Cryptocurrency mining has grown in popularity in the last few years. As Google Trends shows, the “crypto mining” phrase gets more and more interest.
Ecommerce sites are stuffed with offers of readymade 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 ProofofWork to ProofofStake means that many miners will have to change the project in which they have been extracting their tokens using graphics cards so far.
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.
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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.
P PelikanSenior 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.
Frederico de AbreuResearch 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!
Adedamola AdeyemiLaboratory 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.
E RockAuthor
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.
Iwona LekkaSans 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
Rommel DaguioProgrammer
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.
elgierich salubre salubreFrontend 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.
Ahmad Muadibeg.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.
noe tsertsvadzeMechanic
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.
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.