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

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

< Show Wisdom Collection: GPU Miners future after ETH transition to Proof-of-Stakearticle avatarRommel Daguio

Programmer

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

I think miners would choose another less know project, we all know that less known project is an opportunity for us to mine more when it's value is not that high. Transferring to a proof-of-stake consensus mechanism will eliminate mining rewards and the "burn rate" may surpass the rate at which new coins are issued. When Ethereum replaces proof-of-work with proof-of-stake, there will be added complexity of shard chains. The proof of stake transition will end Ethereum's mining process once activated. This means that the Ethereum mining industry will become irrelevant once the protocol migrates to a proof of stake model. This transaction will potentially lower the network's energy consumption by 99%.

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

I think mining projects will still remain strong.

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

Being a miner, you must have a hardware, but I'm not telling that you need a hardware to start mining. Different types of cryptocurrencies may require different types of hardware for best mining results. But for cryptocurrencies without dedicated hardware, such as Ethereum, Zcash and Bitcoin Gold, graphics processing units (GPUs) are good enough to process the transactions. Having too many hardware can cost more electricity usage unless you have your own solar powered mining. Electricity usage and electric bills on different countries are too high, so i think it's not recommended or it is not worth it to have a hardware if you're in a country with high fees on electricity.

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 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 avatarAbdulla Khussan

Telegram Group Moderator

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

About 50% or more of the Miners will probably start mining other coins which is known and has a good enough block reward or completely stop, while some will move to Proof-Of-Stake coins and sell their mining rigs if the most profitable Proof-Of-Work coin doesn't give a good ROI.

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?

No there is no point being a miner if we don't have the hardware. If a mining rig is not profitable there is no point to waste electricity in hopes of eventually making it to a bullrun if you don't have free electricity (with renewable energy)

article avatarAhesanul Alam

Graphics Designer

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

I guess by time miners who are desperate to make money through mining will continue mining whether that is BTC ETH or any other less-known coins/projects. As proof of stake is more efficient, energy saving and more environment friendly some miners would probably abandon mining as the future of mining somewhat gets less known because of the characteristics of mining is to use more power. In this world energy is limited. So if somewhat miners be able to find ways to mine through renewable energy they can kick on with their rigs. I don't see miners abandon the GPU mining, at least for the short run.

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

Yes that would actually affect the value of GPU mining projects but I guess that wil be a matter of time for Projects gain value overtime as soon as they loss miners.

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

No its not worth being a miner if you don't have any hardware. As mining hardware eg. Graphics Card are expensive. People with some sort of least good enough Cards can make a few bucks here and there. So the fact is that with a least powerful hardware its quite hard to make some bucks let alone mining without a hardware.

article avatarFuad Sahin

Cyber Security, Blockchain and 3D Printing

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

They have 3 options which I will mention and decreasing likelihood. However, I expect them to either: 1. Chose other projects 2. Sell there equipment (and start staking) 3. a combination of both The best solutions will depend on the miners situation and knowledge.

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

Very likely in the short- to medium-term.

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

If you can get mining equipment e.g. for BTC and fuel it with suistainable energy, the premium can be quite profitable. Else you should consider staking your capital rather than mining.

article avatarKen Smith

Enthusiastic

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

Transition for some of them will be somewhat feasible. There is a lot of competition in GPU Miners projects, maybe they won't be able to monetize as much as they once did with ETH but they will be able to swing it and stay in the game. Although there are already people who have some earnings with what they got from being a Miner for such a long journey. You can easily retire and dedicate yourself to Trader with good weight or just enjoy life. The truth is that it's up to each person. I would choose to diversify that profit into short, medium and long term projects.

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

Supply and Demand. If ETH transitions to Proof-of-Stake, yes it will affect because there is a lot of demand for ETH but always one product supplants another so I think it's relative. There will come a time when the loss will be exponential but like everything that goes down, it goes up. At some point that loss will be established in another successful project that requires that GPU Miner.

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

It depends on many factors but there are already systems where you can mine just by having an antenna, receive a signal and have a device in your house that does not waste energy or pollute so it depends on the point at which we see it. If we put BTC and ETH, yes, it's worth it when you earn but there are a lot of expenses to maintain. It's like when you're single and you make a certain amount of money and then before long you get a wife, you get married, you have kids. The priority and responsibility changes. You must maintain a home and somehow forge and shape a financial future for your children. Before it was just for you. Something like that happens with the Minaje. It is not the same but we are talking about something similar.

article avatarMuhammad Irfan

Crypto enthusiast

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

I think they will do new mining which is more efficient and environmentally friendly and energy efficient, because we know GPU mining machines require a lot of electrical energy

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

yes, because more and more miners eat mining speed will increase fast, otherwise too many miners will be slow

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

really not worth it, because we need a GPU mining machine tool to get a coin, so you must have a GPU, if you not have hardware you can use phone for farming or stake

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.

article avatarJacob Reitman

student or something

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

I doubt miners would abandon GPU mining. They already have the hardware for it. They would most likely switch to mining Bitcoin or Altcoins while they staked any ETH that they might have mined already.

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

unlikely

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

Without hardware, the rewards you can get from mining are minimal and probably dwarfed by the energy cost of doing the mining. People without mining hardware are better off investing in a currency they can stake.

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

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