Ethereum Switches to Proof of Stake, GPU Mining is Dead

[evernessince]

At least they will try, according to Wccftech:

Bad News, Gamers: Ethereum Mining Is Not Going Away, Not Yet, at Least

Why are we promoting clickbait here?

No, Ethereum mining is dead. ETHW is an entirely separate coin that is a hard fork of etherium. It's also already crashed 80% in price since it's inception. Miners can dapple their toes in to try and justify keeping those GPUs but I doubt it will amount to anything.

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

The crypto market is young, new options were going to come along regardless.

You are implying here that Bitcoin was replaced by ethereum when in fact Bitcoin is still the number 1 coin by far.

 

[Valantar]

This is honestly fantastic news, though I would be shocked if there aren't already several PoW-based forks out there - just remains to be seen whether any of these gain any traction, if miners move on to other "currencies", or if this bubble has actually properly burst this time.

 

[evernessince]

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

Markets are not single factor machines. Following your logic GPU prices should be continuously going down as the number of GPUs sold has only increased since Nvidia's founding. This ignores production costs, R&D, inflation, and so much more.

 

[Valantar]

You are implying here that Bitcoin was replaced by ethereum when in fact Bitcoin is still the number 1 coin by far.

It was replaced by Ethereum as a way of printing make-believe money by burning electricity with GPUs (as opposed to dedicated ASICs). Other than that it's all the same nonsense.

 

[64K]

Ethereum is down another $100 in trading today.

 

[Reknilador]

When prices were going up they found a hundred excuses, now things are stabilizing and prices still aren't going down, I really don't plan on giving 450 euros for a 2 year old 3060, not to mention anything above it... I sure hope it normalizes but I'm extremely skeptical.

 

[Easo]

3080 still costs on average 1k EUR in Latvia. Wake me up when this actually means anything in the real world. I refuse to believe everyone is just going to let the juicy prices go and fall down when gamers are buying cards regardless.

 

[Haile Selassie]

Not sure if this has been asked yet, but why are all the hash rate monitors still showing numbers in excess of 600TH/s?
Like, all of them.

So it is safe to say all of this hashing power figures are rigged?

 

[ModEl4]

Why are we promoting clickbait here?

No, Ethereum mining is dead. ETHW is an entirely separate coin that is a hard fork of etherium. It's also already crashed 80% in price since it's inception. Miners can dapple their toes in to try and justify keeping those GPUs but I doubt it will amount to anything.

I was replying to original post saying that I agree in that a percentage of the miners will certainly try first to find something alternative to keep mining on before just give up and sell.
The title of TPU report is GPU mining is dead, Wccftech report is an alternative view that it helps inform someone to have his own opinion somewhere in-between.

 

[TheoneandonlyMrK]

Why are we promoting clickbait here?

No, Ethereum mining is dead. ETHW is an entirely separate coin that is a hard fork of etherium. It's also already crashed 80% in price since it's inception. Miners can dapple their toes in to try and justify keeping those GPUs but I doubt it will amount to anything.



The crypto market is young, new options were going to come along regardless.

You are implying here that Bitcoin was replaced by ethereum when in fact Bitcoin is still the number 1 coin by far.

He meant replace bitcoin as a GPU mined coin, obviously.

 

[Blaylock]

When prices were going up they found a hundred excuses, now things are stabilizing and prices still aren't going down, I really don't plan on giving 450 euros for a 2 year old 3060, not to mention anything above it... I sure hope it normalizes but I'm extremely skeptical.

Ah, but what about a NEW 3060? Surely you will want one of those. /s

https://videocardz.com/newz/geforce...i-with-gddr6x-memory-to-launch-end-of-october

 

[TheinsanegamerN]

The crypto market is young, new options were going to come along regardless.

Yes, markets full of scams do tend to repopulate until the regulators come knocking.

You are implying here that Bitcoin was replaced by ethereum when in fact Bitcoin is still the number 1 coin by far.

