ETH hash rate hits all time high, mining it is 3X more profitable than BTC

[kolbalish]

The article has been published by Cointelegraph which mostly explain about Eth's potential. You are requested to read it through the link below.
Go through the link to read the details- https://cointelegraph.com/news/eth-hash-rate-hits-all-time-high-mining-it-is-3x-more-profitable-than-btc/amp

Constructive feedback from anyone will be highly appreciated ☺️

[cryptomaniac_xxx]

Yeah I just saw this article, well it's pretty obvious since the fees are going high so miners are making a lot of profit. It could be that we need more ETH miners so it's possible that small to mid tier bitcoin miners might have switch to ETH now and has invested as well. It's just sad though that the fees are extremely high and we do hope that it will be normalized in the future.

[jrrsparkles]

The article has been published by Cointelegraph which mostly explain about Eth's potential. You are requested to read it through the link below.
Go through the link to read the details- https://cointelegraph.com/news/eth-hash-rate-hits-all-time-high-mining-it-is-3x-more-profitable-than-btc/amp

Constructive feedback from anyone will be highly appreciated ☺️

Defi hype is the only reason for this short term gains for everyone related to ethereum network but I don't consider this kind of profits will last long and also ethereum 2.0 will be launched on mainnet soon will solve the netwrok fee issue so it will definitely pull back the things into normal and less profitable as before.

[amishmanish]

The article has been published by Cointelegraph which mostly explain about Eth's potential. You are requested to read it through the link below.
Go through the link to read the details- https://cointelegraph.com/news/eth-hash-rate-hits-all-time-high-mining-it-is-3x-more-profitable-than-btc/amp

Constructive feedback from anyone will be highly appreciated ☺️

The article itself highlighted towards the end that the gas fees have fallen from a high of ~11$ TO ~3$ within a span of 2 weeks. Those two weeks actually were quite profitable for the miners. This of course was not sustainable. As the hype dies down, people stop putting in exorbitant fees. Another thing to note is that this does not speak anything of Ethereum's own growth or potential. Its just that due to the creation of easily accessible "vaults", YFI made the whole DeFi ecosystem surge. As these are still ERC-20 tokens, ETH miners saw fees skyrocket.
This has also exposed Ethereum to competition from alternate blockchains and a lot of projects are already building on these chains. Overall, i think competition is good for any space. Ethereum has failed to find any way to save investors from being continuously scammed. That combined with the high gas fees may well challenge Ethereum.
Nothing to be said vis-a-vis bitcoin because is doesn't matter to bitcoin.

[Vishnu.Reang]

Don't fall in to this trap. If you put up order for mining rigs after reading this news, by the time you receive your rigs the hash rate will jump to new record highs. If ETH mining has a greater profit margin compared to that with other cryptocurrencies, then obviously a large fraction of those who mine other cryptos will shift to ETH. This will push up the hash-rate and bring down the profit margins.

[studio1one]

The last couple of months has been excellent for the miner even small miners like me made a decent profit by mining ETH. IMO this mining profit can increase even more as we get closer to the ETH 2.0 release date.

[casperBGD]

Don't fall in to this trap. If you put up order for mining rigs after reading this news, by the time you receive your rigs the hash rate will jump to new record highs. If ETH mining has a greater profit margin compared to that with other cryptocurrencies, then obviously a large fraction of those who mine other cryptos will shift to ETH. This will push up the hash-rate and bring down the profit margins.

yeah, this is not a chance for a new investment into rig equipment, it is a good chance if you are already in mining business to shift toward ETH for the moment and use this high fees period, but do not count that it will last for a prolonged period, one should note that it is already down from previous high, and it is going down, because DeFi craze is lowered

[death69]

Ethereum is always considered as a good digital investment in the past few years. Even with the articles, many people have understood that ethereum is better asset than bitcoin. But, you need to put your money in ethereum right now in order to catch the price while its still low. The longer you wait, the higher the price will be. Moreover, dont try to buy ethereum during a hype or FOMO. Ethereum is 10 times more fluctuated than bitcoin or gold. You can easily lose a huge money or waste a lot of time in holding it

So, what are you waiting for 

[ampu]

Miners are more profitable because of the auction-style trading mechanism and the DEFI wave of transaction costs increase.
They are very profitable for the miners. Transaction costs in the Ethereum network can get even higher when more DEFI projects are launched on it. I believe the miners will benefit long enough until Ethereum completely migrates their system from POW to POS.

