Bitcoin Forum

So I was talking to my buddy about this. When Ethereum ETH moves to POS this year.. where will you / everyone turn their miners? Will mining alt coins as a whole become significantly less profitable? What do you think and why?

I don't mine eth.... I have always made more profit on other alts, not just the ones people swarm on.  I also auto exchange my mined altcoins and always get paid and hold BTC.

So no need to think about eth for myself like everyone else;  I have to consider the impact of the extra overflow of possible hashrate that will end up on the algo(s) I am currently mining.

All GPUs will be posted to eBay!

I prefer nvidia cards so I've haven't mined Eth algo's in months.  Lots of much more profitable coins and algo's out there.

There is still much argument over whether ETH can actually switch to POS and stay viable and stay decentralized.
With the current proposal meaning that only those with a very large stake will be able to "mine" my staking - this means that the ETH network will go from millions of points of security to only hundreds or thousands.

I unsderstand the stated or ostensible reason for POS - that it wastes so much electricity and is bad environmentally, but the ETH dev team has to be able to convince everyone that POS will be better and convince them in a way that maintains the value of ETH. If they can't convince most people - as soon as they switch to POS you will see a huge dump in price.

I don't know many of the technical details but I don't see any other major successful coin out there that is running POS. Correct me if I'm wrong about that. There are a few little ones.

I think the real world situation is that Vitalek, etc would like to make ETH POS but ETH is way too big as a POW coin right now - if they just try to force POS they risk killing it. Will they take that risk?

they are not switching to pos.  that tactic is to scare away  asic builders.

If some A-hole asic builder makes a killer eth miner   they would switch to pos.

So unless the asic builder self mines on the sneak never announcing his miner  Eth is not turning into a pos coin.


I have no fear if they do that.  The real fear is  WTF is btc doing with segwit and bu

as long as BTC  has good value  with most coins already  mined and in a wallet  alt coin will be fine.


Now if btc drops to 500 usd  alts will be eff'd

What do you choose to focus on mining?

What are your thoughts on potential overflow or hash rate on other alt coins then?

That's not true Phil, ethereum WILL go POS, just not as soon as originally planned. Casper is taking longer than expected, as was the case with each major update, but it will come for sure.
Also its impossible to make an ASIC for ethereum owning to the ever increasing DAG, the closest thing to an ASIC that you can get is building MXM style cards into a large PCB, or do what Pandaminer did.

And Btc dropping will not have nearly the same impact on Alts as Eth going POS would. All the Eth miners will shift to other alts jacking up difficulty manifolds for coins that have only a few thousand people mining them right now, and will reduce profits to half or less for all of us. I just pray that day comes AFTER I have ROI'd on all my gear :)

Those are all some great points guys, so what is the next step for ETH - you think POS 2018 then or is POS truly an unrealistic dream

With all that hashing power dumped onto other Alts you think it has the potential to crash alt mining profitability as a whole or it will simply be a negative impact?

Is it possible that some ASIC miners are already there and mine secertly. The difficulty is rising fast.

I don't think so , difficulty is rising due to large mass of new miners hitting the network everyday due to that 2x profitability right now , when the profitability returns to what it used to be before most of the new comers will sell thier rigs because they get in mining with false calculations , profitability will decrease because of difficulty rise or prices drops thats a fact.

I don't mine GPU's but curious how likely is Eth to go POS. Is it a done deal this summer or will they push this out years ahead?

I've a hard time from the sidelinse seeing how ETH could keep its value if they cut out all the GPU miner cheerleaders holding thier coin

Anyway,  just wondering

i don't think so, some huge farm can't take on small coins, therefore those farm only will be forced to sell their gpu

Interested to know where the price should go because most of us must be hoarding to earn from staking. How much is required to actually stake their ETH? Anyone knew? I will probably sell the rest of my coins just to participate. But that is if the price will still be going up.

I look at it this way:
Presently I see a minimum of 5% pool hashrate, a high of 45%, and an average of ~15-20% pool hashrate.
If the pool jump up several GH, my profitability gets cut down to a smaller fraction... lets say an average of 2-5% max.

