crypto: GPU Miners future after ETH transition to Proof-of-Stake

crypto: GPU Miners future after ETH transition to Proof-of-Stake

< Show Wisdom Collection: GPU Miners future after ETH transition to Proof-of-Stakearticle avatarYudha Eka Saputra

Web Developer

What would miners do after the transition? Choose another, less-known project or abandon the GPU mining?

In my opinion, the GPU miners (ETH miners) have 2 option after ETH move to PoS. 1. ETH miners can mine other crypto currency such BTC, LTC, DASH, etc. 2. ETH miners can move to become Ethereum node validator. More efficient, clean and cheaper than mining. 3. Become ETH stakers. It can help secure the ETH network.

Will the loss of so many miners affect the value of GPU mining projects?

Not at all, because many project still use PoW to maintain the network, and the miners still can mine Crypto.

Is it worth being a miner if we don't have any hardware? Why?

Of course not, because for mining Crypto need at least 1 hardware like ASIC or GPU to mine crypto. You can rent hashpower on Miningrigrentals or Nicehash but the cost is more than the profit you get. It is based on my experience.

article avatarFrederico de Abreu

Research and Development

What would miners do after the transition? Choose another, less-known project or abandon the GPU mining?

For the miner that used GPU setups solely to mine Ethereum, two options pop into mind. -One is the sale of all the graphics cards they own to get the most funds out of the operation, making this way, if not already, even with the initial funds invested on the rig. -The second would be exploring the crypto space to encounter the next best PoW currency that is optimal with a GPU, something like Monero, Ravencoin, or even Bitcoin Gold that is easily minable on a GPU card instead of ASIC miners. -A third option arises, where one could mine other cryptos that are easy to get profit out of it while waiting for replies from suitable buyers showing interest in the Graphics Card. In the end, the options available to miners with a surplus of Graphics cards are optimal. Leaving GPU mining overnight is a waste of progress made so far in the history of crypto mining. There are still a few good coins with practical use cases and functionalities that might please a broad range of adopters and users in the near future!

Will the loss of so many miners affect the value of GPU mining projects?

No, due to the fact that projects that are viable and worth do not depend on the popularity of GPU mining but instead its valued on the overall functionality and purpose of projects...

Is it worth being a miner if we don't have any hardware? Why?

Yes and no! There are still a few coins that one can mine and discover only for the educational side. One learns first hand how a simple command-line gets typed in containing pool info, user ID, address that the crypto minted in the process is safely sent to. On the other hand, there are still one or two companies that provide the option of mining by renting out their equipment. They are known as Cloud Mining Farms. Renting out Mh´s or GH´s will get you an equivalent of the computing power of the machine/s undergoes to mine a block. You may expect Electricity and Maintenance fees, but rest assure that you will break even at the end of the contract if you have the needed amount of computational power that the cryptocurrency you are mining needs at the current level of difficulty. Cloud Mining Farms uses 1 to 2-year terms contracts and in most Bitcoin Mining Contracts you will find a lifetime option, allowing you, a way to add more GH/s EH/s to your overall cloud mining contract. If besides not having any hardware, the user does not have a safe form of access the internet, make payments, and receive, then that is the absolute case that I would have to say: -It´s not worth it! Other than that I will have to give a full-blown up YES, even if just for the fun or educational side of it, it may appreciate on value over the length of time!

article avatarE Rock

Author

What would miners do after the transition? Choose another, less-known project or abandon the GPU mining?

Instead of abandoning their passion for GPU mining, miners need to have diversified interests and back-up plans. At least for now. In this wild-west landscape of crypto world, you don’t know what is around the next corner. Just like any business person, you need to be able to diversify, and diversify quickly.

Will the loss of so many miners affect the value of GPU mining projects?

No. There will always be someone to cash in. The loss of so many miners could create a monopoly.

Is it worth being a miner if we don't have any hardware? Why?

Mining is all about the endgame. Miners have knowledge and experience. Just because something is not profitable today does not mean that it won’t be profitable in the future. The game is constantly changing, and you can’t win if you don’t play.

article avatarAhmad Muadib

eg.agricultural

What would miners do after the transition? Choose another, less-known project or abandon the GPU mining?

