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

eth: 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 avatarIwona Lekka

Sans profession

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

ETH miners will have plenty of options. They generally are mining with GPU and not ASIC which gives them much more flexibility on the use of the computational resource, whether they want to switch to another coin or use GPU for other workloads like AI or remote rendering tasks.

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

Will not affect

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

It is not worth it, it threatens with rapid damage to the equipment. Cryptocurrency mining should take place on professional equipment specially prepared and adapted for this

article avatarelgierich salubre salubre

Frontend Developer

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

Miners should start establishing their funds into the eth 2.0 staking pool. Big miners should then be able to apply for a node validator, if they succeed they can augment the income from abandoned GPUs. Anyway, in the long run, specially with the effectivity of eth burning due to the current ethereum network upgrade, ETH value should be going up in the next couple of months and years so it is just fine. Choosing a less known project could be an option such as ethereum's famous contenders ada, ftm, and more others however, it is best to ride the situation and take advantage of the upcoming upside of ethereum.

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

It would certainly lower the efficiency of some of these projects. Not gradually but proportionately over a brief period of time until a mass transition to Proof of Stake is going to take place.

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

No, absolutely not. The incremental costs you would incur will always overtake the possible income you're expecting to have. So it is not advisable.

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 avatarJames Barcus

IT VP

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

It depends largely on the hardware used. I think most will transition to PoW altcoins or BTC if possible. This only will work until the market is too saturated to pull a profit then the gamers will rejoice in the influx of used GPUs on eBay.

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

I do not think there will be a loss. With others moving from Eth to new projects there will be over saturation, not a shortage.

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

Yes, as long as you can pull a profit. If it takes more units then most likely the larger players will purchase those units from people abandoning mining. No for smaller mining outfits.

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 avatarRafael Turik

crypto trader

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

You have to adapt. Change project. If the yield is insufficient and the profit is low, move on to another project that maintain proof of work. Life is not just ETH. There are endless other good ideas.

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

I believe it will not affect, as always the migration to other projects using the GPU.

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

In my opinion it's not a good way to get high yield. From the research I've done on several sites, cloud mining isn't all that spectacular. Also, there are many scam projects and it is very difficult to know good projects.

article avatar0BTC Life

Crypto enthusiast

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

I don't think that people or companies that currently mine ETH on GPUs will stop altogether. Sure, there will be the small minority that will stop but the majority will just change the coin they mine. Ravencoin is one that comes to mind.It is already GPU mined in masses thanks to the fact that it can be mined with GPUs that have a memory capacity of less than 8GB.

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

Probably in the short term yes, in the long term no.

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

For me personally, no, it is not worth being a miner.But for the big companies, yes. Miners keep the nodes functional and the networks running. My personal opinion is that with the complete transition of ETH from proof-of-work to proof-of-stake, many more altcoins will follow and proof-of-work will become a fringe consensus mecahnism.

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 avatarAlfred Solomon

HR

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

For me, Miners should choose less-known projects so they can be mine efficiently and sustain and achieve the proof of stake. This will be a big help not only for them but also to the growth of ETH.

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

Yes it is. not all miners are proper equipped with a machine so they just prefer the GPU one

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

No, I'm not a miner tho but having their own hardware will help them to mine continuously and consistent It will also help to reduce the breakdown of GPU's in case

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

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