Ethereum Switches to Proof of Stake, GPU Mining is Dead

[evernessince]

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

As he himself has told me. The snark is unnecessary.

 

[qubit]

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

Yeah, the technical issues with the latest cards can't be ignored.

 

[Jism]

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%.

Bitcoin on a GPU is hopeless. Asics beat it day and night. One good asic miner is stronger then 12 GPU's on their own.

It should just be put to an end really. Earth is warming up and ethereum just bonks tons of electricity over the greed of others.

 

[trparky]

It should just be put to an end really. Earth is warming up and Ethereum just bonks tons of electricity over the greed of others.

At this point with how we have obvious climate change, Ethereum miners need to be labeled as what they are, contributors to the destruction of this planet.

 

[ThrashZone]

Hi,
Next hypecoin just around the corner just have to wait for it

 

[trparky]

Hi,
Next hypecoin just around the corner just have to wait for it

Did you really have to say it?

 

[ThrashZone]

Did you really have to say it?

Hi,
Musk will say it loud and proud for us.

 

[btarunr]

Hi,
Next hypecoin just around the corner just have to wait for it

Those who make big money with crypto-currencies usually have nothing to do with mining them.

 

[1d10t]

ETH is dead, but now they switch tto ETH "Classic", that investment has to paid somehow.

 

[R-T-B]

At this point with how we have obvious climate change, Ethereum miners need to be labeled as what they are, contributors to the destruction of this planet.

There are exactly zero ethereum miners remaining if you missed the headline. I say kudos to the ethereum devs for making good on their promise, albeit a bit late.

Maybe you mean PoW mining in general.

ETH is dead, but now they switch tto ETH "Classic", that investment has to paid somehow.

There's next to no profitability there, thank goodness.

Hi,
Next hypecoin just around the corner just have to wait for it

I really doubt any big future long-lived coins are going to be PoW but I could be wrong.

 

[phill]

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.

I like to hope its not but having the hardware here to play with I tend to just to do whatever with it As long as its not going to damage or kill anything I own that is

 

[TheoneandonlyMrK]

Bitcoin on a GPU is hopeless. Asics beat it day and night. One good asic miner is stronger then 12 GPU's on their own.

It should just be put to an end really. Earth is warming up and ethereum just bonks tons of electricity over the greed of others.

Not any more?! That's the point of POS.


Also should gaming not be banned, and should we stop research et al , those super computers use Megawatts of power, and the earth, think of the bunnies.

F£#@ the bunnies, this isn't green world today it's Tpu.

 

[Chrispy_]

I'm hoping that ETH on Proof-of-Stake overtakes Bitcoin at some point.

For cryptocurrency to have a real future, it needs to not be a massive drain on global compute resources and energy generation.

As for the mining boom and bust affecting GPU availability - I'm indifferent to it. Yes, we've had GPU scalping for a couple of years, but now we get to reap all the discount Ampere cards that are going to be on fire-sale soon. Remember, 2019 was the year of the $99 RX570, selling millions of units at a loss just to shift unsold inventory.

 

[trparky]

Also should gaming not be banned, and should we stop research et al , those super computers use Megawatts of power, and the earth, think of the bunnies.

Gaming is entertainment, which we all need sometimes; no, don't ban that. Super computers may use megawatts of power but many of them contribute to the actual betterment of all mankind, be it predicting and forecasting the weather, working on medical cures, etc. and not just benefiting a few greedy sons of bitches that ultimately are already rich as fuck or those in organized crime or malware.

Remember, 2019 was the year of the $99 RX570, selling millions of units at a loss just to shift unsold inventory.

Good. I want to see those days again. I want a high-end card without high-end prices.

 

[TheoneandonlyMrK]

Gaming is entertainment, which we all need sometimes; no, don't ban that. Super computers may use megawatts of power but many of them contribute to the actual betterment of all mankind, be it predicting and forecasting the weather, working on medical cures, etc. and not just benefiting a few greedy sons of bitches that ultimately are already rich as fuck or those in organized crime or malware.


Good. I want to see those days again. I want a high-end card without high-end prices.

Fair enough I should have added a ,it was sarcasm.

Are you not being ironic calling miner's, criminals et al and greedy, yet wanting high end GPU's sold to you for peanut's.

I don't mind paying a fair price in this capitalist world personally, just has to be reasonable.

And few miner's were actually the type you mentioned, most didn't even specially buy hardware for it, just used what they had.
As for gaming being more valid than mining, possibly it is but that could be debated for sure.

 

[AusWolf]

Fair enough I should have added a ,it was sarcasm.

Are you not being ironic calling miner's, criminals et al and greedy, yet wanting high end GPU's sold to you for peanut's.

I don't mind paying a fair price in this capitalist world personally, just has to be reasonable.

And few miner's were actually the type you mentioned, most didn't even specially buy hardware for it, just used what they had.
As for gaming being more valid than mining, possibly it is but that could be debated for sure.

Let's be honest, mining came with the promise of getting rich with zero work, which many idiots people fell for. Nothing comes from nothing (1st law of thermodynamics, but it applies to wealth, too). Only those who traded with big amounts got really rich. If you got into the game early and pulled out before the crash, fair enough, but you had to possess some inside knowledge, or just be extremely lucky for that. That's why I agree with those who say that crypto is nothing more than a (so far) legal money laundering service.

