ETH mining nearing end of life - When will you liquidate your rigs?

[adaseb]

So listening and reading in on all the dev comments. It seems that unless there is some major bug discovered last minute, it seems the merge will happen in June 2022. Maybe July 2022.

The merge means finally end of POW mining for ETH and quite possibly for most GPUs out there in existence. GPU mining might be a thing of the past.

Everybody is saying. Oh there are other coins to mine. However they don’t realize that most of the mineable GPU coins out there, the miner reward is nowhere near that of ETH. And ETH mining was not only profitable due to its block reward, it was profitable most of the time due to its transaction fees. No other coin out there generated as much miner transaction fees as ETH.

I can see this being the end of the road for most GPUs in terms of mining. Most GPUs will go live a second life as a gamer or rendering GPU, not mining. Maybe 1-2% will go on and continue to mine ETC.

It’s great if you are a ETH holder. The merge will lower the issuance rate and increase the staking rate. So it’s good for ETH long term price.

So question is when will you start to sell your GPUs?

1) If you sell too early and the merge is delayed you might lose out on some profits.

2) If you sell a month before a confirmed block number is confirmed, you will miss out on one or two months profits but you will get top dollar for your gear.

3) If you wait until the block number is released or sell until the last block is mined you are going to compete with many other miners out there who are listing their GPUs on eBay, Kijiji, Facebook marketplace, Amazon, etc.

[DaveF]

No idea why you are thinking that.
Looking at whattomine.com there are still 6+ coins that are close to ETH mining profits.
And another 15 or so that will still generate some good money.
At a guess those will get crushed, but some others will probably come back up.
Monero and similar are my guess.

Not going to worry about it.

FYI there are dozens of similar posts about this very thing if you want to search a bit.

-Dave

[adaseb]

No idea why you are thinking that.
Looking at whattomine.com there are still 6+ coins that are close to ETH mining profits.
And another 15 or so that will still generate some good money.
At a guess those will get crushed, but some others will probably come back up.
Monero and similar are my guess.

Not going to worry about it.

FYI there are dozens of similar posts about this very thing if you want to search a bit.

-Dave

Do you not know that every coin has something called difficulty which keeps the daily mineable supply capped. Right now since ETH is still mineable most GPU mineable coins have a similar profit per day.

Here is an example.

ETC has a daily supply of 100 ETC.

With 1 miner, he would make 100 ETC a day.

With 100 miners, each would make 1 ETC a day.

This is assuming each miner has an equal hashrate.

There are millions Of GPUs mining ETH right now. If they switch to ETC the difficulty will skyrocket and daily profits per miner will shrink by a huge magnitude.

[Metroid]

No idea why you are thinking that.
Looking at whattomine.com there are still 6+ coins that are close to ETH mining profits.
-Dave

They are only profitable because eth is profitable, that is called the chain effect, that is why cryptocoins are valuable, because bitcoin is valuable. If no more eth then what is the enxt coin profitable as much as eth? there are none, so nothing will carry that much hashrate or even the demand for such coin, meaning of this thread is gameover for now is getting very close, yeah could be another coin in few years but that will take time, I believe it will have another coin as good as eth to mine, pay attention that quantum can destroy 99.9% the existent cryptocoins, including bitcoin itself, so you trolls that think bitcoin will forever live and all, pay attention to that, nothing in this world is forever, not even diamonds.

Anyway, You trolls should hold for what is coming pos eth merge, dont be a sheep.

[DaveF]

I think the main point that you are missing is that depending on what estimates you look at between 70% to 85% of ETH mining is done by ASICs not GPUs
So yes, there will be TONS of GPUs coming into the market but it's not like it's even a significant portion of the hash rate. AND most large mining farms are using cards w/o outputs like these: https://www.tomshardware.com/news/sapphire-radeon-x080-and-x060-rdna2-mining-cards-spotted so even if it is 30% GPU mining a large portion of them can't be used for anything else.

