Ethereum Switches to Proof of Stake, GPU Mining is Dead

[medi01]

R.I.Pieces

But seriously I think miners would find their next victim very soon.

The system can not work without constant influx of new "investors", when crypto is turned into money by the big fish, that cash needs to come from somewhere, and upkeep of existing "currency" is quite significant too.

At this point and given the scale of the bubble, where would the "investors" come from in enough numbers?

 

[Icon Charlie]

We will see, hope you are right, but we will see ...

Yea. We got too many mindless Gerbils that will buy anything.

 

[shk021051]

good

 

[catulitechup]

NVIDIA Ada and AMD RDNA3 will not sell to Ethereum miners

If works greedy jensen and liar su sell to them first but now apparently them dont gain enough and remain lost money in gaming area like nvidia

maybe must be dont buy anything of amd / nvidia for now and punish with no sales in black friday and christmas, this will be delightfull (them gain around 15000 millions maybe more with crypto sales)

 

[Bwaze]

Sentences are overrated.

 

[quiq]

ok now nvidia and amd have lost clients

ergo gpu will uprise prices bcs cant amortize the new process producing few gpus


prices only go up if you have less clients bcs th i+d + production cost will be charged to few people

 

[Chomiq]

If works greedy jensen and liar su sell to them first but now apparently them dont gain enough and remain lost money in gaming area like nvidia

maybe must be dont buy anything of amd / nvidia for now and punish with no sales in black friday and christmas, this will be delightfull (them gain around 15000 millions maybe more with crypto sales)

If anyone was selling directly to miners they were AiB's, at least from what I saw online.

AMD and NVidia used that to make a foothold for their own cards which were sold (almost) directly to consumers (official retailers that kept the MSRP in case of Nvidia and Store.AMD in case of team red). It was much easier (and cheaper) to buy an FE variant of RTX or a reference RX card than an AiB model of the same card. If you had to fight someone over that they were bot users.

With AiB's like Zotac you had truckloads of GPU's going straight out of factory to miners.

 

[DeeJay1001]

There are at least 5 other PoW coins that are profitable now and will only grow in profitability as GPUs become more efficient and coin prices see price discovery. GPU miners aren't going anywhere, stay mad.

 

[ExcuseMeWtf]

There are at least 5 other PoW coins that are profitable now and will only grow in profitability as GPUs become more efficient and coin prices see price discovery. GPU miners aren't going anywhere, stay mad.

That's not how it worked a few last times, is it?
You know, mining difficulty goes up over time actually...

 

[Punkenjoy]

That's not how it worked a few last times, is it?
You know, mining difficulty goes up over time actually...

You are right, none of those are probably as big as ETH and none would probably be able to handle all that compute power coming right away. If you put all the ETH miner in a unliquid market, they will skyrocket the difficulty.

Also, ETH was made to be faster on GPU than ASIC, but do all those other crypto like that?

 

[DeeJay1001]

You are right, none of those are probably as big as ETH and none would probably be able to handle all that compute power coming right away. If you put all the ETH miner in a unliquid market, they will skyrocket the difficulty.

Also, ETH was made to be faster on GPU than ASIC, but do all those other crypto like that?

ASICs are tied to a single algorithm, all of the ASICs can only mine Ethereum Classic now. The other top PoW coins (RVN, NEOX, ERG, FLUX, KASPA, AION etc.) are all ASIC resistant and have expressed the desire and plans to stay ASIC free.

As of this second most of those coins are still profitable after power costs as long as you have modern equipment. Sure, profits have been drastically sliced but this is the bottom of the market and the top of the difficulty spikes.

 

[Space Lynx]

I had read a Dubai based mining firm were switching to Bitcoin mining using GPU because they'll still make some money. Another crypto site mentioned (probably in hopeful earnest) that mining will switch to the smaller coins, which will in turn inflate their value and hence mining interest.

Apparently the global Ethereum mining was equivalent to the Netherlands power consumption but that has been effectively reduced by more than 99%.

Humanity is a failed species and a major dissapointment? Nothing new there.

 

[DeeJay1001]

I had read a Dubai based mining firm were switching to Bitcoin mining using GPU because they'll still make some money. Another crypto site mentioned (probably in hopeful earnest) that mining will switch to the smaller coins, which will in turn inflate their value and hence mining interest.