If the pool gets 1.5BTC/mo;  and I am only seeing 5% vs the typical 15-20%;  I am taking a major profitability hit just by the numbers.
I take into count the algo's profitability/mo as well as the other common factors in choosing what to mine.

We all know (the ones whom have been at it for a while now) that when pool hashrate gets above a certain amount;  profitability can drop just because of network saturation (higher diff);  profit does not linearly scale with hashrate...  In a perfect worked it would, but that is not so in reality.
I see much better profits and the pools "run of luck" when the pool hash is lower, and I am a good percentage of that hashrate.

Hi Guys,

You talk about alt coins that are more profitable ? Can you give us some example ?

Thx

I'm hoping it gets delayed, but if not, I won't panic and sell my GPUs right away. Test out other coins and see what works, trade to BTC.

with nvidia there are many more you don't mine ethereum with nvidia, check whattomine, but with amd etheruem with decred or pascal is the best, stick with that if you have amd, i hope that when ETH go pos, more money come in to help the profit of other big coins, or the hash will seriously kill zcash and lbry which are the other big coins

you could be correct.  But after I slept last night I thought about this post.

I checked all my money tied up in gear/coins/hashing contract with bitmain.

I decided I my ratios are wrong and I sold 2 coins for about 2450 usd.

I still have btc held  but my cash ratio is now more in line with what it should be.

I hold BTC
I hold ETH
I hold ZEC
I hold ZER   coins are worth 6k

I have  8k in gpu gear -------2.1k of this is off line due to arrive this week
I have  6k in asic 256 gear

I have 5k in cash            so all my crypto related stuff is about 25k

I have to keep ratios good.

Personally I will switch to Ethereum Classic, a crypto-currency I like a lot. However, most people will probable stop mining as there will not be a crypto-currency that propose as much security, safeness and peace of mind than Ethereum.

Do you believe ETC and ETH can both survive-- for how long? My understanding is that with both chain alive they inhibit each other to an extent, ETH fanatics have told me ETC has to die in order for ETH to be fully thriving?

What does your GPU gear consist of? If you were buying a rig today what rig would you be trying to attain or would you build your own and if so using what?

It is better to buy the GPU which can run the ZEC faster.

+1  :) In fact i already made the switch to ETC, future looks bright for both of these cryptos that being said.

I don't understand how so many people can not understand that cryptocurrency mining will be barely profitable if eth becomes unprofitable to mine.  It really doesn't matter much which coin you switch to, the difficulty will be so sky high profits will be very meager indeed.  When the huge amount of GPUs can no longer mine eth profitably, they will naturally try to mine other coins which of course will vastly increase their difficulty causing their profitability to plummet.

It's really simple to understand and I can't see how it can be avoided.  Is there any basis to this unbridled optimism beyond wishful thinking?  I would love to hear the flaw in my logic.  I would love to believe there was a realistic way for other coins to continue to be profitable after eth ceases to be.  Can anyone enlighten me?

I don't mine ETH, but those that do say there is not a chance in hell ETH will go pos while the price is going up and it gains on bitcoin

so I'm told..maybe they are in denial.....but damn imho on this if ETH went pos....the price would fall to like 1/3 is my guess without

gpu miner holding cheerleaders (at this time maybe later in time by 1-2 years ..but now its my view)

Won't affect me much at all directly - I only have one rig mining ETH any more (3 x R9 290), and I'm considering moving that to do Dnet/MooWrapper/BOINC work anyway.

 Indirectly, I don't expect much change - the stuff I'm doing on most of my rigs is (1) Scrypt ASIC, or (2) not something AMD is not at all good at which limits my exposure quite a bit when the vast hordes of *mostly AMD* ETH mining cards start looking for new homes.

 I also get a lot of risk reduction due to being in The Land Of Low Cost Electric - even when profitability drops to the point most miners would be losing money, I'll still be profitable - just not as MUCH so.

