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

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.

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!

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.

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.

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.

cook

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

When the current PoW chain "merges" into the PoS chain and kicks off Ethereum 2.0 in earnest, which could be before the end of the year, according to Ethereum core developer Tim Beiko, mining is effectively turned off. Beiko told Decrypt, "Miners should aim to break even before then."

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?

Unless you have a large number of GPUs to put to work, you’ll probably still want to join a mining pool. They’ll take a fee, but often that is only 1 percent. In exchange, you get a share of the proceeds from a large number of miners, rather than relying on your own probably meager chance of mining an entire coin on your own.

RETIRED CONSULTANT IN LOCAL FINANCE

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

The ETH transition from POW to POS will especially benefit to the users thanks to the new mechanism introduced lately which will allow the burning of ETH and a drastic reduction in the fees that go to the miners. The miners will have to adapt to this new configuration and choose another less-known project.

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

The loss of so many miners will undoubtedly affect the value of GPU mining projects.

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

The mining industry and technology will not stop improving. The best example is the hashgrah and it is still worth being a miner even though we don't have any hardware, because the miner's revenue will be generated differently and not stop.

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