ETH switch to PoS will kill GPU mining but everybody seems pretty relaxed

[Kompik]

Thanks to all for your replies. Some of them have made me a bit more optimistic about the future of GPU mining.

I would not believe the information from this forum. It is flooded with noobs that have no idea about mining.

At this current time ETH allocates for over 77% of emission to GPU miners. Once it will go POS all GPU miners around the world will have 77% less profits altogether.

Miners with a lot of knowledge will probably be able to find new coins, but miners that use whattomine, nicehash and other "default" mining strategies will be defensless.

Just my 2c.

[1715628338]

1715628338

[1715628338]

1715628338

[1715628338]

1715628338

[1715628338]

1715628338

[Gregamon]

With difficulty the price will start to rise. Miners migration is backing up the price. Mining is safe for a long time.
If you buy now the equipment it will fall apart faster then we can see death of mining.

[Prusiano]

Hi, Kompik,

I am one of those newbies you refer to, ha, ha!

What is wrong with "whattomine". It looks a nice tool to me, to be honest.
Would you recommend another site/s or just "acquiring deeper knowledge"?

If so, what would you suggest?

Thanks!!!

[Pekine]

They are indeed saying this for quite a while. So let's first see when and if it will happen. if it happens we will shift to other coins. If not profitable we will stop mining.

I hope that by that time i have my investment back, which is pretty good on its way.

[Pyrojason]

I’d like to ping this topic again. Here it is the end of 2020 and POW is still working.
I still maintain the opinion that the move to POS could effectively harm the eth economy. It’s no BTC, to be sure but ethereum has grown tremendously and with so many erc-20 tokens relying on the stability of a working system it will be really interesting to see how this plays out. From the start of this thread you can see how long they’ve been planning to move from mining to staking but always seem to get delayed or run into problems. Any opinions on this?

[philipma1957]

I’d like to ping this topic again. Here it is the end of 2020 and POW is still working.
I still maintain the opinion that the move to POS could effectively harm the eth economy. It’s no BTC, to be sure but ethereum has grown tremendously and with so many erc-20 tokens relying on the stability of a working system it will be really interesting to see how this plays out. From the start of this thread you can see how long they’ve been planning to move from mining to staking but always seem to get delayed or run into problems. Any opinions on this?

How many successful pow coins are out there.

None that have gone up 10x and stayed up.

I guess you could argue ripple is successful. But not so much.

Eth will play with pos and if anything if they push it hard and truly look to go to pos then ETC may benefit.

[adaseb]

I’d like to ping this topic again. Here it is the end of 2020 and POW is still working.
I still maintain the opinion that the move to POS could effectively harm the eth economy. It’s no BTC, to be sure but ethereum has grown tremendously and with so many erc-20 tokens relying on the stability of a working system it will be really interesting to see how this plays out. From the start of this thread you can see how long they’ve been planning to move from mining to staking but always seem to get delayed or run into problems. Any opinions on this?

How many successful pow coins are out there.

None that have gone up 10x and stayed up.

I guess you could argue ripple is successful. But not so much.

Eth will play with pos and if anything if they push it hard and truly look to go to pos then ETC may benefit.

You guys remember the coin that was suppose to be Ethereum competition back in 2016 or so called Lisk (LSK). It was basically similar to ETH except that it was POS from the beginning. Many argued that ETH was in trouble because POS was the future and LSK would quickly overtake ETHs market share. And now how is LSK doing exactly?

Its around $1 or so, and has a marketcap of less than $200 million while ethereums is $68 billion. So just because its POS isn't necessarily always a bullish thing. I think ETHs hashrate distribution is pretty fair in my opinion. Many people at home are mining it with their GPUs and securing the network. Probably even more home miners on ETH than BTC which is largely controlled by huge farms.  What POS will do is reduce the carbon footprints but what will happen only the rich 1% will be mostly the ones staking. And it will become similar to how wealth is distributed today.

[Phoenix_PROG]

So here I am, planning my new gpu mining rig, when I stumble upon this ETH switching to PoS news, and it's looking terrible for gpu mining. So I open the forums expecting a wide spread panic, but there are even now topics on front page about it. On other topics, hero members are expressing their belief that "gpu-mining will flourish in 2018". A reputable cloud mining sites are offering ETH mining contracts and state that "Should Ethereum (“ETH”) switch to proof-of-stake before the end of the term, we will use the leased hardware on a best-effort basis to mine the most profitable coin with that hardware for you". "Best-effort" being the keyword since after ETH switches to PoS, it will result in difficulties of all the altcoins going through the roof.