The home / hobby / small miners can and probably will dump their GPUs to a certain extent, but it's not going to be a free for all. Since home / hobby / small miners may or may not want to do other things with their cards. Be it mine other coins, or do vanity searches or game or run folding at home or....

-Dave

[Coinfarm ventures]

Anyway, You trolls should hold for what is coming pos eth merge, dont be a sheep.

Just let them suffer. That's how miners become more experienced for next time.

What's going to happen with PoS is a lot like what happened in late 2018, when profitability on all coins declined by 90%. Miners like myself went bankrupt and liquidated their rigs for dirt cheap. Mining profit did recover 3 months later, though.

But this time, the crash will be 95%, not 90%; and it'll happen in a matter of days instead of months. I can't wait! It'll be an interesting time. My prediction: the average AMD GPU price will fall to 40% of MSRP, while NVIDIA will reach 60% of MSRP.

[philipma1957]

This will be a non issue for me.

I burn 150 cards under 30 kwatt total.

so 30 x 24 = 720 kwatts a day that is 36 dollars in power a day. At a nickel a kwatt

or 36 x 365 = 13000+ cash for the next year.

All my cards are paid off.

and I have over 22000 in cash waiting for this issue to happen.

So my cards are covered for more than 18 months even if they just burn power and earn zero.

Any miner worth his salt should be ready for this to happen.

Btw The real question is what will AMD and Nvidia do if the turnover happens.

No one will buy cards from them for like a year straight.

BTW Good luck to all but I see at least a delay to Oct or Nov.

[Coinfarm ventures]

All my cards are paid off.

Wouldn't it be worth considering selling your video cards a month before PoS, then buying back twice as many cards after GPU prices hit rock bottom?

I know it's very hard to liquidate a farm of that scale (I've done it before), but maybe it is doable if you find a few bulk buyers.

[5W-KILO]

I don't care, ETH PoS might not happen but if it does I will buy more graphics cards anyways, I'm not selling my GPUs because the unexpected can happen too, what if ETH reach 5000$ before June? If this price stays for a month and half that's insane profit for miners, at least a worth goodbye to PoW algorithm it's gonna be.

[Metroid]

I don't care, ETH PoS might not happen but if it does I will buy more graphics cards anyways, I'm not selling my GPUs because the unexpected can happen too, what if ETH reach 5000$ before June? If this price stays for a month and half that's insane profit for miners, at least a worth goodbye to PoW algorithm it's gonna be.

This recent move, most popular altcoins going up a little tell us that manipulators will take btc and eth close to their past highs, I still have 20% on eth yet and will sell before eth completes the merger, It will be very dangerous to hold eth after the merger, too many people staked when eth was around 100 usd, seeing close to 5k will make 90% of them insta sell.

[Wolf9466]

So listening and reading in on all the dev comments. It seems that unless there is some major bug discovered last minute, it seems the merge will happen in June 2022. Maybe July 2022.

The merge means finally end of POW mining for ETH and quite possibly for most GPUs out there in existence. GPU mining might be a thing of the past.

Everybody is saying. Oh there are other coins to mine. However they don’t realize that most of the mineable GPU coins out there, the miner reward is nowhere near that of ETH. And ETH mining was not only profitable due to its block reward, it was profitable most of the time due to its transaction fees. No other coin out there generated as much miner transaction fees as ETH.

I can see this being the end of the road for most GPUs in terms of mining. Most GPUs will go live a second life as a gamer or rendering GPU, not mining. Maybe 1-2% will go on and continue to mine ETC.

It’s great if you are a ETH holder. The merge will lower the issuance rate and increase the staking rate. So it’s good for ETH long term price.

So question is when will you start to sell your GPUs?

1) If you sell too early and the merge is delayed you might lose out on some profits.

2) If you sell a month before a confirmed block number is confirmed, you will miss out on one or two months profits but you will get top dollar for your gear.

