Bitcoin Forum

Some people are taking mining news too damn serious, yesterday I got message from a friend that it's over for gpu mining but to say the truth I've been hearing about the death of gpu mining since 2017 and it's now becoming annoying, do not sell your rigs because of whatever news you are told about Ethereum, POW algorithm have a long way to go and it's here to stay.

Vitalik is a fucked up guy, if proof of stake is that important why can't he just allow both POW and POS on same chain? Many projects are well know with such capability, Ethereum can't do without proof of work algorithm that is the biggest advantage of Ethereum, it's POW capacity is like no other, vitalik knew this and that's why he planned the EIP-1559

Or just make Proof of Work: energy efficient, very easy to use on mobile devices,  devices for PoW should be multi-purpose and portable.

 Certain Proof of Stake based Consensus mechanism esp those that require high minimum amount of stake/coins from participants to participate in full consensus violate alot of the basic ideals of well decentralized cryptocurrency

We both know that mining on mobile phones isn't realistic, there is no way a real algorithm won't run through the mobile GPU or CPU and for the fact that you will run the miner for 24/7 will eventually damage the mobile phone, maybe in future there will be better tech that will make this possible

It doesn't feel right for Ethereum to abandon POW algorithm, this algorithm have a big role playing in Ethereum life today, I guess that's why vitalik buterin still decide to go with EIP 1559 when the gas fee is ruining the fun for the platform users, if POW have no meaning for Ethereum anymore the CEO won't bother with EIP 1559

I see there are still many Crypto projects using POW & POS for their mining, maybe your friends don't really understand about the broad meaning of mining, where Crypto isn't just mining but Crypto has many goals in making it.

Thanks for that, needed a good laugh anyway.
Once upon a time Peercoin was top 3 coin, today 566, the father of all pos  coins.
Once upon a time Blackcoin was top 9 coin, today 1025, the father of all  pow->pos coins.
Once upon a time new pos coins emerged like crazy, maybe one survivor is found in top 20.
Once upon a time lots of pow coins converted to pos, non survived in a meaningful way.
Yes pos has taken over some peoples ability to think (maybe never capable to start with)

Lol, POW keeps coin more alive than POS if you carefully think about it but I'm glad that Ethereum is more than just a proof of work project, it has a very good use case anyways, If the POW algorithm is changed to POS it might not be so good for Ethereum

No coin is even close to being as profitable as Ethereum, so once Ethereum fully switches to PoS, GPU mining will be in a tough spot and it's a good thing for the society, because GPUs will be going to their primary consumers - gamers, workers and  researcher instead of miners who just create worthless shitcoins.

Yes, PoW mining will still be around, but it will become very marginal, only miners with the cheapest electricity will be able to afford it.

You must be the one turning off the lights at Ethereum.
Here is a little secret, there is a very realistic chance Ethereum will be around longer then Eth2
In the long term outlook for both is bleak, inflation most definativ will be higher on Eth2 as on Ethereum so it suffer more

Average fiat inflation rate is 2.3% (purchasing power loss)
https://i.ibb.co/s6gH05T/inflation-of-coins.jpg (https://ibb.co/JycQfxY)

It's been said many times that it's about to end and not just because of Eth's POS, that doesn't say a thing that POW will be ending soon. There are many coins that are still staying with POW and that makes them remain but the profitability relies on the network and its market. But if I'll be asked which I will choose, I'll head on POS, it's not that much a lot of work to do and all you need is capital.

The hybrid system already talked by him but what when the block reward will be reduced into the 0.5 ethereum per block that solved by the miners? did you still try to mine it? I'm not sure if that will cover all of the operational cost that being used by the miners.
The problem is also ethereum doesn't have the hardcap supply. That's why he was proposed the POS implementation.

I am still struggling with my mining today due to technical problems like heating, burning of wires and poor electricity consistency. Over the time I have struggled a lot with these factors but still keeping up with mining with two machines and 6 + 13 graphic cards embedded.

And here Vitalik, making me more concerned about the mining of ETH.

Can anyone tell me what would happen if it goes to PoS? Will it be harder to mine with such tech? I have started mining with tutorials so have very less knowledge regarding post effects of PoW and PoS. Please enlighten with this!

What you mean? There is 2 chains since Dec 1, 2020

https://beaconcha.in/block/0  01/12/2020 Eth2-chain
https://blockchair.com/ethereum/block/0  2015/07/30 Ethereum-chain

I heard some small Ethereum pools are gathering up to go against vitalik EIP 1559 which is expected to decrease miners rewards when solving blocks and makes transaction more cheaper on Ethereum network, I definitely want to see where this ends or leads, I just have a positive mind that POW algorithm on Ethereum network isn't going anywhere

You will end up breaking your smartphones and will spend more buying another.
The strength won't be enough to run it. First will be your batteries then it might damage some of the equipment inside.
Been thinking about that. Will this also affect the market of GPUs?
Will they be cheaper than the expensive price right now since there will be lesser demand?

There is no mobile chips yet that is capable of working like PC counterparts, mining on mobile phone is never going to be possible for a long period of time, even laptops can't be used to mine coins for a long time without damaging any parts inside

It may seem counterintuitive, but proof of work can be beneficial in some circumstances. All of the other algorithms that might supplant it are more centralized and more likely to eventually fall to censorship and lose value. The exorbitant fees associated with proof of work applications, however, may be preventing their adoption.

The biggest part of Ethereum in the face of the whole world is it's POW algorithm, miners around the world have build their farms and rigs solely for Ethereum Ethash Algorithm only simply because it's the second best crypto coin and also it's the most profitable, I just hope that the EIP 1559 won't mess the whole thing up

Of cos I knew the POS on Ethereum isn't going to work because if POW goes down it will drag Ethereum along with it, yes that's right, the biggest reason why Ethereum makes lot of sense is it's proof of work algorithm, if this is removed in any way Ethereum will never remain the best again

It's not only about the miners. The ethereum core developers must also think about the buyers of ethereum. Miners are not only the parties that must get the advantage.
The buyers and holders are much more important than the miners.
Inflation will become the biggest problem in ethereum. Hybrid looks good enough to be used as the new consensus for ethereum 2,0.

in fact, when the new network was ready, POW was completely abandoned. there is no hybrid system, ethereum will use POS. but despite the speculation about this, there are still many other coins that can be mined using POW. so I don't think this is the end of PoW.

There is no need to make decisions on something that's not been finalized or launched yet, I don't believe gpu miners can lose out even if Ethereum POW algorithm stop and go to POS.

1. There will always be a new coin that will be more profitable to mine as the mining hashrate from Ethereum will be moved to other coin

2. Even if the worst happens miners who can't mine other coins can still sell their gpu on online stores to gamers and graphic designers, you can't lose out completely

This already happened in 2017-2018 - after crypto crashed, you could buy flagship GPUs like GTX 1080 for the price of 1070 or even less. The current GPU prices are also driven by other factors, like Trump's tariffs, global shortage of components, scalping, increased costs of shipping, but miner's demand is of course the biggest factor right now. So even if you take it out of equation, it still would be impossible to find cards as MSRP.