Is GPU mining coming to an end?

[chacewells]

I just recently built a couple rigs, which I'm running Nicehash on. They're humming along.

But a coworker who's been mining Ethereum for a couple years said that mining is on its last legs. Where is this sentiment coming from? Is there a general feeling that proof-of-stake is the future for coins? I just wanted to put some feelers out there and see what y'all are seeing and hearing.

[makishart]

The majority of new coins were using POS, People have been starting to leave from POW since a few years ago. You will be rarely seen POW coins exist in the market.
Almost all of developers are not interested anymore to use POW as its consensus. They were taking the consensus that will make the blockchain will be much more conservative compared with POW.
I have sold my mining rig a few years ago and this time im all in POS coins.

[hd49728]

The majority of new coins were using POS, People have been starting to leave from POW since a few years ago. You will be rarely seen POW coins exist in the market.

Do you see the reasons behind this change and who stay behind PoS projects?

Almost all of developers are not interested anymore to use POW as its consensus. They were taking the consensus that will make the blockchain will be much more conservative compared with POW.

I don't call them as developers. They created their coins and premined from the air and hold huge number of coins. They launched their coins and say they bring some innovations to the world, save the planet. Forget all their words, what they plan is easy money from investors. PoS gives them chance to get quick money and exit soon. They are scammers.

The life span of PoS coins are mostly very short, months or no longer than 2 years.

[Nighthog]

The majority of new coins were using POS, People have been starting to leave from POW since a few years ago. You will be rarely seen POW coins exist in the market.

Do you see the reasons behind this change and who stay behind PoS projects?

Almost all of developers are not interested anymore to use POW as its consensus. They were taking the consensus that will make the blockchain will be much more conservative compared with POW.

I don't call them as developers. They created their coins and premined from the air and hold huge number of coins. They launched their coins and say they bring some innovations to the world, save the planet. Forget all their words, what they plan is easy money from investors. PoS gives them chance to get quick money and exit soon. They are scammers.

The life span of PoS coins are mostly very short, months or no longer than 2 years.

Instant gratification, give me money now rather than later. Be damned this software venture.

Copy pasta, not as good as the originals they copied. PoS is too lucrative to not try, requires little effort for big money if it lucks out.

[SquallLeonhart]

Almost all of developers are not interested anymore to use POW as its consensus. They were taking the consensus that will make the blockchain will be much more conservative compared with POW.

I don't call them as developers. They created their coins and premined from the air and hold huge number of coins. They launched their coins and say they bring some innovations to the world, save the planet. Forget all their words, what they plan is easy money from investors. PoS gives them chance to get quick money and exit soon. They are scammers.

The life span of PoS coins are mostly very short, months or no longer than 2 years.

Is there any facts behind this? I mean can you share the data you have got in order to prove that proof of stake coins do not make any profits for the investors and in less than 2 years they crash? I want to see numbers and how many of them actually crashed. I can tell you that I have invested over 3 coins so far that turned from proof of work to proof of stake and all of them were great, there was no problems at all and they ended up being better.

I have also invested and traded a lot of directly proof of stake coins and they were all market levels, when market went up they went up and when market went down they went down. That is how it is going to be, do not be worried that mining will be gone because it will find other coins, but do not assume proof of stake is just a fake thing to make money, it is a very valid defense response towards miners making 20+ dollars on things that should cost under 1 dollars.

Neither proof of mining nor proof of stake are amazing and much better than the other, they are both quite good if done correctly and properly.

[batang_bitcoin]

It's only that Ethereum will come to an end once it has fully utilized and upgraded from PoW to PoS. But there will still be coins that can be mined through GPU. And since you're using nicehash, you don't have to think of it because they're rewarding their users in BTC.
Or if the time comes that most of the coins are already PoS, you can sell those GPUs that you have and use the profit to buy coins and hold those tokens on your wallet as PoS.

[Festac]

I just recently built a couple rigs, which I'm running Nicehash on. They're humming along.

But a coworker who's been mining Ethereum for a couple years said that mining is on its last legs. Where is this sentiment coming from? Is there a general feeling that proof-of-stake is the future for coins? I just wanted to put some feelers out there and see what y'all are seeing and hearing.

Do you know how many coins are minable with GPU? They are many in number, the reason why your coworker said what he or she said must be because of Ethereum mining, it's the most profitable coin to mine and it's said that POS algorithm is coming for Ethereum

[Festac]

Also I don't trust that Ethereum going POS algorithm 100% because it's not the first time that vitalik wants to switch to POS algo, it's been around since years back and nothing happened, I would say you should keep mining because no one can tell what's coming, If Ethereum really goes to POS algorithm we have Conflux which is another profitable coin to mine, also ravencoin is available

[Lanatsa]

I just recently built a couple rigs, which I'm running Nicehash on. They're humming along.

But a coworker who's been mining Ethereum for a couple years said that mining is on its last legs. Where is this sentiment coming from? Is there a general feeling that proof-of-stake is the future for coins? I just wanted to put some feelers out there and see what y'all are seeing and hearing.

There are still lots of miners that I do know here on my country which do mainly mine ETH and even the electricity is a bit high compared to other countries
but still they are ending up profitable and reaching out ROI in a much shorter time.Why? with the current price of ETH they are able to do so.

