencies like Ethereum, is relatively new (launched in 2014), and hence CAN be mined using GPUs.
>Hence, all the top of the line AMD cards like RX 580 (even RX 480) are prices sky high now.

Sample of prices of AMD cards from Amazon.in:

*i.imgur.com/ibWFBmn.jpg

I was trying to find a good AMD card for my friend and that's when I realized he can't buy one now. Also the RX 480 I have is a bit more worthy now.

What do you guys think? Is it time to mine Ethereum? Should I just sell my GPU now

Why can't the ASIC machines designed for Bitcoin mining be tuned to do the mining of Ethereum? I guess that will drive the price of AMD cards down.

Moreover now that RX 480/580 have become costlier than GTX 1060 and RX 570 is nowhere to be found, wont it make sense to go for the latter from a gaming point of view? Cant nVidia cards be used for mining too?

ssb1551 said:
Why can't the ASIC machines designed for Bitcoin mining be tuned to do the mining of Ethereum? I guess that will drive the price of AMD cards down.

Moreover now that RX 480/580 have become costlier than GTX 1060 and RX 570 is nowhere to be found, wont it make sense to go for the latter from a gaming point of view? Cant nVidia cards be used for mining too?

Well, I am no expert, but I read that Ethereum mining is ASIC resistant. Which means ASIC miners can't be used to generate Ethereum.
RX 470 and RX 480 have little to no difference. I read that RX 470 can be "tweaked" to perform at the same level as 480. So, yea for gamers, RX 470 is a good choice too. In fact I was looking for RX 470 initially, it was the only the fact that I bought from Amazon.com and there the difference came out to be just $10 (due to some discount on 480) that I finally settled on 480. But this also means RX 470 are equally rare to find as RX 480. As both are good for mining.

NVidia cards can also be used to mining. It's the fact that AMD cards are better in terms of VFM, that demand for them have rose suddenly. Just look at this chart below:

*www.legitreviews.com/wp-content/uploads/2017/06/ethereum-best-mining-gpu-645x777.jpg
Source: The Best GPU For Ethereum Mining - NVIDIA and AMD Tested - Legit Reviews

Take a note that 1080's giving around only 28.8% higher MH/s with about 3 times the price of RX 480.

B

What exactly is bitcoin mining in layman language? I read it on wiki few months back but couldn't understand the basic concept.

billubakra said:
What exactly is bitcoin mining in layman language? I read it on wiki few months back but couldn't understand the basic concept.

Discussing how Bitcoin mining is way out of topic for this thread. I suggest you refer a few youtube videos, more articles on internet etc. For bitcoin, there are a ton of articles out there that could make you understand. Or you can go through the thread here on digit:
*geek.digit.in/community/threads/cryptocurrency-litecoin-mining-discussion-thread.180831/

Above thread have many links to understand bitcoin.

I cam here looking for suggestion to where to find best prize for RX 480 but this is really too much, Is there a place where we can find good price for 480? or maybe 470

Nope. All of Radeon 470/480/570/580 cards have been marked up.

W

I don't know if it is worth it in India where electricity prices are quite high in many states.

Almost all the shop guys in SP Road told me they have sold Radeon cards varying from 500-1500 in the last month. Finally the dealer from who I bought the GALAX GTX1060 EXOC variant told me that he is also the dealer for PowerColor (makes mostly AMD cards) Cards & he has sold almost 1500 Radeon Cards in the last 30 days. And when Radeon cards were outta stock people started to buy GTX 1060. He said that he used to get new stock of almost 50-60 cards per day & all of them used to disappear in 3-4 hours. Such is the craze of mining in Bangalore.

Now 1070 prices surge :
GTX 1070 Prices Soar Alongside The 'Ethereum' Cryptocurrency

I noticed that the day I bought GALAX GTX 1060 EXOC variant from SP Road.

B

Can't we mine bitcoins using GTX 1060?

billubakra said:
Can't we mine bitcoins using GTX 1060?

Bitcoin mining isn't done on graphic cards anymore. People have made special chips only for Bitcoin mining that are way way faster than a graphic card, and consume negligible power.

People (at the moment) haven't made special chips for Etherium mining, so it can only be mined on graphic cards. Typically Radeon has always been faster than nVidia when we talk about cryptocurrency mining and password brute-force cracking.

^
more about bitcoin mining..
Mining

Another updated article on GPU pricing on tomshardware (1060 is the victim now) :
As Prices Soar, Graphics Card Manufacturers Appeal To Cryptocurrency Miners

I think pretty soon Indian market will be affected too.

Just wanted to drop it here.
$413: Ether Prices Within a Whisker of All-Time High - CoinDesk

Anyone tried ethereum mining? I thought we had a thread for ethereum mining. But looks like we only have a cryptocurrency thread that dates back to 2014.

B

When will this craze stop? Both currencies are banned by many of the countries, so you cannot convert it into liquid or real world cash.

W

You can if you know your way around & those are the majority of people who buy such cards for mining.

billubakra said:
When will this craze stop? Both currencies are banned by many of the countries, so you cannot convert it into liquid or real world cash.

Doesn't look like it will stop anytime soon. Even if Bitcoin & Ethereum have become more demanding to mine the alternate coins like Dash, Ripple & many more are on rise.

B

ssb1551 said:
Doesn't look like it will stop anytime soon. Even if Bitcoin & Ethereum have become more demanding to mine the alternate coins like Dash, Ripple & many more are on rise.

What's it's point if it is not going to be accepted in majority of the places?

W

Its the quality that matters not quantity.It doesn't matter if these currencies don't work in 1000s of places as long as they work in those few places where users of such currency exists.

billubakra said:
What's it's point if it is not going to be accepted in majority of the places?

@whitestar_999 has already replied to that query & might I add - quite perfectly! Even I plan to buy a mining rig. Hopefully next year ripple crosses $2 mark

Well, Ripple seems to be a good thing to invest in. We have already Bitcoin craze. I think it's wise to have a few units of cryptocurrencies and profiting if it ever increases to Bitcoin levels than to have nothing and miss out. Isn't it?

B

whitestar_999 said:
Its the quality that matters not quantity.It doesn't matter if these currencies don't work in 1000s of places as long as they work in those few places where users of such currency exists.

ssb1551 said:
@whitestar_999 has already replied to that query & might I add - quite perfectly! Even I plan to buy a mining rig. Hopefully next year ripple crosses $2 mark

Where exactly is the same accepted except darknet? Also what is ripple, a new type of currency?

B

Well what's its use for middle class families who don't have much income for properties?*uploads.tapatalk-cdn.com/20171127/73d5565ad41a38e594edf6b828d341fd.jpg

What does the news paper clip say? Dunno to read hindi

W

It says bitcoins are now being used to launder black money in real estate sector.

Oh ok. I aint surprised though.