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

[rdluffy]

... 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...

This is something I've been talking about for a while, there's a good opportunity to another coin take advantage of huge hashrate leaving ETH

We are talking about eth merge, end of mining, prices and coins exactly how they are right now, but in a few months we can see another coin taking this advantage, maybe a coin that already exists, like RVN as you said, maybe some coin with a good strategy to mine...

See? Nobody can predicts the end of mining or the continuity, it's all predictions...

We don't know how many asics are mining ETH, how many home miners will leave, if markets continue to rising and achieve new ATH, or enter in another bull run, the chances of being good to miners will increase.
And we can have another 2 years like 2018 and 2019 where profits are bad for most people and then another cycle starts...

[adaseb]

Ethereum Network Hashrate is currently: 955 TH/s
Etherecum Classic Network Hashrate is currently: 27 TH/s

Currently with 30MH/s you make $1 per GPU per day with ETC. Prior to any power costs.

If all the 955 TH/s switches to ETC, then the hashrate will become ~ 982 TH/s. Which means the difficulty will go up 36x. So basically the profits go down 36 times.

So $1 per day becomes $0.027 per day before any power costs.

Now lets assume that only half the hashrate are GPUs since the ETH ASICs cannot mine ETC. So 955/2=477TH/s. So ETC Network hashrate will become 504TH/s.

So basically instead of $0.027 per day it will be $0.053 per day. You basically need $0.015 kwh power to make nothing. Nobody except maybe in Iraq got 1 cent power.

[badbart]

I have 140 GPUS and have been mining since 2016, everything has been paid off long ago.  If nothing is profitable I'll turn off my rigs and wait awhile before selling gpus.  When I got into mining I never thought it would last this long, I'm just happy with the results. 

[sp_]

95% of the ethereum network is owned by the miners.
Moving to POS is a smart move, but not a profitable move.

[rdluffy]

Ethereum Network Hashrate is currently: 955 TH/s
Etherecum Classic Network Hashrate is currently: 27 TH/s

Currently with 30MH/s you make $1 per GPU per day with ETC. Prior to any power costs.

If all the 955 TH/s switches to ETC, then the hashrate will become ~ 982 TH/s. Which means the difficulty will go up 36x. So basically the profits go down 36 times.

So $1 per day becomes $0.027 per day before any power costs.

Now lets assume that only half the hashrate are GPUs since the ETH ASICs cannot mine ETC. So 955/2=477TH/s. So ETC Network hashrate will become 504TH/s.

So basically instead of $0.027 per day it will be $0.053 per day. You basically need $0.015 kwh power to make nothing. Nobody except maybe in Iraq got 1 cent power.

You're right, your numbers are correct and I can't disagree with facts 
BUT, let's imagine a better scenario?

There's a probability of more than 50% of hashrate being from Asics
You're saying ALL hashrate goes to ETC, if this happens, all another coins will continue profitable, and in a realistic scenario the power will be divided to different coins
ETC price right now is 48 USD, and ATH is 176 USD, there's chance to ETC reach this price again

Every little thing can increase profitability, and I say again, hard to know, even the oldest miners can't know exactly 

95% of the ethereum network is owned by the miners.
Moving to POS is a smart move, but not a profitable move.

ETH can be dumped after merge, we will only know about the influence of miners at price after some time
And there's the unlock too
Miners are part of the ETH environment, they sell coins, but they do more than that to ETH

[Metroid]

Ethereum Network Hashrate is currently: 955 TH/s
Etherecum Classic Network Hashrate is currently: 27 TH/s

Currently with 30MH/s you make $1 per GPU per day with ETC. Prior to any power costs.

If all the 955 TH/s switches to ETC, then the hashrate will become ~ 982 TH/s. Which means the difficulty will go up 36x. So basically the profits go down 36 times.

So $1 per day becomes $0.027 per day before any power costs.

Now lets assume that only half the hashrate are GPUs since the ETH ASICs cannot mine ETC. So 955/2=477TH/s. So ETC Network hashrate will become 504TH/s.

