Bitcoin Forum

Something interesting I just read "Ethereum plans to complete its transition to a 'Proof-of-Stake' protocol in the coming months, which is expected to end mass-mining for the cryptocurrency using GPUs."

Read more  https://www.pcmag.com/news/hope-for-prospective-gpu-buyers-ethereum-prepares-to-phase-out-mining

nothing is lucrative on bear time, on bull time everything is lucrative even that crap 5 year old gpu you left for dead, 2 extremes.

5 year old crap - these are PX 470, PX 480, 1060 and 1070 - the best and most profitable video cards now.
Even 7 year old video cards are profitable today.

As long as mining is profitable, we will work.
When costs exceed profit, most miners will stop mining unless new Ethereum appears

I think that now many have felt a drop in profits. If this trend continues, you will have to suspend mining again.

99% of miners today will not exist once btc crashes to around 8k ~ 12k and eth to around 250 ~ $400. Plus these new asics really kill eth gpu mining, old asics not as strong as the new ones for eth.

there are Lots of other things to mine then ETH.   And I suspect what ever the miners settle on will replace eth pretty fast.   despite the asics.  And i make this prediction not because i have some weird knowledge about cryptos  I dont.

I make it due to the really large amount of money looking for places to invest and if it even looks slightly ok it gets money(willshire 5000 index)  has So much more money then USA GDP in it that it literally just flows all over the place.

I hope I'm wrong but I believe if and when eth goes POS, gpu mining will stop being profitable for most people.  Right now most gpus are hashing eth and when that huge hash power is turned to other coins, their difficulty will shoot up and profitability will plummet.  I can't see any other alternative to this happening.  I doubt we will ever see a bull run like this again for gpus.  But it's been a wild ride  ;D

Nope. Who will buy GPUs? Gamers will not but 10-100-1000 GPU per one man. It will be new coin, that will be mineable and gives more opportunities then ETH.

IMO, what has kept ETH mining profitable for so long is it's unique aspect of not just being a Cryptocurrency, but a development ecosystem which has evolved in to an entire market sector. I very much doubt we will see another POW coin that can support the amount of GPU's and replace ETH's profitability. But I also believe that the millions of GPU's that are currently mining ETH are not just going to sit idly without some project looking to tap in to that enormous computational resource. If ETH's transition to POS is successful, instead of GPU's doing meaningless POW computations to secure a network it may evolve in to a distributed, decentralized network of on-demand computing power such as with the Golem Project.

Eth mining is good because it has good fees which makes profit also attractive. Mostly all coins dont have this option like etc. It is always 3.2ETC reward per block.So whenever difficulty grows reward gets very low. I hope eth continues for long time. or it is better move to btc mining.

As long as i've been mining there is always demand for GPUs. Whenever there is a crypto bear market and gamers think they can get "GPUs for almost free" it never happens. I've always was looking for opportunities to score great deals on GPUs during bear markets however it never happened.

Only good deals on GPUs were the ones with broken fans since most gamers don't want to deal with replacing fans. However there isn't going to be a time when you can buy a 1080Ti for like $20 because ETH all of a sudden went POS. There are lots of uses for GPUs rather than mining or gaming. They will always be a hot commodity.

Wow.. its been a while since my last post in mining and still ETH hasn't implemented the POS..

I wonder whats really holding them back

Linked to hardware I guess ;D

Mining Profitability turn into GPU sales

ASICs came in but still GPU's on demand

We always see this from history 

The Eth POS will happen sooner or later.  It's been many years "pending" but one day it will happen.  And when it does, the shakeup wrt GPU mining will be huge.  Eth is the 2nd biggest crypto and the 3rd is a long way behind.  It's hard to imagine a scenario whereby all the hash power currently mining Eth turns to other much smaller cryptos, that doesn't result in a massive reduction in mining profits.

Crypto prices rise and fall, bull and bear markets come and go.  But the Eth POS will be an unprecedented event that will smash crypto mining profitability.  I just can't see any plausible alternative.  I would dearly love to be wrong and if anyone can logically and rationally detail a reasonable scenario whereby crypto mining continues to be at least half as profitable as it is now after the Eth POS, I would be very interested to read it.

Surely. I sold all my old GPUs between Jan2020-March2021. The lowest price was 1063 for $100. And the main part of GPUs were sold about the price, i bought it 2017 or higher. They worked for 4 years and eventually cost nothing to me.

