Is it reasonable to start a new GPU mining farm right when eth 2.0 is so close?

[tbterryboy]

I know that this has been asked a billion times already, and I know that it has been talked about a billion times as well, but nobody seems to have the right answer. Everyone keeps saying that oh we may move to ravencoin or etc in order to keep going, but looking at their hashrate it is not even close, the hashrate at ethereum ALL will be gone with it, and it will be going to somewhere, and if you do it on the other two, you need the prices to go up insanely high to make it profitable.

So once again I wanted to ask this, if ravencoin and etc doesn't profit the miners, and if 2.0 comes and there is no mining ethereum, then what will the miners do? I really want to start a mining rig and then keep using it is profits to keep growing it, I have sufficient income to sustain myself so only thing I am expecting from my rig is to help me earn enough money to get one more and then one more and grow it.

However this is a long term idea and with 2.0 coming up in a year or so, I am not sure if it really worths it. Even the R&D guy on ETH development team said that it will be pretty hard to make profit after we hit 2022, and that scares me the most. What do you guys think? Should I go for it? It is going to be tough if I do it, but maybe it may work out? Or maybe it will suck after 2.0 and we will all lose money? What is your opinion?

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[HashingTower]

No one gives the right answer or you aren't satisfied with the answer you got? ETH PoW algorithm isn't going to stop ETH team are just doing this for their own reasons, if ETH mining is going away why is big ASIC miners builders keep releasing newer ETH ASIC miners? They are rich just like Vitalik buterin and I'm sure they are in contact, the year that ASIC manufacturers stop making ASIC miners for ETH is when I will start believing that ETH mining is coming to an end

[Metroid]

Hard to say, powerful asics are coming for most popular coins, cryptomarket and mining market changes all the time, now a 3070 is giving some positive gains, in a month or so could be giving negative gains, I'd advise you to wait and when the times comes you then choose the best thing to do, dont plan something that might never happen, keep your money safe and wait patiently, dont be a sheep that pays 5 to 10x more than msrp for gpus and brag about it ehhe

The truth here is nobody knows anything about the future, cryptocoins could die anytime, never underestimate the power of the globalization and chain gov reaction procedures. I have been saying wait and buy coins once everything crashes 90% but then again after it crashes 90%, it could keep crashing to 99.99% and die out, my point is anything you do involve extreme decision making, the only thing that I'm certain is that this bubble will pop anytime, other than that I have no idea what is coming after.

Never put all your eggs in one basket is what i have been doing since 2011 and I have been doing great, be happy with profits even if they are small, better be in profits than debts.

[FP91G]

"In January, 2022, at block 2,100,000 the first halving will take place and the reward per block will drop from 5,000 to 2,500 Raven. This will continue with each subsequent 2,100,000 blocks until the reward amount can no longer be halved."
https://ravencoin.org/halving/

I have the opportunity to buy video cards, but I do not buy them because the prices are very expensive.
There is no danger in buying new video cards now if you are willing to wait up to 2 years for a return on investment.
I want to look at the situation in early 2022.
Because I want to buy good graphics cards on sale when Ethereum mining ends.

[adaseb]

Its funny because I was asking myself this question back in Spring of 2016, "should I buy more GPUs since ETH is going POS in Summer 2016" and its been 5 years and technically still no POS. The point is that the devs are always late for their deadlines. It will be a few years before ETH POS is fully live. You got bigger issues right now to worry about.

First is obviously the lack of supply and high GPU prices. Second is the new ASICs coming out which will make difficulty even higher. Third is the price of ETH. There are many factors to consider. There is always going to be some form of risk. You don't want to invest $10000 in GPUs and then have to sell them on eBay for $5000. A loss is a loss. 

And you are right. Those other PoW GPU mineable coins don't have enough miner revenue for all GPU owners to be happy. They obviously won't be a situable replacement.

[Metroid]

And you are right. Those other PoW GPU mineable coins don't have enough miner revenue for all GPU owners to be happy. They obviously won't be a situable replacement.

People think buying lhr gpus to mine rvn and other altcoins will be profitable in the bear market ehhe, in the bear market, there is no demand, nobody buys altcoins or cryptocoins because they know will be many months at least 24 months of misery, depression, and so on, gameover, not even eth is profitable, other coins will be a lot lot worse, lhr gpus will be sold extremely cheap. Bullruns all are profitable, bear market is the opposite, nothing is profitable, link which is sold around around 28 usd right now, crashed to 0.01, that is right one cent of a dollar hehe, you trolls have no idea what a bear market is.

[Refrumatrix]

And you are right. Those other PoW GPU mineable coins don't have enough miner revenue for all GPU owners to be happy. They obviously won't be a situable replacement.

People think buying lhr gpus to mine rvn and other altcoins will be profitable in the bear market ehhe, in the bear market, there is no demand, nobody buys altcoins or cryptocoins because they know will be many months at least 24 months of misery, depression, and so on, gameover, not even eth is profitable, other coins will be a lot lot worse, lhr gpus will be sold extremely cheap. Bullruns all are profitable, bear market is the opposite, nothing is profitable, link which is sold around around 28 usd right now, crashed to 0.01, that is right one cent of a dollar hehe, you trolls have no idea what a bear market is.