If I were a miner, maybe I should first observe the state of the market, whether he is doing well or is he declining, if the rotation is decreasing or the price is falling, it means that one day it will definitely go up, you can say momentum every 4 years, I will keep going. mine if it can still be mined, but when it can't be mined anymore I will look for references to friends maybe? or through the media are there really valid mining sites that can be followed. In my opinion, trying to mine on sites or mining sites that are not yet valid is very risky, because when the project only wants to withdraw capital from us or can be said to deceive us, then all the results we have collected so far will be exhausted, and if there is indeed a mining project Another good one is highly recommended and has been verified, so that's when I will move to mine there. A miner is someone who patiently collects from very small results until they can be harvested. they are the type of people who are very selective in the selection of a mining project. especially for miners with large capital and equipment they will think again and again to finance themselves to prepare carefully to participate in mining projects.

Will the loss of so many miners affect the value of GPU mining projects?

that's very true, the gpu that could previously be used as a mining tool if many mining projects go out of business then the gpu gpu will automatically be neglected, unless someone can switch the use of the gpu to another project, for example to play games that generate crypto, I think a lot of big investors will hire people for that. and automatically gpu prices may be more stable. but for now I have not found such a project.

Is it worth being a miner if we don't have any hardware? Why?

actually it's worth it, considering that there are several types of laptops with high specifications that can also be used for mining, even some smart cell phone models can do or be used for mining regardless of the low yield or minimal GHz speed, but there are also It's a mining site that uses a referral system, the more we invite and follow our referral code, we will automatically get the GHz or our mining speed added. for example in the cryptotab mining project, many of my friends have laptops with great specifications to mine on the project, only the name is software, there must be weaknesses, because the miner must be in a position to turn on the device, which over time will heat up and even damage the laptop If we don't add an external cooler, the battery will also be very wasteful or corrode because it is often lit. maybe the weakness is there. In the end, in my opinion, if we use software, the results we get from mining are sufficient for our operations, so we continue to do it, but if the mining results are only balanced or even below the operational capital costs, it is better for us to stop doing that.

article avatarnoe tsertsvadze

Mechanic

What would miners do after the transition? Choose another, less-known project or abandon the GPU mining?

Blockchain evangelists are increasingly exploring more eco-friendly alternatives to GPU mining for reducing the carbon footprint to the entire global ecosystem. The Brooklyn Microgrid (BMG) is a community-driven, peer-to-peer localized energy marketplace that uses blockchain technology to create a microgrid ecosystem. Utilizing Bitcoin mining to convert waste gas, a byproduct or side effect of oil and gas operations (gas flaring), into cryptocurrencies. Due to the somewhat-portable usage of mining rigs, companies are working with the oil and gas industries to capture and turn these waste energy sources into profitable cryptocurrencies.

Will the loss of so many miners affect the value of GPU mining projects?

If everyone stopped mining, i.e. there were no mining hash-power, the result would be: An increase in the price of bitcoin, since the supply would be zero. Since the sender pays the transaction fee to the miner, the already-mined blocks will not be affected. This will save a lot of electricity.

Is it worth being a miner if we don't have any hardware? Why?

In my opinion it is not worth it because,the primary draw for many mining is the prospect of being rewarded with Bitcoin. That said, you certainly don't have to be a miner to own cryptocurrency tokens. You can also buy cryptocurrencies using fiat currency; you can trade it on an exchange like Bitstamp using another crypto (as an example, using Ethereum or NEO to buy Bitcoin); you even can earn it by shopping, publishing blog posts on platforms that pay users in cryptocurrency, or even set up interest-earning crypto accounts.

article avatarCryptoford _

Crypto trader, Decentralized finance market analyst, investor and professional crypto educator.

What would miners do after the transition? Choose another, less-known project or abandon the GPU mining?

What many may fail to remember is that Miners are mainly in to make profits. Hence, most miners would rather prefer any other available means to make a profit, such as looking for a less known project, rather than abandoning GPU mining.

Will the loss of so many miners affect the value of GPU mining projects?

Probably. Remember, the speed of a blockchain network is one factor that influences the value of the project. If there happens to be a sudden short fall in the number of miners, then theoretically speaking, it is more likely that this would affect the network speed, which in turn could affect the value of GPU mining projects.

Is it worth being a miner if we don't have any hardware? Why?

No, Remember, GPUs (Graphical Processing Units) are very important hardware when one is involved in crypto mining. Hence, not having any hardware is like someone without any gas in his car and yet once to begin a long trip. So it's obviously not going to be worth the effort.

article avatarPapa Mbaye TINE

Blockchain Consultant

What would miners do after the transition? Choose another, less-known project or abandon the GPU mining?