 On the other hand, I'm very happy I finally found a place with decent power availability, room and power capasity to grow INTO, and current profitability is LETTING me grow (and will probably let me do some "upgrade to more efficient gear" before it matters on my older GPUs).


 The price of ETH has ZERO effect on the probability of it going POS. They are NOT connected in any way, shape, or form.

 I also don't see it going POS as being likely to have a significant long-term or even much of a short term effect on it's price.

If the ETH mining is more profitable, it is better to stay with ETH.

They will not go POS this year

Most of the "weekend miners" will sell their rigs right away, so there will be a lot of cheap cards to buy.
I think there will ALWAYS be some crypto that is profitable. 100$ profit is still a profit. How can you earn 100$ by doing just nothing? There is no way, so if it's making profit, don't sell them.

I'm continuing to invest in new rigs, at least pay them off all, and then hope for the best.

Hey VoskCoin, Vosk here, I think I can answer your question with my latest video! Did you know that Vitalik Buterin hopes that POW aka mining does?!

https://www.youtube.com/watch?v=dgExupMWnXU
https://i.imgur.com/j3Gz78p.png


so funny looking back at these old threads  ;D

This has held up for more then 3 years.

the eth asic mining gear was meh. and we still mine eth

I am running 1.78 gh in gpus as I type.

Phil you have always been the voice of reason around here :D

Also Gavin @ Coin Mining Central says there's a new incoming batch of innosilicon A10 miners that will all be doing 720 mh/s, with the current ETH price I imagine they are all hands on deck trying to sell out all of their "shovels" for this bit of a "gold rush"
https://i.imgur.com/Pl9BJT0.png

I'm in ETH since 2016 and I kinda miss those good old days with 2 mined coins a day ;D. I've started with R390's and R370 rigs.

Today I've one A10pro 500 5GB and still some old 13x RX480 (8GB versions) running - nearly 1GH/s. I'm going to replace them with RX 5700 or 6800 soon.

Here are some specs of the A10pro+ - which is actually a "customised GPU miner": https://www.whattomine.com/miners/126-innosilicon-a10-pro-6gb
With 1300 watts @ the wall their new 720MH/s version is not much more efficient than the 500 MH/s A10pro. Its like 1.9 watts/MH versus 1.8 watts/MH.  

You think it's worth the time and money to build a new GPU mining rig dedicated to ETH still?

Boderline.  A lot depends on the deal you make.

A 6 card nvidia 3080 can do just under 600mh if you spend under 4k maybe it is okay.

https://www.innosilicon.com/html/a10pro-miner/index.html.   here is an a10pro 4400 add shipping and trump tax it is over 5500

If you could get the nvidia 3080 at 700 a card (good luck). that is 4200 add 400 for other parts you are at 4600. 

I would rather the nvidia rig  at 4600 then the a10pro at 5500.


Eth has been going pos since 2016 it is 2020.

Like I said name a good pos coin that held value for 2 years and paid 5% interest.  I do not know of one.

So I am betting that eth does not go full pos.


 Besides I need 70 days to pay off all the gpus I got in July. ;D

Well it will be worth it if ETH goes to some crazy number like $1000+ a coin. Just like it was worth it mining back in 2016 because you made like $2/per gpu/per day but if you held till 2018, it would of been more like $200/per gpu/per day.

Remember the KNC Jupiter or Antminer S1 miner, the profits were "meh" when they were released however the people that bought those ASICs made a killing because shortly after BTC went from like $150 to $1100.

Now is it worth mining? Well look at,

https://etherscan.io/chart/hashrate

The hashrate is climbing at pretty high levels, so is the price but the profitability stays mostly flat unless we got those rare days of crazy ETH fees due to DeFI. So might be marginally worth it today, but who knows where the hashrate will be in 3 months or so.

it is a hard call to build a 4-5 k rig.

But if you can get 3x 3080. at 700 each you are at 2100 add 400= 2500 total. and the nvidia 3080 will hold value in case of a crash in mining.  downside it is a 280-300mh rig.