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

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

< Show Wisdom Collection: GPU Miners future after ETH transition to Proof-of-Stakearticle 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 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 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 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.

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

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