So basically instead of $0.027 per day it will be $0.053 per day. You basically need $0.015 kwh power to make nothing. Nobody except maybe in Iraq got 1 cent power.

I dont believe most will move to other coins, I believe most will just turn off their gpus and then resell their gpus while they can get something out of it, because, first, it will be negative profit on all coins and second, as we know supply will increase a lot either way, intel gpus coming, eth going pos, new gpus from nvidia aka 4xxx series and amd, plus the second hand market plus many miners with outdated gpus  not being able to compete in the mining anymore. Only crazy people are buying gpus right now or have been for sometime, also this is still not bear market, this still bull market, there is that too and this bull market has been going for a long time already and this is dangerous. I do believe manipulators will one more time pump coins before a huge crash, they want to trap new sheeps close to top once again ehhe

Also the gpu price manipulation in china will decrease a lot as Intel gets into the gpu market because Intel knows there is profit to be made here, nvidia and amd have been monopolizing the gpu market for sometime. People need to understand no companies are here to make you happy ehhe, they want profit and amd and nvidia are already friends in the gpu market mafia, even if intel get inside still not sure if this price manipulation will be less than what it is, we need another player other than intel, amd or nvidia.

[Vann]

I agree. ETH PoW mining has remained profitable because it has utility and widespread adoption of it's smart contract platform which has evolved in to multiple entire market sectors generating fees for miners. All of the other GPU minable coins have for the most part, empty blockchains and nowhere near the transaction volume of ETH. Once ETH moves to PoS, the block subsidy of those other PoW coins will be distributed to an increasing number of miners jumping in and make it unprofitable except to the miners with the lowest overhead costs.

I very much doubt we will see another POW coin that can support the amount of GPU's and replace ETH's profitability. But I also believe that the millions of GPU's that are currently mining ETH are not just going to sit idly without some project looking to tap in to that enormous computational resource. If ETH's transition to POS is successful, instead of GPU's doing meaningless POW computations to secure a network it may evolve in to a distributed, decentralized network of on-demand computing power such as with the Golem Project and Render coin.

[Coinfarm ventures]

it may evolve in to a distributed, decentralized network of on-demand computing power such as with the Golem Project and Render coin.

But those kinds of projects can take years to become big enough to support millions of video cards. Developers are probably biased against using PoW in the first place, let alone ASIC-resistant PoW.

That's why my business plan is to wait for the big ETH crash, buy up cheap video cards, then mine whatever breadcrumbs are left on the other coins. If I buy the equipment cheaply, I don't care if it takes 2-3 years until the next big GPU coin comes along.

Also the gpu price manipulation in china will decrease a lot as Intel gets into the gpu market because Intel knows there is profit to be made here, nvidia and amd have been monopolizing the gpu market for sometime. People need to understand no companies are here to make you happy ehhe

Good point. This is why the second half of this year will be the perfect storm for gamers as well as miners who want to get into the market at a cheap price. According to Moore's Law is Dead, Shintel will probably sell their video cards for below cost in order to aggressively take market share from AMDead / nGreedia.

[moderator's note: consecutive posts merged]

[Wolf9466]

Ethereum Network Hashrate is currently: 955 TH/s
Etherecum Classic Network Hashrate is currently: 27 TH/s

Currently with 30MH/s you make $1 per GPU per day with ETC. Prior to any power costs.

If all the 955 TH/s switches to ETC, then the hashrate will become ~ 982 TH/s. Which means the difficulty will go up 36x. So basically the profits go down 36 times.

So $1 per day becomes $0.027 per day before any power costs.

Now lets assume that only half the hashrate are GPUs since the ETH ASICs cannot mine ETC. So 955/2=477TH/s. So ETC Network hashrate will become 504TH/s.

So basically instead of $0.027 per day it will be $0.053 per day. You basically need $0.015 kwh power to make nothing. Nobody except maybe in Iraq got 1 cent power.

>ETH ASICs cannot mine ETC
Who the fuck told you that? Citation needed.