Apparently the global Ethereum mining was equivalent to the Netherlands power consumption but that has been effectively reduced by more than 99%.

Keep drinking up those lies

 

[Punkenjoy]

ASICs are tied to a single algorithm, all of the ASICs can only mine Ethereum Classic now. The other top PoW coins (RVN, NEOX, ERG, FLUX, KASPA, AION etc.) are all ASIC resistant and have expressed the desire and plans to stay ASIC free.

As of this second most of those coins are still profitable after power costs as long as you have modern equipment. Sure, profits have been drastically sliced but this is the bottom of the market and the top of the difficulty spikes.

Profits in mining is not only being able to mine above power cost, you also have to pay back your equipment. If you do large scale operation, you might have salary to pay too or at least your own time.

As long as the payback time is longer than a generation, this won't hurt much GPU and only the fanatics will mine.

As for Crypto going onto another price hike, we will see. It might, it might not. It's not because it rebound in the past it will happen again. NFT scammer and crypto exchange scram/bankrupt made huge impact on people mind.

It will take a lot of time. Right now i suspect that with the energy price hike, many place in the world aren't even profitable for crypto mining.

 

[Bwaze]

Some "enthusiasts" consider mining profitable if it covers power bill, never mind the ROI. Logic behind this is that crypto is now at it's lowest, and can only go up. And if you hodl, Lambo is guaranteed. Or something like that, I don't speak pyramid scheme.

 

[Arkz]

GPU Mining is Dead​

No it isn't. ETH mining is dead.

 

[Punkenjoy]

Some "enthusiasts" consider mining profitable if it covers power bill, never mind the ROI. Logic behind this is that crypto is now at it's lowest, and can only go up. And if you hodl, Lambo is guaranteed. Or something like that, I don't speak pyramid scheme.

at this point, I wonder if it's better to just directly buy the crypto than investing into hardware, time and power to get there. At least it get some liquidity and velocity to the crypto.

There are exception, this winter if you heat with electricity, then you might mine for free if you already have your hardware.

But hey, some miners are very smart, but i don't think that apply to all miners, some are very fanatics.

 

[Upgrayedd]

Wonder what will come out next to take it over??...... Postive thinking and the like...

Heck, maybe they could put all those GPUs to FAH or WCG?? Might help find that cure a bit faster but its a shame it'll use more electric but still......

Folding is cool but the diseases and problems folding looks to cure are just too profitable to be cured. Folding seems like a bigger waste than ETH. I like the idea but it's a waste.

 

[wolf]

Some "enthusiasts" consider mining profitable if it covers power bill

I sort of fit there at a point in time. I bought an RTX3080 day 1 to game on, also it happens that it was good at mining ETH, so I set about mining while my solar power was cranking as it cost me virtually nothing, and I already owned the hardware I had bought regardless of mining to game with.

Am I glad ETH went proof of stake? Fuck yes. I want a new gen GPU this year, and I'm convinced, to some degree at least, this will help.

 

[Blaylock]

As we see the difficulty rise with the smaller coins, it's inevitable, we will see two main approaches from miners. The large and medium operations will begin mining solo hoping to find blocks and the full payout. Smaller scale miners like myself with only a handful of GPUs will likely move to a multi-pool like Nicehash or other that simply pays out in bitcoin and the pool admins determine what they mine. This was the case around 2017 (IIRC) when LTC was the #2 coin and tanked. Ironically, this was also about the time ETH and ETC forked.

This is just my opinion and therefore, not a fact. But to rejoice and declare GPU mining as "dead" is simply wishful thinking for most and false news to all who know better.

 

[Chaitanya]

Something tells me GPU prices ain't gonna budge anyways.

Price fixing through controlled flow incoming.

 

[TheDeeGee]

There is gonna be zero crash in GPU prices.

Nvidia and AMD can no longer sell pallets of GPUs directly to miners, so they have to keep the price high to reach their yearly profits.

 

[Dristun]

The whole point of Ethereum is gone now, the whole project looks so stupid now, just made lives of people miserable.

Sir, are you a miner?

 

[pcminirace]

HURRA

 

[TheinsanegamerN]

Something tells me it won't go how the OP suggests.

Coin Mining has died three times already but here we are.

Yeah, last time bitcoin GPU mining dies ethereum was the result. Something new will replace ethereum, its the nature of the beast.