MegCoolBlood

Xavier Zepherious

COVID19 claims another victim, Vietnamese Internet Cafe transforms into cryptocurrency mining firm

 

 
Internet Cafe switching into the mining business.
When people can’t meet at Internet Cafes due to local restrictions meant to limit the spread of a virus, (now empty) businesses are transforming into cryptocurrency mining cafes. The owner of a Vietnamese Internet Cafe has announced it is switching business to GPU mining operation. “Profits are higher”, the company has announced on Facebook.
 
Switching business season, Profits are higher than net business
 
This particular Internet Cafe is owned by a computer store, which may explain how they got access to numerous GeForce RTX 3080 graphics cards in the first place. While we can’t blame a business for trying to stay afloat, one would say that it could just as easily sell those cards rather than use them for mining. In the end, those are just another RTX 3080 graphics cards that have been sacrificed to mine cryptocurrency.
 
 

at least all there GPUs are now tested!

CLL1990
ETH 2.0 switch to proof of stake will reduce demand, no?

TexAg12

Xavier Zepherious
mining - I break even in 4-5 months on 1 card at current prices of ETH - anything around over $15 a day is like $500 or more
 
remember i already had bought other cards (2080ti and another 3090) for gaming so they add an additional $750 at that rate
 
even at min 750 total for all cards( can be as high as $1500 if prices stay high) a month I pay of 1 card in under 4 months
 
and like 2c a KWH here
 
 
then you hear stories like this
 

GPU mining causing power outages in Iran

 
According to , an investigation by Iranian authorities has revealed that recent power outages in Iran have been caused by the growing popularity of mining farms in the country.
Chinese companies are reportedly moving their mining operations to Iran, where the electricity cost is 4 times lower than in mainland China (1.8 to 2.2 cents per kilowatt-hour). The country is now allegedly hosting 14 large mining farms that consume around 300 megawatts of power. This is comparable to the power consumption of a city with 100K inhabitants. According to research by the University of Cambridge, Iran is among the six popular destinations for mining farms in the world.
 

 
We receive photos with mining farms almost on a daily basis. Various companies specializing in selling mining equipment are eager to share their new batches of GeForce RTX 30 graphics cards when are then sold directly to miners. The source of these graphics cards is unknown, but it appears that neither board partners nor NVIDIA have any problem selling those cards to miners. So far we have not heard about any retail store or board partner being punished for taking part in this process.
 
 
 
 
begs the question.... Why in the hell can they get the cards  on a limited budget that most people in Asia have compared to us????

they can get all these GPUs and we cant even get one. NVIDIA! FIGURE THIS $HIT out.

lexxon87

CLL1990
ETH 2.0 switch to proof of stake will reduce demand, no?

In theory, yes. But if another altcoin comes around that is GPU minable and profitable enough before PoS hits, folks will hang onto their GPUs. If not, expect the used market to be absolutely FLOODED, which is good for gamers.