So what the hell is going on? Did everyone take the forget pill? How is everyone so oblivious?

Here are the hard facts:

1. ETH will switch to PoS soon
2. ETH network hashrate is many times higher than all other gpu-minable coins combined
3. After ETH completes switch to PoS, all of this hashrate will (try to) migrate to other gpu-minable coins
4. Difficulty of those coins will skyrocket, rendering gpu-mining obsolete or marginal

Yes miners will have no choice but to move there hashing power to a new altcoin but what you don't get is once the new coin received massive hashing power from Ethereum miners this will make the altcoin more scarce, it will revaluates it's value and this won't stop it from been profitable still

[voteformeg]

i am asking myself for years now if it would be profitable to mine ETH with a rig but just because they are saying for years also that they will switch to pos  i never started because i thought it wouldn't be profitable anymore to mine with a rig when ETH switch to POS but now almost 4 years later i still regret i did not started because there will always be coins to mine which are profitable

[New_order]

Ethereum isn't the only profitable Algorithm, if Ethereum POW stop working people will probably start mining Ethereum Classic or Raven coin, there are many algorithms to mine so how will GPU mining died because Ethereum is out of proof of work algorithm? Ridiculous

[New_order]

i am asking myself for years now if it would be profitable to mine ETH with a rig but just because they are saying for years also that they will switch to pos  i never started because i thought it wouldn't be profitable anymore to mine with a rig when ETH switch to POS but now almost 4 years later i still regret i did not started because there will always be coins to mine which are profitable

Don't take devs word serious until the news becomes officially activated, Ethereum Classic team claimed they will go POS too some months back, some sold their mining rigs because of this news, if Ethereum and ETC could go POS it's over for Ethash Algorithm they think, but ETC now later announced that they aren't changing algorithm anymore, instead they upgrade their Ethash Algorithm which now allows 3-4gb memory gpus onboard.

[Wotan Wipeout]

You need to inform yourself about ETH 2.0!
ETH will stay for a long time.

[OasisDre]

POS= piece of shit

No pos coin does well.

Just put your money in US bond.

ETH SWITCHING will kill the coin.  They will drag it out longer and xmr  zec and btg will take over and replace it and I used and a lot in this sentence 

Really? I'm laughing at your point presently mate, if POS is shit how come coins NEO, Tezos, Dash, Qtum are all doing so well today? They should be dead already since POS algorithm is shit like you said, NEO is even a smart contract project like Ethereum, your point is utterly pointless

[Marvell2]

that’s because alot of us have transitioned to yeild farming and  sold most of our gear
the remaining gear runs just hot enough to heat our hones in the winter or hobby farm.

mining as a buisness is for the big boya now but yeild farming provides more income anyways

[Marvell2]

I’d like to ping this topic again. Here it is the end of 2020 and POW is still working.
I still maintain the opinion that the move to POS could effectively harm the eth economy. It’s no BTC, to be sure but ethereum has grown tremendously and with so many erc-20 tokens relying on the stability of a working system it will be really interesting to see how this plays out. From the start of this thread you can see how long they’ve been planning to move from mining to staking but always seem to get delayed or run into problems. Any opinions on this?

How many successful pow coins are out there.

None that have gone up 10x and stayed up.

I guess you could argue ripple is successful. But not so much.

Eth will play with pos and if anything if they push it hard and truly look to go to pos then ETC may benefit.

You guys remember the coin that was suppose to be Ethereum competition back in 2016 or so called Lisk (LSK). It was basically similar to ETH except that it was POS from the beginning. Many argued that ETH was in trouble because POS was the future and LSK would quickly overtake ETHs market share. And now how is LSK doing exactly?

Its around $1 or so, and has a marketcap of less than $200 million while ethereums is $68 billion. So just because its POS isn't necessarily always a bullish thing. I think ETHs hashrate distribution is pretty fair in my opinion. Many people at home are mining it with their GPUs and securing the network. Probably even more home miners on ETH than BTC which is largely controlled by huge farms.  What POS will do is reduce the carbon footprints but what will happen only the rich 1% will be mostly the ones staking. And it will become similar to how wealth is distributed today.

spot on , its the wave of the future though these big project owners hate the fact they have to rely on miners to secure things and the hate even more giving us what the feel are ‘free’ tokens, they totally forget we are destroying our hardware and living with mad noise and handling heat etc

[geck]

I’d like to ping this topic again. Here it is the end of 2020 and POW is still working.
I still maintain the opinion that the move to POS could effectively harm the eth economy. It’s no BTC, to be sure but ethereum has grown tremendously and with so many erc-20 tokens relying on the stability of a working system it will be really interesting to see how this plays out. From the start of this thread you can see how long they’ve been planning to move from mining to staking but always seem to get delayed or run into problems. Any opinions on this?

