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

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

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

Algorithm creator, coder, 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 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.

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

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