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

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

Cryptocurrency mining has grown in popularity in the last few years. As Google Trends shows, the “crypto mining” phrase gets more and more interest.
E-commerce sites are stuffed with offers of ready-made excavators. Graphics cards prices have increased dramatically, and the computer games market blames cryptocurrency lovers for the lack of hardware on the market.
The ETH Triple Halving and transition of ETH from Proof-of-Work to Proof-of-Stake means that many miners will have to change the project in which they have been extracting their tokens using graphics cards so far.

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We have asked 2925 Experty community members questions related to "GPU Miners future after ETH transition to Proof-of-Stake". We have received many valuable replies, the best ones (based on Experty community feedback) you can read below.

article 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 avatarP Pelikan

Senior Embedded Developer

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

Most of small miners will abandon GPU mining and sell their GPUs to gaming community. Big mining farms will start mining other blockchains and simply invest in more useful miners.

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

Not necessarily.

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

Lack of hardware means, that cloud services are necessary, despite the mining algorithm. Proof of stake requires a computer similarly to Proof of work. Is it worth it? Of course it is.

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 avatarAdedamola Adeyemi

Laboratory technologist

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

Well, I think the miners would have to do more of staking their coins in order to earn from the Ethereum network after the total Ethereum transition. Another option is to go for other projects that are still mineable and highly rewarding.

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

Yes, but the loss of so many miner would probably lead to an increase in value of GPU mining projects due to the scarcity of miner.

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

Yes, as long as there is a reward for your time. We have many coins out there that doesn't require an hardware to mine. All you might need, may just be a PC or mobile device, internet connection and software. So, you might be miner and not have any hardware, it's possible.

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 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 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 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 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 avatarStanford Biokoro

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 avatarJustin More

Scaffold

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

Miners will migrate the the next valuable token once transition is completed. They already have the mining rigs so migrating is the best possible idea to continue to earn passive income.

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

Yes, it was congest the network, causing a spike in gas fees

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

Currently possibly not. The price of mining equipment is very high. People are paying almost double MSRP for gpu and cpu. The price increase greatness your ROI date causing people to believe it’s not worth it.

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 avatarBankole Oluwamayowa

Web developer

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

Considering the financial, mental, human investment that has been invested in GPU mining, abandoning the GPU mining is not the best solution to the Ethereum transition from the proof of work to proof of stake. Rather, working with another less known project will be a better option.

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?

Well, it is a NO from me. Being a miner takes a little effort with huge fund. But it is very an interesting thing and of course high paying. One major challenge over the time is that miners painstakingly ensure there is no duplication of the coin that is being mined. Definitely the inclusion of an hardware will help solve this major problem of duplication.

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 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 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 avatarHabibu Abdullahi

Developer Associate

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

Choosing another, the less-known project will be a good choice. Although the migration process is a very long journey and Ethereum is still can be mine using GPU

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?

It depends on the project, I tried to mine using hired GPUs and it was not profitable at all. Then I asked the person who rented the miner for me. His advice was I should mine a project that has potentials and less hash-rate difficulty, and when it start selling to market I can easily take my profits

article avatarFuad Sahinović Sahinovic

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 avatarAthanasios Sarigiannidis

chem. engineer,trader,investor

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

Miners is a special kind of people in this cryptographic community. they are pioneers is a way. they know how to overcome problems with hardware , how to adapt to power consumption and every last detail of their job. miners will switch to another projects eventually and will harden other chains with their increasing mining power. some chains will get stronger and others will have to adapt to miners for their network to be attractive. the balance will be found no matter what. being a miner is not easy and I don't expect them having vital obstacles. everything will be fine, there are hundreds of chains that will utilize the miners after proof of stake era for Ethereum.

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

it will be affected but let's not forget that blockchain tech is a field that scales faster than internet. all that is in imbalance it will stay short lived. balance will be found.

