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The future fate of crypto mining is worrisome, did I start this journey too late? After few years of trying to get some money and be a rig owner atleast have been fulfilled at last but now ETH PoW won't be no more, it's worrisome.

As worrisome as it may sound do not worry that much.First it is very important for you that now you are a rig owner and are generating income in Ethereum daily like most of us is doing.I don't think Eth will move to PoS any time soon in 2022 for many reasons but in the even that they do,there is still ETC-Ethereum Classic which today got a huge increase in price and the same hash rate of a rig now produces near the same daily profit in ETC also,just 1-2 dollars less for a 300 MHSH rig.The good thing is that ETC developers promised this coin will never go PoS and it will always be a coin that can be mined with GPU-s.

In the end it all depends on how we look at mining,the most important thing is to never give up and continue mining even in very difficult situations,that's the key to success.

As an experienced miner who has been in this game since 2013, the key to success is not buying equipment for bloated prices, especially when we know a crash could happen in 4 months. I'm going to sell all 3 of my rigs in May/June, then buy them back at a fraction of the price around August. We can't expect another PoS delay as of now.

The miners who will win are those that build rigs when the market is in a panic. Those who scooped up RX 570's for $90 each in late 2018 and are selling them now made a killing. If the video cards are cheap, the lower profit doesn't matter.

Over the past 8 years, the payback period on a video card has almost always stayed in the 300 - 800 day range. This is good enough for me, especially since I'll be getting cheap power soon and I can lower my taxes by building these rigs.

Someone one, somewhere in 2017 was saying the same about mining Bitcoin  ;)
The ASICs seemed too expensive, and they were not sure if they could make profit in mining after 2017 and here we are in 2022, with some folks making huge in 2021 both in ETH and Bitcoin.

Morale; Never give up, Keep investing in mining coins you think have future potential, "Fortune favors the bold"

In the end of 2013, the ROI of a GPU was 30-40 days... OMG I miss these days...

In the end of 2013, the Bitcoin price was less than $1000 sometimes even just $15... OMG, how I miss those days...  ;D

Well, if we miss those days, we should just create a time machine and go back in time, shouldn't we?

I remember that my Radeon HD 7850 1GB was making $8/day on Dogecoin while it only cost $200. I really miss those days. Back in the day, you could also mine Ethereum on 2GB video cards. I also remember when I mined BTC in early 2013, but revenue was slashed by half in just one week. The 1st gen ASICs were being released.

At least the upside is that the industry is more mature, so there's less risk, but less risk means less reward.

Yeah I had that GPU. It was slow but you can get it for almost nothing if you monitored the Craigslist listings all day. I think I bought one for like $50.

It was basically a low clock rate Radeon 270x pretty much. I think the regular 270x hashed at 450kh/s while the 7850 hashed at 375-400hs. However you can score them second hand for like $50 compared to paying $150-175 for a new r9 270x.

The king mining GPU back then was the r9 280x (290 was just released and not popular) and those suckers put out something like 700kh/s and burned 350 watts EACH.

I remember having 2 GPUs per PSU and each PSU was using 700watts. Crazy times. Even with all that power consumption they never really ran hot actually.

Hah, I remember this too, but my 270X was 2GB. 270X was actually (mostly) a rebrand of 7870, and the 270 was a rebrand of 7850.

Power usage back then was high as fuck, too - I remember having a 7950 and 2x280X on a 750W PSU and it was literally pulling like 775W+ from the wall, if I remember right.

You getting worry about something that may never happen, even ETH CEO is in worry right now the news is all over the internet, buy GPU and continue mining also ETH isn't the only proof of work algorithm coin available.

You can mine ETC, FLUX, Alephium, Bitcoin Gold and more, it's possible that these coins will be less profitable due to higher difficulty from miners switching from ETH but a successful miner gathers is assets when things aren't looking good.

If Ethereum goes POS it is expected that ETC will rise in price because of added support by miners.

It doesn't look like it but I do hope so because the value of Ethereum Classic needs to rise for it to be profitable for miners and there must be new ETC holders as well with less sellers.

https://coinmarketcap.com/

https://i.ibb.co/CMCDkGQ/etc-march-21.png

ETC could easily go 10x the money with the support of miners.

Up to $390

Every time a POW coin goes POS, I move my money out of it.

The ethereum KILN fork is being tested (final fork before the move to POS). The estimated date for the move to POS is end of June.

There will always be a way, not all mineable coins will lose value because of high difficulty few will surely add more value, let's wait until June ending and see how things goes but I still believe that ETH 2.0 will be on halt.

I have some of them,ETC but I sold many of them yesterday making some good profit.I think that ETC is the next best thing to mining if ETH really moves to PoS.The only problem I see is that one time it was hacked,was something related to DAO I don't know for sure and that is why the original devs stayed with ETC and the others moved to a more secure coin which we know as ETH today,in a gross context I think this was the story.We risk another hack if the devs do not secure their network or I am being way to much paranoid here?

I don't disagree with you. Of course there will always be a way to make profit with GPU mining. But only if you buy the GPUs for a reasonable price compared to the profit per card.