About that proof-of-stake thing then it might really be putting up an ending but the question is on when? For sure it would really still take some time even
though this situation will really come inevitably but for now those miners are really taking the opportunity while it
lasts.

[WalkerIVIV]

Im pretty sure its not coming to an end.
Example before, GPU is used for mining bitcoin, after a while it cant be mining by GPU again, but theres will be another coin which can be mined.
So after Ethereum cant be mined anymore, the miner will move to another coin which still available to be mined or there will be a new coin come which can be mined.

Less and less POW coins being introduced in the market and there are only few POW coins that still exist.
GPU is not worth to try anymore. It will be very suitable to be used to mine crypto night but the era for crypto night is coming to its end. Im not sure you will see a lot of new POS coin in the future.
The miners are seeking for the POW that can give them huge money. Miner can still earn money through the fees but it's not worth to try for the small cap of coins.

[TinaK]

I just recently built a couple rigs, which I'm running Nicehash on. They're humming along.

But a coworker who's been mining Ethereum for a couple years said that mining is on its last legs. Where is this sentiment coming from? Is there a general feeling that proof-of-stake is the future for coins? I just wanted to put some feelers out there and see what y'all are seeing and hearing.

GPU mining is never to die in crypto platform, Because everyone know the concept of mining. But every months new upgrade is comes in the market, so If anyone interested in GPU mining ask some new upgrade version and it will expired on next upgrade. The actual profit of GPU mining is based on power supply, so few countries charge the small capital amount so it will more support in these kind of countries. I think your coworker was face some large drop in mining, In reality active users will die in any platform.

[New_order]

It was the same stupid feeling I had on me years ago, I could have make some hell of a ETH bag but because people are spreading rumors that Ethereum is going proof of stake I decide to shut down all my plans to build a mining rig, till this day I still regret listening to those FUDs

[New_order]

POS coins are worse than POW coins because majority of them that I know only lasted for couple years and they become worthless, it's why I feel that vitalik buterin won't change to POS algorithm and only staking will be available on different chain but the POW algorithm wi still continues

[lobo13hf]

people are spreading rumors that Ethereum is going proof of stake I decide to shut down all my plans to build a mining rig, till this day I still regret listening to those FUDs

Dude, when you were building mining rig didn't mean you can earn bunch of ethereum. It's not all FUD to the miners but let's see about the future plan of ethereum.
Vitalik said that if ethereum hardcap supply will be determined after ethereum became POS system.

There's two possibilities
1. The hybrid system will be implemented and as miners you can still mine ethereum but the block reward is decreased so hard until 0.5 ETH/block.
2. it will be fully going to the POS system.
These possibilities will be happening in the future maybe next year we will see what will be fully implementation of ethereum 2.0

[el kaka22]

I doubt that GPU mining will be over, your rigs are safe and you will be capable of using them and making profit with them, there could be times when you do not make a profit, but at the end of the day even with ETH available there were times when gpu mining didn't profit at all. You have to realize GPU miners never really focused on "just" profit, of course that was the main reason and nobody can deny that, if people didn't made any profits then there would be significantly less people, only 1-5% of miners would have stayed and rest would have been gone.

However there is also this rewarding process and interestingly undeniable fun of mining as well, it is a very cool way of making profit, staking doesn't have that. Do not let all these people that say "staking is bad" because that is not contributing to the topic, staking could be good or bad and that doesn't change anything, ETH is moving to staking no matter what, even if you hate staking, they are still moving to it, so you should look further down the line.

[Kena Banned]

Im pretty sure its not coming to an end.
Example before, GPU is used for mining bitcoin, after a while it cant be mining by GPU again, but theres will be another coin which can be mined.
So after Ethereum cant be mined anymore, the miner will move to another coin which still available to be mined or there will be a new coin come which can be mined.

Less and less POW coins being introduced in the market and there are only few POW coins that still exist.
GPU is not worth to try anymore. It will be very suitable to be used to mine crypto night but the era for crypto night is coming to its end. Im not sure you will see a lot of new POS coin in the future.
The miners are seeking for the POW that can give them huge money. Miner can still earn money through the fees but it's not worth to try for the small cap of coins.

You're right, but how if the miners try to create their own coin. With huge miners community, couldnt it possible?
Also it will be very good decentralized coins if its happen.

[gwdf1]

Mining is incredibly profitable nowadays due to the current value of Bitcoin and the hefty rewards for creating blocks. But this method of mining coins is available to a very small number of people. The price of Bitcoin is immediately reflected in the price of the video card. Therefore, such a method of enrichment is not available for a simple user.

[Nighthog]

There will be coins to mine even though not all profitable.

You can take a leap and mine coins with lower values to speculate in their popularity some years down the road.

Something I find interesting is the value of the coin gathers more people to a particular coin rather than it's profitability at every instance, too many miners crowd into the more popular ones to compete leaving out alternatives to be easier to obtain for those wishing to adventure.

[CutePanda]

Nah, i don' think GPU mining is coming to an end, because ETH just going up in the market,
even if you only use GPU 1660 super, you can mine about $2-4/day, if the price keep stable like this,
you can even get back your capital in about 3 months, so for me, GPU mining is still very worth for now.