That's some people not everybody, I will gladly buy many GPUs in bear market and use solar panels to mine for fours years, 2025-2026 on my mind by God's grace, I will live to tell a good tale I hope we all live to see that day (BTC halving) again, small minded people think only about right now not the future

[Refrumatrix]

Its funny because I was asking myself this question back in Spring of 2016, "should I buy more GPUs since ETH is going POS in Summer 2016" and its been 5 years and technically still no POS. The point is that the devs are always late for their deadlines. It will be a few years before ETH POS is fully live. You got bigger issues right now to worry about.

First is obviously the lack of supply and high GPU prices. Second is the new ASICs coming out which will make difficulty even higher. Third is the price of ETH. There are many factors to consider. There is always going to be some form of risk. You don't want to invest $10000 in GPUs and then have to sell them on eBay for $5000. A loss is a loss. 

And you are right. Those other PoW GPU mineable coins don't have enough miner revenue for all GPU owners to be happy. They obviously won't be a situable replacement.

There shouldn't be new ASIC miners if truly ETH is going fully PoS algorithm, ETH teams are deceivers honestly, I don't see PoW algorithm going away for years because there are just too many benefiting from ETH mining right now, Nvidia and AMD sells even better thanks to crypto and pretending as if gamers matters more lol, ASIC developers too they are Richy rich with ETH mining too yet they build new TH power ASIC this year, if this doesn't change your mind I don't know what will

[skablast]

Why risk ?
Its clear that you are late to the party.
Its clear also that when ETH will go POS most of the miners will stop.
And plenty of cards will be sold as second hands.

Is much easier and safer  to purchase 16 eth and run a node.

[flip4flop]

There are other algos that you can mine GPU mining. While there may be some uncertainty what happens when the insane hashrate from ASIC miners moves from ETH to RVN or similar coins no one can really give you a good answer. I would buy parts as you can get them without overpaying. There will be a decline and people will likely look to offload cards as soon as it happens and the hashrate moves and people panic. That would be the ideal time to scoop cards at a good value.  Then you just need to keep mining while the dust settles.  Dont overspend and look for opportunities to grow your rigs slowly.

[XUR_TIP]

Why risk ?
Its clear that you are late to the party.
Its clear also that when ETH will go POS most of the miners will stop.
And plenty of cards will be sold as second hands.

Is much easier and safer  to purchase 16 eth and run a node.

I've been trying to figure this out but I couldn't find the perfect answer, how can one make some money running node? What and what will someone have to get to set up a node? How is this better than mining

[popeye95]

Why risk ?
Its clear that you are late to the party.
Its clear also that when ETH will go POS most of the miners will stop.
And plenty of cards will be sold as second hands.

Is much easier and safer  to purchase 16 eth and run a node.

I've been trying to figure this out but I couldn't find the perfect answer, how can one make some money running node? What and what will someone have to get to set up a node? How is this better than mining

Node or masternode, in general, operates like a miner but instead of using hash power to find a block, node using an amount of coin it holds as the power to validate a block. Think both PoW and PoS are nearly the same but one using GPU's hash speed while the other using its own currency (ETH in this case) to stake. Spec to running a masternode usually don't require much.
I think for real, this time, ETH 2.0 is very close. To start a new GPU farm, mining ETH right now would be very risky.

[Ceyflix-Rez]

Why risk ?
Its clear that you are late to the party.
Its clear also that when ETH will go POS most of the miners will stop.
And plenty of cards will be sold as second hands.

Is much easier and safer  to purchase 16 eth and run a node.

I've been trying to figure this out but I couldn't find the perfect answer, how can one make some money running node? What and what will someone have to get to set up a node? How is this better than mining

Node or masternode, in general, operates like a miner but instead of using hash power to find a block, node using an amount of coin it holds as the power to validate a block. Think both PoW and PoS are nearly the same but one using GPU's hash speed while the other using its own currency (ETH in this case) to stake. Spec to running a masternode usually don't require much.
I think for real, this time, ETH 2.0 is very close. To start a new GPU farm, mining ETH right now would be very risky.

That is if PoW algorithm is a goner for real, I don't believe that PoW algorithm is going away any time soon, they are just causing panic unnecessarily it's been since 2016 that ETH PoS is coming 😅😅

[FP91G]

Why risk ?
Its clear that you are late to the party.
Its clear also that when ETH will go POS most of the miners will stop.
And plenty of cards will be sold as second hands.

Is much easier and safer  to purchase 16 eth and run a node.