3) If you wait until the block number is released or sell until the last block is mined you are going to compete with many other miners out there who are listing their GPUs on eBay, Kijiji, Facebook marketplace, Amazon, etc.

I'm already preparing stuff for other coins - I don't plan on selling mine. See, the thing is... there ARE other coins to mine. Now, many will sell off their rigs, and as the profitability of them drop (due to ETH miners moving), the less efficient miners will drop off - leaving the more efficient ones.

[FloppyPurpleGherkin]

GPU miner since '13 here.. Was happily GPU mining away for 3 years BEFORE Ethereum even came along.

[ANSEL_2.0]

Many miners will sell their rigs and mining difficulty will decrease, this is my aim after the PoS algorithm is active on the ETH network, things will look very bad at first but later those who refuse to sell their rigs will be the winners.

[swogerino]

I will continue mining even at a loss,be it ETC,ERGO or RVN as the top priority coins after ETH goes to PoS while Monero can also be a good thing up to a certain extent.Another way is to point your hash rate to the unmineable website and choose one of the many coins that cannot be mined directly with GPU-s.As always as long there is a will there is a way and I am pretty sure not 100% of the miners are depending on Ethereum only,they have alternatives in place if the merge happens during Q2 or Q3 of this year.

[JangoUnchained]

I have no idea, all I know is there is more than 4 coins that are profitable on my Nvidia graphic cards, I can still mine crypotnightgpu algo, kawpow algo, autolykos algo and others, it doesn't make sense to sell gpus right now.

[batsonxl]

Dont worry too much. Even eth goes away thats fine. who knows maybe dev will upgrade ETC much better like ETH does new contracts new abilities,new ecosystem or this can happen to any coin out there.1 thing i know if ETH moves to POS it will loose.Most valuable coins is POW coin.POS coins dont cost nothing they just made from thin air.I think Buterin also knows how POW is important.
 it is crypto anything can happen tomorrow.

[legcramp]

Why would I liquidate my farm when everything has been paid off just because ETH is rumored to be going Consensus layer this June/July? What makes you think if a big bug was found that they'll launch it in three months? lol

[Outhue]

Why would I liquidate my farm when everything has been paid off just because ETH is rumoured to be going Consensus layer this June/July? What makes you think if a big bug was found that they'll launch it in three months? lol

It's no more a rumour I suggest you take this very serious, the ETH PoW algorithm is going away but I think vitalik buterin isn't happy about it either, the PoW algorithm is the best way better than PoS algorithm.

[philipma1957]

Why would I liquidate my farm when everything has been paid off just because ETH is rumored to be going Consensus layer this June/July? What makes you think if a big bug was found that they'll launch it in three months? lol

Yeah Like I said my gear is paid off. I could mine any coins I want for 18 months even if all the coins were worthless.

So Basically I simply mine and cash out. I hodl the cash and see what happens.

[OgNasty]

No idea why you are thinking that.
Looking at whattomine.com there are still 6+ coins that are close to ETH mining profits.
And another 15 or so that will still generate some good money.
At a guess those will get crushed, but some others will probably come back up.
Monero and similar are my guess.

Not going to worry about it.

FYI there are dozens of similar posts about this very thing if you want to search a bit.

-Dave

Agreed.  I don't expect GPU mining to suddenly stop because ETH went PoS.  If anything, you may see an explosion in price of a coin like Ravencoin to enable the market to move on to the next thing.  If you were looking at selling your rigs, the time is already behind us.  Prices of ETH are on the rise and prices of GPUs are on the decline for more than a month now.  As the price of ETH rises more and GPUs continue to fall in price, you get a double loss on what you could have sold them for.  No amount of mining in this period will make up for that loss.  So basically, if you're planning to sell your rigs, do so ASAP.  If you're planning to continue mining, don't worry about it.  The market will create opportunities.  That's what it does.