You make this sound as if ETC is the first of its kind while ETH came out of ETC I'm hoping this isn't what you are saying also I see more hopes in FLUX than ETC it's more secured that's why I said this.

I mean ETC is the original ETH we knew before even having ETC,which became ETC after the hack and then we moved to a new coin ETH version 2 at that time which we know now as simply ETH,that's what I wanted to state.

Etc isn't going to be your savior lol, its a shitcoin and always will be a shitcoin.  I say this as someone who mines it with some old gpu's but the chain has virtually no purpose or prospects for doing anything meaningful.

Eth flipping the pow switch to "off" will be amazing for the gpu market, me thinks it will be crazier than any gpu crash of the past.  I really really hope rtx 3080s get super cheap as millions of them are sold off to the resale market.  How wonderful would it be in the chaos to grab a few of these high end gpus on the cheap and start prepping for the next bullrun and rise of a high tps pow blockchain.  Mining profits will be crap for a good while but the market will balance out after awhile

The ETH devs forked to give the people of the DAO hacks their money back and not because of security. This is the story. And ETC was hacked last times because of the hashrate, it is easy to do an 51% attack on ETC. This is why etc forked to ETChash, to bring the 4GB cards back to the network to secure it. If ETH goes POS and many miners goes to ETC - it will raise the security.
This is only and advice - can you start reading before you post false information.  :D

Exactly my sentiment, except for the ETC part. #33 in market cap isn't exactly a 'shitcoin'. For a coin to be considered a shitcoin, the market cap ranking must be > 100.

I'm so excited for the big ETH GPU crash. Like you, I'm going to buy up as many used video cards as I can. Probably the RTX 3080 LHR or RTX 3060 LHR ones and a few RX 6800's.

In general, I think the RTX 3000 series will be the best choice, and it won't matter if a card is LHR or FHR (except on ETC; even then, you can do dual mining). Next-gen cards = way too expensive & bad VRAM bandwidth (unless you'll mine RVN/FIRO/core-heavy algos). Older-gen cards = poor power efficiency.

Who knows, somebody could figure out how to 'triple mine' on the 12GB/16GB cards with strong enough core performance. Imagine mining ETC+ERG+FIRO or ETC+CFX+FLUX. Whichever developer figures out how to engineer a reliable, efficient triple miner for these hard times will make millions.

Well in the news today it was estimated that the merge is going to happen in June. About 90% less issuance and higher rates for people who got ETH staked. I think it’s like 3-4% now but will be like 10% after the merge.

Seems like the final transition to POS and I am wondering if they will actually make the deadline or will there be a other issue and they will delay it. Seems like many devs are agreeing themselves that ETH just became way too complicated and I agree.

I'm moving my funds out of any coin that goes proof of stake, it's always a bad idea and for the past years I just believe that ETH made it this far because of miners too, miners played a bigger part in the life of Ethereum I hope the project will be ok with it's PoS algorithm.

More stuff to be added EIP-4844 .. So might be postponed to 2023.. But we are getting closer..

Even if the merge is delayed by 3 months, that makes a world of difference for miners. At current Ether prices, a RTX 3060 dual mining ETH+CFX makes $1.20/day of profit. That's $108 of profit in 3 months, which is a 20% payback on the video card.

But personally, I'm going to plan for the worst-case scenario: the merge happens in June.

Well this is what I am hoping for however with what the devs said it seems that June is a pretty concrete date unless there is some massive bug discovered last minute. Which actually wouldn’t surprise me since this happened before when some hard fork was to occur.

Either way. I wonder if some miners will try and liquidate their GPUs prior to that date. Selling when the merge happens you will have to compete with other miners selling their gear. However if you sell before everybody else does you can still get top dollar.

The best thing is to be prepared, ETH merge can be postponed again but do not bet on it because this time around ETH team might go PoS algorithm finally, I've ordered for few 6gb GPUs for ETC mining but if GPU become dirty cheap I will buy more.

There is a serious bug in the Kiln testnet merge reported already..

https://hackmd.io/@prysmaticlabs/HyZqgTA-c

You have my respect mate, how about someone who has made 80% of their invested money back already? Does it make sense to sell their GPU right now or keep mining through the bear market?

I see a lot of video cards appearing on marketplace in the last few weeks.  Many are selling now.

It doesn't matter how much money you 'made back' on your equipment; that would be a sunk cost fallacy. What does matter is what you can do now with that equipment. You can keep mining or liquidate at any time.

It's impossible to time the market perfectly, but you need to predict what is better: losing 2-3 months of profit, or buying back the equipment at half the price.

I'm pretty sure 2-3 months of mining even in today's market will never give you 50% ROI. That's why my strategy is to sell the rigs in May, then buy new equipment in August.

IMO Flux is a good coin to mine GPU once Eth goes POS

Good advice, in my country it's hard to buy graphic cards and ship because the cost of shipping is insanely high, I can't sell my GPU and buyback months later because shipping in just 5000$ worth of GPU will cost you an extra 1000$, it's like living in a zoo here lol 😆 

That sucks. Over here, I can bulk order video cards from wholesalers with zero sales tax/VAT and very cheap, fast shipping. I can also buy entire rigs of used video cards at cheap prices. I'm moving to a region with 6-7¢/kWh electricity as well.