[chup]

.... 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.

Calculation is done that quantum computer with 300 million qubits needed to crack BTC. Nowadays QCs have 50-100 qubits. Yes, nothing in this world is forever, except good algorithm. And this one is even able to evolve (fork). 

[Pterosaur]

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.

Mine and cash out? You think that's a good strategy? What good can come from holding cash? I'm planning on mining very good altcoins like Bitcoin gold, Bitcoin ABC (XEC), Flux, Ravencoin and hold for a long term, probably when another BTC halving takes place and see if bull market will make a come back and start selling my bags.

[Metroid]

Calculation is done that quantum computer with 300 million qubits needed to crack BTC. Nowadays QCs have 50-100 qubits. Yes, nothing in this world is forever, except good algorithm. And this one is even able to evolve (fork).  

You talking about the first try, not brute force. The quantum right now can in few months crack bitcoin if they want to, like I said before 99.9% of passwords are not resistant to quantum, that 0.01% are government projects that are coming out in a decade or so. You trolls also think fork will always solve things, There are thing that cant be solved, only way is to create anew, bitcoin and 99.9% of everything have short life span. Anyway, no point discussing this further, you trolls are all blind to the truth.

check this article, that article is a lie https://www.newscientist.com/article/2305646-quantum-computers-are-a-million-times-too-small-to-hack-bitcoin/ , if they say the truth people will dump bitcoin tomorrow, mass dumping, imagine other cryptocoins, so they hold the line and tell lies so you sheeps can believe and think everything is safe, is actually hilarious what these wolves do to sheeps ehhe, anyway better be safe than sorry, never go full retard, invest only what you are willing to lose.

https://english.elpais.com/science-tech/2022-03-24/using-just-a-laptop-an-encryption-code-designed-to-prevent-a-quantum-computer-attack-was-cracked-in-just-53-hours.html

[rdluffy]

Mine and cash out? You think that's a good strategy? What good can come from holding cash? I'm planning on mining very good altcoins like Bitcoin gold, Bitcoin ABC (XEC), Flux, Ravencoin and hold for a long term, probably when another BTC halving takes place and see if bull market will make a come back and start selling my bags.

For a guy like philipma1957 he can holds cash to enjoy next opportunities like:

1 - Bitcoin crash to increase amount of coins, paying cheap
2 - Cheap hardware to expand his mining operations
3 - Invest in more solar energy

You said you're planning to mine altcoins and hold until next cycle, it's important to have cash to maintain your operations without any profits if necessary.
Each situation requires different plans, and having cash is essential to enjoy the greatest opportunities if we enter in a bear market or a bad market for miners.

[DaveF]

...
There's a probability of more than 50% of hashrate being from Asics
...

As I said above, depending on what estimates you look at and who is doing the math it's between 70% to 85% ASIC.
Although the numbers were from last summer I don't know why they would be different.
No proof, just what large miners were saying they were using.

>ETH ASICs cannot mine ETC
Who the fuck told you that? Citation needed.

https://2miners.com/blog/ethereum-classic-hard-fork-to-change-cryptocurrency-mining-algorithm-how-to-keep-mining-etc/

There are some custom firmwares that will work but none from OEMs as far as I know (have not checked)

-Dave

[philipma1957]

Mine and cash out? You think that's a good strategy? What good can come from holding cash? I'm planning on mining very good altcoins like Bitcoin gold, Bitcoin ABC (XEC), Flux, Ravencoin and hold for a long term, probably when another BTC halving takes place and see if bull market will make a come back and start selling my bags.

For a guy like philipma1957 he can holds cash to enjoy next opportunities like:

1 - Bitcoin crash to increase amount of coins, paying cheap
2 - Cheap hardware to expand his mining operations
3 - Invest in more solar energy

You said you're planning to mine altcoins and hold until next cycle, it's important to have cash to maintain your operations without any profits if necessary.
Each situation requires different plans, and having cash is essential to enjoy the greatest opportunities if we enter in a bear market or a bad market for miners.