I've been trying to figure this out but I couldn't find the perfect answer, how can one make some money running node? What and what will someone have to get to set up a node? How is this better than mining

Node or masternode, in general, operates like a miner but instead of using hash power to find a block, node using an amount of coin it holds as the power to validate a block. Think both PoW and PoS are nearly the same but one using GPU's hash speed while the other using its own currency (ETH in this case) to stake. Spec to running a masternode usually don't require much.
I think for real, this time, ETH 2.0 is very close. To start a new GPU farm, mining ETH right now would be very risky.

That is if PoW algorithm is a goner for real, I don't believe that PoW algorithm is going away any time soon, they are just causing panic unnecessarily it's been since 2016 that ETH PoS is coming 😅😅

The PoW algorithm will not disappear, but there are currently no coins that can provide a good profit for the more than 10 million GPUs that mine Ethereum.
I do not know of a coin that can replace Ethereum.
Therefore, either the sale of video cards after mining will begin soon, or the price of other coins will increase greatly, which will stop the sale.

[FloridaKid]

Why risk ?
Its clear that you are late to the party.
Its clear also that when ETH will go POS most of the miners will stop.
And plenty of cards will be sold as second hands.

Is much easier and safer  to purchase 16 eth and run a node.

I've been trying to figure this out but I couldn't find the perfect answer, how can one make some money running node? What and what will someone have to get to set up a node? How is this better than mining

Node or masternode, in general, operates like a miner but instead of using hash power to find a block, node using an amount of coin it holds as the power to validate a block. Think both PoW and PoS are nearly the same but one using GPU's hash speed while the other using its own currency (ETH in this case) to stake. Spec to running a masternode usually don't require much.
I think for real, this time, ETH 2.0 is very close. To start a new GPU farm, mining ETH right now would be very risky.

That is if PoW algorithm is a goner for real, I don't believe that PoW algorithm is going away any time soon, they are just causing panic unnecessarily it's been since 2016 that ETH PoS is coming 😅😅

The PoW algorithm will not disappear, but there are currently no coins that can provide a good profit for the more than 10 million GPUs that mine Ethereum.
I do not know of a coin that can replace Ethereum.
Therefore, either the sale of video cards after mining will begin soon, or the price of other coins will increase greatly, which will stop the sale.

There is no coin that can replace Ethereum but we have more pow coins in crypto space right now, we just need Ethereum to keep their pow algorithm alive and the future will look very good, if bear market comes it's certain that mining won't be profitable and many GPUs will flood the market but that's also a good time to build rigs and get ready for what's coming in years later

[flip4flop]

You can start at any time. The question will become where is that hash rate going to move to when ETH finally moves over to PoS. You will likely need to be flexible in picking a profitable coin to mine. This will probably present a good opportunity to buy GPUs from people who are going to panic sell as the moved happens and there is a lot of fluctuation in other coin's hash rates. As long as you are in it for the long haul and buying appropriately priced cards any day is a good time to start.

[swogerino]

Plenty of other coins to mine like ETC and RVN being the next best thing together with ERGO after Ethereum moves to the 2.0 standard which is PoS and not PoW anymore.However until then there is plenty of time as usually the Ethereum developers make these transitions really slow,most of the people thinking late 2022 as the earliest possible date when this will be implemented.So yes if you can find GPU-s at a reasonably price I would go for it and build a mining farm.

[adaseb]

Seems a lot of people here aren’t aware of what exactly “difficulty” is.

Difficulty is something Satoshi introduced to keep the daily reward of BTC fixed. So if more miners joined the network the difficulty would go up and it would be equally more difficult to find a block against all the other miners.

Think of a pie. If there is 1 person who wants to eat the pie, he gets the entire thing. If 2 people want the pie then it gets divided exactly in half. If 100 people want the pie then each person gets a very tiny slice.

POW is the same. So sure they will be coins to mine. However if everyone switches to these low cap coins then there will be almost no profit to go around.

[popeye95]

Seems a lot of people here aren’t aware of what exactly “difficulty” is.

Difficulty is something Satoshi introduced to keep the daily reward of BTC fixed. So if more miners joined the network the difficulty would go up and it would be equally more difficult to find a block against all the other miners.

Think of a pie. If there is 1 person who wants to eat the pie, he gets the entire thing. If 2 people want the pie then it gets divided exactly in half. If 100 people want the pie then each person gets a very tiny slice.

POW is the same. So sure they will be coins to mine. However if everyone switches to these low cap coins then there will be almost no profit to go around.

Right and even best-case scenario for ETH miner, say PoW won't gone completely but split in half block reward for PoW and half for PoS then I would guess half of ETH miner have to migrate to other coins. As you said, things won't look good for everyone, not just ETH miners because the pie now has more mouth to feed, i mean every pies. That's why I said setup a GPU mining farm this time for ETH is risky and I could even extend the risk for any coins that aren't ETH as well.

[Nighthog]

Anyone catch the news about 485000 RX 470 8GB gpu's being returned to a mining company after being confiscated in China when their bans went into effect?

All those gpu's for just one company affiliate in China to mine Ethereum coming back online when they setup a new location.

That's a 5-10% increase in hashing power from what the current one is.