[hatshepsut93]

So, when Bitcoin has high fees, it's "outdated technology" and soon will be replaced by "better" coins, but when ETH has high fees, it's presented as bullish, because it makes it more profitable to mine than BTC. It's pretty clear that these crypto journalists like to shill for altcoins, after all, how else they are going to make money?

Yeah I just saw this article, well it's pretty obvious since the fees are going high so miners are making a lot of profit. It could be that we need more ETH miners so it's possible that small to mid tier bitcoin miners might have switch to ETH now and has invested as well. It's just sad though that the fees are extremely high and we do hope that it will be normalized in the future.

How would Bitcoin miners switch to ETH? These coins have different algo, you know. And selling your hardware, then ordering a bunch of new one, and tweaking your entire operation just to chase some short-term trend isn't the greatest idea.

[yazher]

The fees are high right now that makes me think of living some ETH on my wallet for gas fees in case of the sudden surge of the price of some of the Altcoins that I currently hold. Altcoins are doing good these few months, 2020 is really something and it's not done yet. ETH is also making some records about less than 3 months before the end of this year. I cannot believe such scenarios happening this year despite the deadly virus that keeps most of the investors at home. They sure know how to find some way on how to invest in this profitable year of Altcoins.

[slackovic]

Defi hype is the only reason for this short term gains for everyone related to ethereum network but I don't consider this kind of profits will last long and also ethereum 2.0 will be launched on mainnet soon will solve the netwrok fee issue so it will definitely pull back the things into normal and less profitable as before.

The launch of Ethereum 2.0 won't automatically stop Ethereum 1.0 network. Those two networks will coexist for some time after the launch of Ethereum 2.0. It means that miners will be able to mine ETH probably for another year or more.

However, I wouldn't suggest anyone to buy an ETH mining rig right now because their prices surely rose after gas prices have gone up. And no one knows how long this high gas prices will stay. You could end up buying a mining rig for 20% more money that it's worth and by the time you get it, gas prices might fall and mining won't be that profitable anymore.

[Jackl87]

Mining BTC without an ASIC is completely useless and wasted time.
And even though there are also ASIC for the ETH algorithm around it is still the most profitable coin to mine for most GPU and therefore extremely attractive for any GPU Miner.
That being said, mining itself is still hardly profitable if you have to pay 0,20 € per kW/h, which is the average electricity cost in the EU and if you have to buy the GPU first.

[poodle63]

Yeah it's 3x profitable to mine ETH than bitcoin until it's not anymore. Once all the problem settles and gets solved the mining reward will just be same as it is before so I consider this as no go for those who want to buy mining rigs and not to mention that its gonna switch to POS anyway which make this news kinda useless and not futureproof. But, for people who already have the rigs, good for them.

[el kaka22]

Miners are really lucky during this period but let's not forget that there was a long period when they didn't know what to do. This is the same ETH that became 88 dollars last year and this is why miners do deserve the money they are making right now, if they were fine with not making any profit during that period to wait for ethereum to increase in price, they should also be getting all the profit they are getting at the moment.

Of course it is a rich man's game because unless you spend tens of thousands of dollars into mining equipment you are not going to make that much difference in profit, you should be getting a bit, but not huge enough to make a big change in your life. Also do not consider only cost for miners is the equipment, the broken down equipment, sometimes rent, and even salary for workers all go into this the bigger you get.

[benthach]

yes because of the defi craze