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Anyone buying hardware to mine Ethereum is going to lose

By Anthony Garreffa from Jul 8, 2017 @ 13:35 CDT

It's Not Just GPUs


It wasn't long until the higher-end GTX 1070s began leaping in price, before also flying off shelves. This trickle effect was hitting other markets that weren't being talked about, including high-end PSUs. I had a near impossible time of finding high-end PSUs, with 1000W+ units selling out all over the place. There were a few high-end 850W units left, but the numbers were thinning.




On eBay, there were plenty of mining-oriented products that began enjoying the Ethereum rush, including PCIe x1 to x16 risers, steel frames for multi-GPU rigs, and more.



Please Don't Buy Hardware For Mining Now


Now that there are virtually no Radeon cards on the market, and most of NVIDIA's mid-range GeForce cards are extinct, the difficulty of mining Ethereum has skyrocketed. Six weeks ago you could make a very nice money mining Ethereum, but the difficulty of mining it continues to swell - and it is even faster now that there are thousands of new miners joining pools across the world.



The current price on graphics cards is f***ing ridiculous, with retailers and etailers cashing in on the feverish demand on AMD and NVIDIA hardware. It's not right, and I hate it beyond words. A large reason for this is that I worked in IT retail for ten years before I changed careers and started writing for TweakTown.


I used to sell the very hardware that I now review for a living and work with every day, and I rode waves of random popular spikes in sales. The whole 'can it run Crysis' happened while I worked in IT sales, and we couldn't get enough graphics cards in before they were flying off the shelves.


This global GPU shortage is unprecedented.


It hasn't happened at this scale before, and we're standing right under a gigantic bubble. It might seem fine now, but NVIDIA and AMD can't get enough cards onto the market, and even if they could, this pent up demand for Radeon RX 400/500 series and GeForce GTX 10 series cards will die. It will go down. This is a guarantee. Ethereum mining has teased people with the ability to make a lot of money very quickly from their homes, using consumer level hardware.




When mining Bitcoin was a 'thing' before it changed over to requiring ASIC specific hardware, we went through a similar wave, but it was nowhere near as all-consuming as the Ethereum wave. This new Ethereum wave feels like Pokemon GO, where it was everywhere for weeks - ramping up to around two months.


Then all of the sudden, Pokemon GO wasn't infused into our lives anymore and filling our social media accounts and headlines across the world. These waves swell very high in a short amount of time, but they eventually go down, and everything returns to normal... except this time it's not going to be that easy.

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