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Bitcoin Keeps on Rising passes 3000 USD
Last week we already wrote an item on the fact that the Radeon Rx 400 series cards are sold-out world-wide becuase they are in high-demand from Bitcoin miners. When I wrote that news item the value of one Bitcoin was roughly 2800 USD. Today the 3040 USD marker has been breached.
The value has gone through the roof and if that value is high. Bitcoin has risen to a 160%+ value this year. Right now it is touching 3000 USD. That made it interesting to mine bitcoins on capable affordable GPUs. Currently most if not all AMD Radeon RX 570 as well as RX 580 GPUs are sold out at the big etailers. I just check the USA and EU, it's pretty much the same everywhere - sold out.
Miners make use of GPUs from AMD and Nvidia in order to mine new coins and AMD GPUs especially are interesting. Once you mine a coin they can be used for selling purposes or kept for further appreciation (or depreciation - hey it's gotta happen at one point). Currently the price has dropped and is around $ 2850 (about 2500 euros).
Back in 2013 Bitcoin broke $ 1,000 marker. Late last year the currency was at the same level again, however support from international financial institutions and a new legislation in China made it rise. In May the bitcoin broke $ 2,000. Another crypto currency Ethereum is also growing since May 20, the price of the currency went from $100 to $378.
You do need to wonder at what point the bubble will burst?
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gx-x
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Senior Member
Posts: 1517
Joined: 2007-03-18
#5441937 Posted on: 06/12/2017 05:05 PM
btc exchange offices will accept it and give you ~3000$ for it. So it's pretty much irrelevant who accepts it or doesn't if you can simply exchange it for other currency (for a fee ofc). So the "free flow and free exchange" you can pretty much forget about it, but it doesn't really matter.
As for Ethereum, afaik, it is exchanged into bit coin. ASICs might not do well on Ethereum mining, but they can still mine BTC directly better than GPUs would. We shall see. Still, someone must have bought a ton of BTC for prices to go up this much in a short time.
btc exchange offices will accept it and give you ~3000$ for it. So it's pretty much irrelevant who accepts it or doesn't if you can simply exchange it for other currency (for a fee ofc). So the "free flow and free exchange" you can pretty much forget about it, but it doesn't really matter.
As for Ethereum, afaik, it is exchanged into bit coin. ASICs might not do well on Ethereum mining, but they can still mine BTC directly better than GPUs would. We shall see. Still, someone must have bought a ton of BTC for prices to go up this much in a short time.
schmidtbag
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Joined: 2012-11-10
Senior Member
Posts: 6484
Joined: 2012-11-10
#5441940 Posted on: 06/12/2017 05:12 PM
And what do they get out of it? Where is that money coming from? At some point, they're going to have pretty much all of the circulating bitcoins, and then what? If bitcoins are finite and this one group has all of them, the value of them drops to nothing.
btc exchange offices will accept it and give you ~3000$ for it. So it's pretty much irrelevant who accepts it or doesn't if you can simply exchange it for other currency (for a fee ofc). So the "free flow and free exchange" you can pretty much forget about it, but it doesn't really matter.
And what do they get out of it? Where is that money coming from? At some point, they're going to have pretty much all of the circulating bitcoins, and then what? If bitcoins are finite and this one group has all of them, the value of them drops to nothing.
gx-x
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Posts: 1517
Joined: 2007-03-18
#5441947 Posted on: 06/12/2017 05:20 PM
they get % of the exchange, like any other bank would do...From BTCe : fee for transactions is 0.2%
you put your offer, name your price, when it's sold, you pay the fee...simple. There are some, or were some, exchange sites that would straight up buy directly from you for the lowest price that they list.
As for value, I am afraid it's mostly the black market that uses btc. Got money you can't spend? Buy BTC and go from there.
edit: people are trying to sell atm, so the price is going down.
Last: 2683 USD -5.39%
they get % of the exchange, like any other bank would do...From BTCe : fee for transactions is 0.2%
you put your offer, name your price, when it's sold, you pay the fee...simple. There are some, or were some, exchange sites that would straight up buy directly from you for the lowest price that they list.
As for value, I am afraid it's mostly the black market that uses btc. Got money you can't spend? Buy BTC and go from there.
edit: people are trying to sell atm, so the price is going down.
Last: 2683 USD -5.39%
jura11
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Posts: 2641
Joined: 2015-03-20
Senior Member
Posts: 2641
Joined: 2015-03-20
#5441957 Posted on: 06/12/2017 05:29 PM
ASIC miners killed Bitcoin mining as right now difficulty is high and mine on GPUs BTC is very hard and can take long, tried on mine to do so and with 3*GPU I'm getting 160-170MH/s with Lyra2REv2 scrypt, Equihash looks like good one as well and Ethereum is much better on AMD cards than on Nvidia cards
Few years back when I run AMD difficulty hasn't been so high and I have mined 12 BTC in fairly short time, just I wish I keep these BTC
Getting ASIC miner this will cost you and really not sure if its worth it, friend have 3* Antminer S7 and after 8 months he still didn't break even on single unit and he thinking to sell them and go route of the GPU mining
Hope this helps
Thanks, Jura
ASIC miners killed Bitcoin mining as right now difficulty is high and mine on GPUs BTC is very hard and can take long, tried on mine to do so and with 3*GPU I'm getting 160-170MH/s with Lyra2REv2 scrypt, Equihash looks like good one as well and Ethereum is much better on AMD cards than on Nvidia cards
Few years back when I run AMD difficulty hasn't been so high and I have mined 12 BTC in fairly short time, just I wish I keep these BTC
Getting ASIC miner this will cost you and really not sure if its worth it, friend have 3* Antminer S7 and after 8 months he still didn't break even on single unit and he thinking to sell them and go route of the GPU mining
Hope this helps
Thanks, Jura
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Joined: 2012-11-10
Ofc btc is more volatile than most other currencies or goods, no one will argue against that.
But let us go back in time several years. Everything you said had been just as valid back then as it is now. Only difference being bitcoin's nominal value. Which has gone up several thousands %. Everyone was a naysayer or skeptic at one point in time(me included) , but then you look at the reality, and relize its kinda silly to argue against reality, which is right in front of you.
I understand what you're saying, but keep in mind value has a deeper meaning than how much a single bitcoin is worth. I'm not arguing against the literal value of bitcoins; value is determined by the beholder. This is why a blue canvas with a white line painted down the middle can be "worth" tens of millions of dollars.
But again, value means more than that. A form of currency is only as good as your ability to spend it. Most sources don't take bitcoins, so despite it being having a literal value of $3000, in practice it loses a lot of value since so few places will accept it. Considering the price and rarity of bitcoins nowadays, I don't suspect we'll be finding many more stores to accept them. If that's the case, it wouldn't surprise me if other stores drop support for it.
It doesn't matter how much monetary value a currency is claimed to have if most of places you need to spend money won't accept it.