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

project: 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 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 avatarCryptoford _

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 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 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 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 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 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.

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

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