How many successful pow coins are out there.

None that have gone up 10x and stayed up.

I guess you could argue ripple is successful. But not so much.

Eth will play with pos and if anything if they push it hard and truly look to go to pos then ETC may benefit.

You guys remember the coin that was suppose to be Ethereum competition back in 2016 or so called Lisk (LSK). It was basically similar to ETH except that it was POS from the beginning. Many argued that ETH was in trouble because POS was the future and LSK would quickly overtake ETHs market share. And now how is LSK doing exactly?

Its around $1 or so, and has a marketcap of less than $200 million while ethereums is $68 billion. So just because its POS isn't necessarily always a bullish thing. I think ETHs hashrate distribution is pretty fair in my opinion. Many people at home are mining it with their GPUs and securing the network. Probably even more home miners on ETH than BTC which is largely controlled by huge farms.  What POS will do is reduce the carbon footprints but what will happen only the rich 1% will be mostly the ones staking. And it will become similar to how wealth is distributed today.

IMO, with staking pools, pos would be beneficial as it would mean not requiring to buy the latest and most efficient gpus to mine. With POS, people in countries with higher power cost would be able to participate in securing the network. I would love to see an ETF that stakes eth and pays out the proceeds as dividends  

[hellscreamer]

  this guy should email Innosilicon about POS

[philipma1957]

i am asking myself for years now if it would be profitable to mine ETH with a rig but just because they are saying for years also that they will switch to pos  i never started because i thought it wouldn't be profitable anymore to mine with a rig when ETH switch to POS but now almost 4 years later i still regret i did not started because there will always be coins to mine which are profitable

yep exactly this.

[philipma1957]

POS= piece of shit

No pos coin does well.

Just put your money in US bond.

ETH SWITCHING will kill the coin.  They will drag it out longer and xmr  zec and btg will take over and replace it and I used and a lot in this sentence  

Really? I'm laughing at your point presently mate, if POS is shit how come coins NEO, Tezos, Dash, Qtum are all doing so well today? They should be dead already since POS algorithm is shit like you said, NEO is even a smart contract project like Ethereum, your point is utterly pointless

they don't do well. for every good pos coin there are thirty or more failures.

pos coins are banks/bonds that are simply not regulated very well.

They fail over and over again.

Did you ever think that the five you mention survive by creating a dozen or more crash and burn pos coins.

Then pull that money to feed the so called good ones.

Pos are only good for the coin founder and developers. The ones on the inside.

Not outside investors.

How many failed pos coin are there? more then 500 for sure.

Which means the five you mention could stay afloat by running doomed to fail pos coins.

Think Bernie Madoff.  He juggled accounts and built a multi billion dollar house of cards.

Basically all pos coins are doing this until they open all their books and show they are not.

I am a trained accountant got my degree over 30 years ago.
Myself My mom and my wife all worked for the IRS.
Pos smell of scam heaven.

Please  show me one with government regulations they follow and open books since they do not have trade secrets they could open their books.

They offer services and depend on inflow of more capital to pay the interest they pay to investors.
Smells like a ponzi.
As I said if they look to run short to feed the ponzi they simply creat a new exciting pos and shift the capital to the ‘Good’ pos.

[CjMapope]

that’s because alot of us have transitioned to yeild farming and  sold most of our gear
the remaining gear runs just hot enough to heat our hones in the winter or hobby farm.

mining as a buisness is for the big boya now but yeild farming provides more income anyways

THIS haha

i still have some rigs, but im taking the easy money in Defi.
At this rate ill be retired in a year, 100-300%APYs :O
im making 10x as much in defi and its 95% passive, Defi/yield farming is the shit

People always talked about how much exchanges make in fees, and now im getting a cut of that , love live Uniswap/Sushiswap/Harvest!


Honestly, most of the small people still mining are prob just on nicehash anyways, these people arent really miners to begin with