Me and my three partners finally positioned ourselves where we want to be.

45kwatt solar array
115 kwatt solar array
280 kwatt solar array.

cash sitting
doge sitting
xec sitting
btc sitting
eth sitting.

Not rich but maybe in a few years time we will be there.

My only regret is I am 65 my partners are 58 , 45 and 25.

I would love ❤️ to keep doing this for decades but I am getting old.

I spent five hours driving and four hours working today.
My back is stiff as I type this.

we have more cards coming in.
we have some btc gear coming in.

we have a lot of power available.

Should be fun when Eth goes or delays pos in June.

[Coinfarm ventures]

You said you're planning to mine altcoins and hold until next cycle, it's important to have cash to maintain your operations without any profits if necessary.
Each situation requires different plans, and having cash is essential to enjoy the greatest opportunities if we enter in a bear market or a bad market for miners.

I 100% agree. Successful operators balance the amount of equipment, cash and coins that they own.

Right now, we should probably hold the equipment, sell the coins, and save cash. In 1-2 months, we should sell the equipment in order to build up cash. After the PoS aftermath is over, we should buy as much equipment as possible with cash, then (depending on coin prices) either hold the coins or slowly replenish our cash reserves.

[adaseb]

I am not 100% certain but I am not sure the current ETH ASICs can mine ETC. Some might some might not. Reason I know is because ETC forked for this reason to get rid of ASICs from its network. They did it because they wanted it to be GPU miners only and ASICs increase risk of 51% attack.

However I heard that the old Antminer E1 can be flashed with some firmware and it can mine ETC. I am not sure if the other ASICs can be flashed however.

All they did was change 1 parameter to render them unusable pretty much.

[Metroid]

I am not 100% certain but I am not sure the current ETH ASICs can mine ETC. Some might some might not. Reason I know is because ETC forked for this reason to get rid of ASICs from its network. They did it because they wanted it to be GPU miners only and ASICs increase risk of 51% attack.

However I heard that the old Antminer E1 can be flashed with some firmware and it can mine ETC. I am not sure if the other ASICs can be flashed however.

All they did was change 1 parameter to render them unusable pretty much.

Some can like this one here https://www.youtube.com/watch?v=Iyl6ycL1v6o&lc=

[Daodex]

Mine and cash out? You think that's a good strategy? What good can come from holding cash? I'm planning on mining very good altcoins like Bitcoin gold, Bitcoin ABC (XEC), Flux, Ravencoin and hold for a long term, probably when another BTC halving takes place and see if bull market will make a come back and start selling my bags.

For a guy like philipma1957 he can holds cash to enjoy next opportunities like:

1 - Bitcoin crash to increase amount of coins, paying cheap
2 - Cheap hardware to expand his mining operations
3 - Invest in more solar energy

You said you're planning to mine altcoins and hold until next cycle, it's important to have cash to maintain your operations without any profits if necessary.
Each situation requires different plans, and having cash is essential to enjoy the greatest opportunities if we enter in a bear market or a bad market for miners.

Me and my three partners finally positioned ourselves where we want to be.

45kwatt solar array
115 kwatt solar array
280 kwatt solar array.

cash sitting
doge sitting
xec sitting
btc sitting
eth sitting.

Not rich but maybe in a few years time we will be there.

My only regret is I am 65 my partners are 58 , 45 and 25.

I would love ❤️ to keep doing this for decades but I am getting old.

I spent five hours driving and four hours working today.
My back is stiff as I type this.

we have more cards coming in.
we have some btc gear coming in.

we have a lot of power available.

Should be fun when Eth goes or delays pos in June.

I wish I can take out 20 years of your life and you can be at least 45 years old again but I'm powerless, even our creator wouldn't want to play such a stunt on us, death is inevitable but I do wish you much more years ahead in good health, stay healthy we need people like you @philipma

[devil2man]

Personally i will not sell any of my few gpus when eth can no longer be mined i will simply go on to mine some other altcoins such as ergo, flux, ravencoin the gains will be lower but still acceptable