 

[TheoneandonlyMrK]

Let's be honest, mining came with the promise of getting rich with zero work, which many idiots people fell for. Nothing comes from nothing (1st law of thermodynamics, but it applies to wealth, too). Only those who traded with big amounts got really rich. If you got into the game early and pulled out before the crash, fair enough, but you had to possess some inside knowledge, or just be extremely lucky for that. That's why I agree with those who say that crypto is nothing more than a (so far) legal money laundering service.

It's not for nothing, theirs a power and material cost.
I agree that 98% of coins are as you say, there are a few I see potential in and the tech has a future.
Your options shared by many, as is mine.
I think, like fiat, it could take a long time to get it in to a more effective, useful tech.

 

[trparky]

That's why I agree with those who say that crypto is nothing more than a (so far) legal money laundering service.

It's more like a Ponzi scheme.

According to Wikipedia, a Ponzi scheme is defined as...

A Ponzi scheme is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors.
(Source)

If we are to go by that definition, then yes... cryptocurrency is in fact, a Ponzi scheme. When people buy crypto coins, they put real world money into the pot be it US Dollars or whatever currency is being used in your particular nation. Later, when someone else sells their crypto coins, that money that came from more recent people who bought crypto coins, goes to fund the payment to give the real-world money back to the person who sold the crypto coins. But what happens when there's not enough real-world money to pay the people who sold their crypto coins? Uh-huh, you got it; they get left holding the bag just like what happens when a Ponzi scheme fails.

 

[AusWolf]

It's more like a Ponzi scheme.

According to Wikipedia, a Ponzi scheme is defined as...


If we are to go by that definition, then yes... cryptocurrency is in fact, a Ponzi scheme. When people buy crypto coins, they put real world money into the pot be it US Dollars or whatever currency is being used in your particular nation. Later, when someone else sells their crypto coins, that money that came from more recent people who bought crypto coins, goes to fund the payment to give the real-world money back to the person who sold the crypto coins. But what happens when there's not enough real-world money to pay the people who sold their crypto coins? Uh-huh, you got it; they get left holding the bag just like what happens when a Ponzi scheme fails.

I know exactly what happens. One of my best friends invested £10k in dogecoin only to wake up the next morning and see that he slept over the crash and now his coins were worth £200.

 

[trparky]

I know exactly what happens. One of my best friends invested £10k in dogecoin only to wake up the next morning and see that he slept over the crash and now his coins were worth £200.

Ouch.

 

[R-T-B]

If we are to go by that definition, then yes... cryptocurrency is in fact, a Ponzi scheme.

I mean if you stretch the definition that much then many stocks also are ponzi schemes, mainly the ones yet to pay out dividends.

It's a bit more complex than that, which is why it hasn't been immediately outlawed. That's not to say Proof of Work mining has not done harm, it has, but... hopefully we're crossing the end of that road.

The key part that's missing in making it a ponzi scheme is the fraud. There is no fraud in crypto inherently, just overeager investors without knowledge. It's similar to the kid who trades three pennies for a dime... the kid who lost his dime for 3 cents wasn't defrauded, the deal was honest, he got what he asked for. He just had no idea wtf he was doing, and paid for that.

 

[TranceHead]

ETH is not the only GPU mined coin. ZEC and some of the bitcoin forks (mainly btc cash and gold) immediately come to mind. ETH will take a huge chunk out of GPU mining community down though, so it's still a positive.

 

[Valantar]

I mean if you stretch the definition that much then many stocks also are ponzi schemes, mainly the ones yet to pay out dividends.

IMO, that is a pretty fair argument to make. Stock markets have long since been transformed from their idealized version (if that version ever existed) of allowing for people with spare money to invest into businesses they see as viable in order to support said business and help it grow, and has abstracted itself into a system mainly used for gambling/speculation by the hyper-rich - ideally using other people's money. (That many politicians and economists see the stock market as a bellwether for "the economy" is doubly perverse in light of this utter removal of stock value from material and productive value of the company.)

 

[R-T-B]

IMO, that is a pretty fair argument to make. Stock markets have long since been transformed from their idealized version (if that version ever existed) of allowing for people with spare money to invest into businesses they see as viable in order to support said business and help it grow, and has abstracted itself into a system mainly used for gambling/speculation by the hyper-rich - ideally using other people's money. (That many politicians and economists see the stock market as a bellwether for "the economy" is doubly perverse in light of this utter removal of stock value from material and productive value of the company.)

It may be a fair summary in the eyes of the average man, but legally it's different is my point.

ZEC and some of the bitcoin forks (mainly btc cash and gold) immediately come to mind.

All those are ASIC mined by now AFAIK. Unless something changed. ZEC was certainly a nogo when I last messed with it.

 

[Valantar]

It may be a fair summary in the eyes of the average man, but legally it's different is my point.

That may be true, but given that laws explicitly represent hegemonic interests, it's hardly surprising in our late-stage capitalist world that laws are geared towards preserving and increasing the power of the wealthy rather than any attempt at creating an actually well functioning society. Thankfully, laws can be changed.