Lucrative as how? Is ETH the only Proof of work algorithm coin in the whole planet? There are few things that will come to an end if ETH POW stops like

1. GPU manufacturers like Nvidia and AMD won't sell like before again, every gamers have one to two GPUs for gaming and a miner has dozens or more

2. ASIC miners of 2021 like E9 are just been released, killing ETH PoW algorithm will affects this new ASIC miners and I'm sure they have the confidence before building this new ASIC miners

I dont think amd and nvidia are stupid. They want earn money more more money. Both of this company did high market caps only in bullruns like 2013-2017-2021. in 2013 they taste 1st time cake and they liked it. The gaming is not profitable as mining, so you think they really care too much about gamers? If you are manufacturerer which you will choose?Of course most profitable. Nvidia playing gamers will get cards but main customer is miners in fact. Dont forget this 2 are very rich they also can pump and dump market if they wish.

ETH PoS seems to be arriving with a perpetual rolling 6months timeline... 

I'm looking forward to it though. So much money going to txn fees these days.

ETH is not the only PoW coin and Ethash is not only algo in the whole planet but the most GPUs mine ETH. If these GPU will come to ETC or RVN for example - they will destroy all the profit. Yet these coins are useless.
But i agree that mining will not stop. I think that it will be new coin with infrastructure.

Mining is like the markets very high highs and very low lows.   Make your buys tings are low and mining is "dead".  I bought half my gear in 2019-2020 75 5700s when they were making .70 a day.   

It doesn't scare me. I mined cryptocurrency when the profit from a video card was less than 10 cents per day, and you are talking about a drop in profit.
Mining must live. Perhaps after Ethereum, the developer will come up with a new coin, which will have a low hash rate on old video cards. Then I’ll probably think about selling 4-5 year old video cards, and the new ones will mine something.

Today Net Hashrate

ETH : 600 TH/s ~ 20.000.000 RX 570 8G
RVN : 5 TH/s ~ 384.615 RX 570 8G
ERG : 15 TH/s ~230.769 RX 570 8G

If ETH go to PoS, you will see all PoW coins become unprofitable. And 60-70% miners will left

And why would they all of a sudden become unprofitable? Care to explain yourself?

I don`t sure about miners. The profit will decrease seriously but i dont think that miners will left. It was 2019, then i thought that i can stop mining, because electricity bills became more then profit. But i optimized my energy consumption and continued mining.

And why would they all of a sudden become unprofitable? Care to explain yourself?

When Eth will go POS, 20M rx 580 will try to find something else to mine.  If just 400.000 wil go to mine RVN  the RVN nethash will double. Because the number of block is the same, it will be divided by twice the miner, so profitability per miner will be half of the current. The same apply to ALL the other minable coin.
In reality, there are not 20 M rx 580 that are mining eth.
The asic must mine etash, so they will move from eth to etc that will be the one suffering the most in term of profitability.
As far as I know , RVN and ERG cann't be mined by any asic

It's very simple actually.  The massive influx of hash power applied to lesser coins that will result from Eth going POS, will result in a massive increase in difficulty.  Higher difficulty = lower earnings.  These are simply inarguable facts.  Or to put it very simplistically, the same size pie will be cut into a thousand times more pieces so each hash will generate 1/1000 the earnings than before.

I find the blind optimism that the Eth POS will be a mere blip in mining profitability to be somewhat bewildering.  Only the strong will survive the aftermath.  "Strong" in this case meaning those with the latest gpus and/or the cheapest electricity.

Add NVIDIA GPUs. They will search what to mine to. There are just several coins that are interesting for mining now. Not 100-200 coins but just about 10-20. And what will the miners do? They will look at wtm or another calculator, find the most profitable coin and begin to mine it. Then change it to next coin. And again change it. Some time later the profit will be about the same. I think several times less then now. And for what purposes these coins were created? How much it will cost?

Everybody remember what happened in 2018-2019 when it was not profitable it was paying 0.4-0.5$ for 30mhs and now if markets crashes it will be close to those numbers again. Myself usually mined monero because it was more profitable than eth. and also there was coocaroo algo was very profitable for nvidias.Lyra was also good for some time. not all people mined eth all the time. yes i know if eth stops those numbers will be more less maybe 0.2-0.3$ for 30mhs.so be prepaired for that.

