Ethereum mining and Ethereum 2.0 ? Differences!?!

[MiniMike]

Hello,

Currently I only mine Bitcoin, I would like to try Ethereum via Asic.

But I don't know much about Ethereum.

I heard about the Ethereum 2.0 update, an update that would hurt the miner from what I understand.

Does this mean that an Asic Innosilicon A11 or Bitmain E9 when released would be useless?

Thanks in advance to the people who will explain me all this 😉

Mickael

[UserU]

Hello,

Currently I only mine Bitcoin, I would like to try Ethereum via Asic.

But I don't know much about Ethereum.

I heard about the Ethereum 2.0 update, an update that would hurt the miner from what I understand.

Does this mean that an Asic Innosilicon A11 or Bitmain E9 when released would be useless?

Thanks in advance to the people who will explain me all this 😉

Mickael

Ethereum 2.0 will switch from the PoW (Proof of Work) algorithm to PoS (Proof of Stake), so all miners would be rendered obsolete.

[BitKongy]

Yes ASIC miners like the innosilicon A10+ pro will become obsolete but you can still use them for other coins that runs on Ethash algorithm just like Ethereum but the truth is there is no certainty that ETH PoW will fade away any time sooner

[MiniMike]

Okay thanks, I had understood well then 😊
But in that case why do the manufacturers want to release these new models?
Didn't the 2.0 upgrade come out of the hat last month!
If I'm not mistaken the last phase will be launched next year?
If I take the example of the Bitmain E9 which will be released I don't know when. It could be used for other parts that I imagine much less profitable?

[adaseb]

Truth is nobody knows exactly when POW will be phased out. It was actually suppose to be phased out back in Summer of 2016 and yet here we still are.

It’s true you can mine other Dagger hashimoto coins like ETC but they just don’t have enough market cap for the miner revenue to be worth it, you will be mining at a loss most likely. Because when it goes POS where do you think all those GPUs and ETH ASICS will go? Obviously for the next best profitable coin which will be ETC and the difficulty will skyrocket and revenue will be very little.

[MiniMike]

Ok, thanks for all these precisions.

Clearly it is 50/50 the version 2.0 can still put a long time to come as to arrive in little time!

We have to see if the investment in a new machine can be profitable quickly, after that it's always a gamble.

[FP91G]

Yes ASIC miners like the innosilicon A10+ pro will become obsolete but you can still use them for other coins that runs on Ethash algorithm just like Ethereum but the truth is there is no certainty that ETH PoW will fade away any time sooner

What coins are you talking about?
Callisto(CLO)
Dubaicoin(DBIX)
EtherGem(EGEM)
Ellaism(ELLA)
EtherSocial(ESN)
Etho(ETHO)
Metaverse(ETP)
Expanse(EXP)
QuarkChain(QKC)

Are you sure you will profit from mining these coins?
Ethereum classic will not be able to accept that much hash rate either.

[mu_enrico]

Are you sure you will profit from mining these coins?
Ethereum classic will not be able to accept that much hash rate either.

When ETH goes to POS, Ethash miners will switch to these small coins, therefore more holder -> price pump. That's the hypothetical situation after POS. Moreover, some of these coins already "anticipate" the switch, lots of conversation about the life post ETH 2.0. But yeah, if you only think about the current price, then it's not profitable.

[MiniMike]

Yes it's sure that I buy a machine now and that the 2.0 passes in December I'm a loser!

If it lasts at least one more year I'm a winner!

It's a matter of chance...

[MCcryptonia]

Yes it's sure that I buy a machine now and that the 2.0 passes in December I'm a loser!

If it lasts at least one more year I'm a winner!

It's a matter of chance...

That's the problem, no one knows how this will end so the choice is pretty hard right now, ETH might finally switch to PoS algorithm by march 2022 and that's not enough to get your ROI back, atleast one year is needed to get your ASIC money back

[FP91G]

Are you sure you will profit from mining these coins?
Ethereum classic will not be able to accept that much hash rate either.

When ETH goes to POS, Ethash miners will switch to these small coins, therefore more holder -> price pump. That's the hypothetical situation after POS. Moreover, some of these coins already "anticipate" the switch, lots of conversation about the life post ETH 2.0. But yeah, if you only think about the current price, then it's not profitable.

I do not understand your thoughts. Why do you think if the hashrate of the coin will increase then the price will rise?
Usually it works the other way around, first the price of the coin rises and then its hashrate.
Miners will not mine non-profitable coins, most of them will choose those coins that are profitable now.