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

the best mining is the mining that requires the least amount of computing power. that's why proof of stake and other models will thrive in future while BTC keeps the security on another level. everything has its on role and by so every miner will find what fits him and his equipment.

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 avatarKhelif Youcef

Commercial

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

There are a lot of other chains that support GPU-based mining, so miners could simply choose to start mining other cryptocurrencies.They could also decide to just shut down mining operations entirely and sell their mining equipment. Beiko expects to see a lot of that.

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

Maybe

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

No. Because Mining rewards are paid to the miner who discovers a solution to a complex hashing puzzle first, and the probability that a participant will be the one to discover the solution is related to the portion of the total mining power on the network.You need either a GPU or an application-specific integrated circuit in order to set up a mining rig.

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 avatarMujeeb Zakarryau

UI UX DESIGNER

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

Once Ethereum merges with the Ethereum 2.0 Beacon Chain, mining on the network will become obsolete. For miners, there will be no block subsidies, no transaction fees and certainly no miner extractable value (MEV). Revenue from transaction fees and MEV will instead be awarded to users who contribute to network security by staking their coin holdings

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?

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 BitcoinGold, graphics processing units (GPUs) are good enough to process the transactions.

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

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 avatarNathan Shillingford

Investment Consultant

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

I feel that at some point they will have to abandon GPU and some how implement Quantum Computers process. This is due to high rate of information that is currently being generated but also how complex it’s becoming. I think it would be called Quantum Mining, which is the way forward

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?

Yeah, but it means that miners will have to evolve to what I’m calling Quantum Mining, which I believe is the way forward, however might work out to be quite expensive and on reflection not sustainable for the miner.

article avatarMatthew Legg

CEO of Hashing Futures Limited Partnership, Mechanical Engineer

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

Well miners will have to choose to either sell there hardware if they have already covered all costs incurred or switch the a different algorithm to earn and support a different network. By selling the equipment, the market will become over saturated with GPU's and the price for them will fall dramatically. Plus the GPU's will be for all intensive purposes, overused which will further decrease their value. It basically comes down to if they can find a different project that they can still be profitable on after electricity costs. Passive income is passive income, but no one enjoys being in the hole.

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

You are assuming that the industry is going to lose a lot of miners. You should not do this, The industry may not lose any at all.

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

Well to be a miner you have to have hardware. Proof of stake does not constitute you to be a miner, at that point you're just a holder and you're putting your assets basically into what is equivalent to a CD with an interest rate.

article avatarLim Chin Hwa

Owner

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

Miners might switch to more environment friendly mining method, which consume less electricity and reduce the carbon footprint impacts. In addition, with the introduction of ESG, it will encourage miners to use the friendly method and reduce the environment impacts while dig the profits.

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

it depends on the efficiency of the mining projects

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

It's worth to become a miner as it help to prove the transaction and minimize the traffic by confirming the transaction. However, if without any hardware, it's difficult for a miner to conduct the solo mining themselves and require the dependent from the other sources, for example, pool or stake sources.

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 avatarMiyaow Store

Student

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

Looking for the best solution and thinking about the impact of what the miners are doing on the environment and also the impact on the economy

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, because mining requires a lot of hardware and is also efficient for smooth mining processes, And it's quite important for smooth mining

Summary

There is an update to Ethereum which will not allow graphics cards to mine Ethereum anymore. Validators will face many issues with their mining performance. According to Experty users' comments listed above in this article, this change means that the number of miners in the network could decrease, this probably would cause the value of GPU mining projects to go down. Some of the mining pools would choose other projects to use their hardware to solve the math problems to validate transactions. Anyway, the mining difficulty will rise, so the conclusion is - mining will still be profitable but not as profitable as before.
If you don't have the hardware, it's not worth trying to get into the mining as there will be no gains to make, and also your power bill costs are too high to make this a viable project. If you'd choose cloud solutions, they may turn unprofitable in the long run.
Investing in cryptocurrency could bring a return through staking and there are even more potential gains with this option.

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

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