Yeah... maybe be prepared for $0.02 for 30MH/s.  Nothing like Eth going POS has happened before.  It is unprecedented and it can't be compared to previous bear markets.  Other cryptos are minnows compared to ETh and the amount of hash power currently mining Eth, when turned to mine other cryptos will put a rocket under their difficulty resulting in a lead weight on profitability.

Crypto bull and bear markets come and go, rise and fall.  But we are talking about the biggest gpu mineable crypto ceasing to be gpu mineable.  Nothing like this has happened before.  There's a massive amount of hash power currently burning watts, mining Eth.  Imagine what will happen when that tidal wave of hash power turns to other much smaller cryptos.  Difficulties WILL skyrocket and profitability WILL plummet.  That is not opinion, it's factual.  And it aint gonna be a small dip!

The issue these days compared to say 2015 with GPU mining is that there aren't really that many POW coins out there, especially ones without ASICs. After ETH becomes unprofitable what else is there?

You can mine ETC however a few months back it was very unprofitable, I think it net like a quarter a day with 10 cent power. Add a few hundred thousand GPUs and it'll get even worse. Same with all these niche type of small cap POW coins out there. The miner reward just isn't large enough for all these miners to switch.

There is XMR but that is primarily CPU based and most people don't have a large farm of CPUs so I guess that is an option. However if the price drops then it won't help the profitability.

I don't think so. First, AMD cards suck on most algos, so strike them out, what's the percentage of those mining eth use red ones, I guess more than half. Second, have you ever tried to compare combined hash rate of other coins with eth?

How much of this hashrate do ASICs or fpga take?
Ethereum 2.0 hasn't even been tested yet. It is possible to increase the time frame for changing the algorithm.
Perhaps the developers have not yet prepared a new coin for miners :)
Many people were mining with a profit of 20-30 cents per day from one video card.

yes i remember those times when my 1050ti was doing 15-30cents per day :)
Buterin said end of 2021 pos will be active. lets see what happens.i hope pow continues to 2024

If truly ETH will abandoned PoW algorithm why EIP1559? This update will fix high gas fee and also reduce ETH mining reward so problems solved isnt it? I think buterin is bluffing about ending PoW algorithm, it's never going to happen and even Big ASIC companies are building ETH mining ASIC still

Asic is around 50 % of the total Eth Nethash.
Around 25  % is made by NVDA GPUs and the last 25 % its AMD.

Around 50 % of the GPUs are " old" GPU like GTX 1080 and AMD Polaris so, not much energy saving.

I expect worlwide miner stopping based on the net profitability so, it will be related to energy cost.

Western Europe, California miners will be  the first to stop

In term  of kind of people, I believe gamers will go first, 1-2 rig miner as well.

People in colocation will follow.

The highlanders ? people running on renewable energy ( ;) ) People already mining something else, miners with the latest cards and low KWh cost





 

The profitability has dropped a lot for my almost 300Mhsh power with 5 newer graphic cards like 2 x Rx 6800 xt, Rx 5700 xt ,Rtx 3060 ti and an old 1080 ti.I have this rig with a friend and we were doing 0.013 Ethereum daily and now we are only doing 0.0067 Ethereum daily but this will not stop us.These new cards are really energy efficient and we will mine other coins like ETC and RVN if ETH mining really ends.However the price of Ethereum if mining ends will reach very high levels because it cannot be easily mined like we are doing right now.Nothing is lost for miners as long as there are coins to mine.

We have nice profit, if we compare it with 2019. And new GPUs are power efficient. It helps to decrease electricity bills. Of course - if someone bought GPUs last 2 months - he has a problem due to the prices. But if GPUs were bought in summer-autumn 2020 - everything is ok.

Eth PoW isn't going anywhere, if the rumours are true giant company like bitmain won't build ASIC miners anymore and now we have new E9 ETH ASIC miner that's more futuristic, why eip1559 if this is true? Think deeply about it

You need to realise that in the past Bitmain built these miners, mined with them for months and then when the profits were decreasing they finally decided to go public and sell the miners.

This is what happened with the E3 that bitmain released, the very first ETH ASIC. They pretty much released it after the peak. How long did they mine with them prior? Probably for months. And this explains why in late 2017 we had a huge difficulty jump that nobody could explain.

So just because they are building ASICs for it doesn't mean that it has to be always profitable.

This is best answer :)
Right now im sure there is alot asics are mining at speed 2-2.8ghz on network.If you start seeing these asics soon for sale will not surprise.