No, I am implying that Bitcoin GPU mining was replaced by Ethereum GPU mining, which is exactly what ended up happening.

You're reading WAY too deep into things.

 

[ymdhis]

Don't expect prices to drop. The previous generations already proved that people are ready to pay $600 for midrange and $1000+ for high end cards.

 

[R-T-B]

RIP

You will not be missed.

It's not dead, just not mined anymore, thank god.

I had read a Dubai based mining firm were switching to Bitcoin mining using GPU because they'll still make some money.

That can't be right. At present diffs, it'd take years to "make" a penny.

Ethereum is still trading for almost $1,600. That's far from the low of around $1,100 back in July. Maybe it just hasn't taken effect in the market yet.

The merge is largely seen as a positive thing in the ethereum community.

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

Sadly it is. But I have doubts about this time.

 

[trparky]

At least they will try, according to Wccftech:

Bad News, Gamers: Ethereum Mining Is Not Going Away, Not Yet, at Least

If that's not proof that this crap is the digital equivalent of Monopoly Money, I don't know what will.

 

[xtreemchaos]

good news for the planet.

 

[the54thvoid]

That can't be right. At present diffs, it'd take years to "make" a penny.

Prima Technologies from Dubai said this:

"It's tough, as no other Proof of Work currencies are as profitable as Ethereum," spokesman Ammar Lashkari said. "We're going to keep some of our Ethereum computers and start mining alternative coins but it will not be the same, so we're going to slowly diversify into Bitcoin mining."

Though I perhaps wrongly inferred from the source it would be GPU mining. Likely ASIC as it's BTC.

 

[Valantar]

Though I perhaps wrongly inferred from the source it would be GPU mining. Likely ASIC as it's BTC.

That probably just means "yeah, we're going to be focusing on buying ASIC miners rather than GPUs going forward".

 

[AusWolf]

Seriously, miners are the bad guys only from power expenditure and GPU hoarding sense. Miners don't create schemes.

No they don't. They just suck on them and brag about it. Power expenditure and GPU hoarding is bad enough as it is, but they keep wearing their "I'm not the bad guy" T-shirts to fool people into their dubious beliefs. They are the vegans of the PC-enthusiast community, one might say.

 

[GreiverBlade]

good news...

oh well my RX 6700 XT was cheap (well cheaper than reference MSRP for a custom card is indeed cheap), bonus point : not an ex miner card (yeah yeah i know, some miner have a conscience and do not overwork the card while being in a overheated farm )

edit, little joke .... "from Prisoner of War (PoW) to Piece of Sh!t (PoS)" is actually fitting for Cryptos (not to be taken seriously, if you don't hate Cryptos )

 

[R-T-B]

If that's not proof that this crap is the digital equivalent of Monopoly Money, I don't know what will.

I told everyone they will try to invent a new coin.

But without investors, I don't see it panning out. It will be as you say, literal "monopoly money."

 

[qubit]

Thank f* for this, took long enough. I hope we start to get back to semi-sane card pricing within the next year and Brexit Blighty doesn't go into economic meltdown. I would really like to buy a very top end graphics card once again. The last one was the 780 Ti waaay back in 2014, far too long ago. It felt awesome and I want that feeling back again.

 

[mechtech]

Finally I can buy cheap 4090.

LOL BAHAHAHAHA

 

[Iain Saturn]

Wait….electricity to be reduced 0.2%

I guess every little but helps….but….yikes.

 

[AusWolf]

Thank f* for this, took long enough. I hope we start to get back to semi-sane card pricing within the next year and Brexit Blighty doesn't go into economic meltdown. I would really like to buy a very top end graphics card once again. The last one was the 780 Ti waaay back in 2014, far too long ago. It felt awesome and I want that feeling back again.

Same here. Although, even if prices don't hold me back from buying one anymore, I'm afraid power consumption and heat will.