Hello, The old version of ETH (before what we call ETH 2.0) was based on PoW (Proof of Work) which need lot of ressources and GPU were adapted to that form of mining. With ETH transition to PoS (Proof of Stake), GPU mining seems to be not required (like what we have in Bitcoin). Actions that can be taken by the miners depend on the current status of ETH miners. In my point of view, they can keep GPU mining to avoid buying less performance HW.

Will the loss of so many miners affect the value of GPU mining projects?

Yes of course, if we loose many miners for sure they will affect GPU mining projects.

Is it worth being a miner if we don't have any hardware? Why?

Hello, For this question, for sure If we haven not the required hardware dedicated to mining, it is not interesting. This vision can differs depending on the type of crypto-currency we mine. If it is PoW consensus like wise Bictoin, better to have dedicated hardware (such as GPU), but for others crypto-currencies using PoS we can mine without having dedicated HW. We can subscribe in ETH mining by using Cloud mining in some startup.

article avatarMasen A

Outfitter

What would miners do after the transition? Choose another, less-known project or abandon the GPU mining?

Abandon gpu mining in search of alternative mining methods that are better for the environment. Because of the harm that running millions of gpus to mine crypto currencies collects so much energy, our reliance on fossil fuels continues. If a more energy efficient way to mine was discovered possible via quantum computing I believe that global climate change could be slowed down as our need for energy decreases which could allow green energy practices to get off of the ground and start replacing coal.

Will the loss of so many miners affect the value of GPU mining projects?

Nope

Is it worth being a miner if we don't have any hardware? Why?

No it is not worth being a miner, the only successful miners are those that harm the earth in such a way that increases climate change. Your average person or small group of people mining will never make any serious money without a global change in currency leaning towards crypto (which I believe will be stopped at every point by most word governments, especially the USA) that will never happen in a way that the average small or part time miner will be able to create great wealth for themselves. Now that is just my opinion on the matter others may disagree but looking at how crypto has been received by the general public and US government, cryptocurrency will never be a countries main currency, therefore crypto currencies are always destined to be worthless it is just a matter of time. In my opinion.

article avatarS Pal

Investor

What would miners do after the transition? Choose another, less-known project or abandon the GPU mining?

After the transition, Mining will have to transition to projects with high enough ROI on the particular rig set up. I think projects with Cryptonight variants and Cuckoo Cycle variants have the most promising future given the necessity of GPU mining rigs for these algorithms. Since the GPU & mining rigs are usually owned outright, abandoning GPU mining does not make economic sense unless the ROI is very low.

Will the loss of so many miners affect the value of GPU mining projects?

Yes

Is it worth being a miner if we don't have any hardware? Why?

Yes. It helps to secure the network. Mining helps generate incremental increase to the increase of the mined coin regardless of the price of the coin. From a long term perspective, if a miner is not worried about the near term economic outlook, mining is a good way to build up a crypto currency portfolio.

article avatarJuan Diego Gomez Peña

UX Researcher and Designer

What would miners do after the transition? Choose another, less-known project or abandon the GPU mining?

Taking out bitcoin, without hesitation Ethereum was, by far, the blockchain-based on PoW that had the best reputation and the most support around the world, but there are other projects that may also interest those who have made investments in a whole mining farm. Projects like bitcoin itself or its predecessors like Litecoin or other projects like Monero or ZCash can become viable options. It is very possible that many enthusiasts (home miners) abandon continuing to mine because the cost of operation and the profits obtained with other projects can be very different.

Will the loss of so many miners affect the value of GPU mining projects?

It is possible that the effect of the loss of all committed hashpower in Ethereum PoW will be negative in the short term. But in the long term, I consider that the existence of other crypto-asset mining options based on Proof-of-Work, suggests that miners may find the destination of their GPUs in other projects.

Is it worth being a miner if we don't have any hardware? Why?

The amount of energy involved in blockchains makes the difficulty of solving mathematical problems much greater for someone who possesses less hardware power. In my opinion, mining is not worth it without the right hardware, as the chances of mining, a new block are minuscule compared to a mining farm that has hundreds or thousands of hash power committed.

This is not a financial advice. Please do your own research and consider the risks of trading cryptocurrencies.

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