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

stake: 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 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 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 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.

article avatarAlfred Solomon

HR

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

For me, Miners should choose less-known projects so they can be mine efficiently and sustain and achieve the proof of stake. This will be a big help not only for them but also to the growth of ETH.

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

Yes it is. not all miners are proper equipped with a machine so they just prefer the GPU one

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

No, I'm not a miner tho but having their own hardware will help them to mine continuously and consistent It will also help to reduce the breakdown of GPU's in case

article avatarMuhammad Irfan

Crypto enthusiast

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

I think they will do new mining which is more efficient and environmentally friendly and energy efficient, because we know GPU mining machines require a lot of electrical energy

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

yes, because more and more miners eat mining speed will increase fast, otherwise too many miners will be slow

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

really not worth it, because we need a GPU mining machine tool to get a coin, so you must have a GPU, if you not have hardware you can use phone for farming or stake

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.

article avatarLim Chin Hwa

Owner

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

Miners might switch to more environment friendly mining method, which consume less electricity and reduce the carbon footprint impacts. In addition, with the introduction of ESG, it will encourage miners to use the friendly method and reduce the environment impacts while dig the profits.

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

it depends on the efficiency of the mining projects

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

It's worth to become a miner as it help to prove the transaction and minimize the traffic by confirming the transaction. However, if without any hardware, it's difficult for a miner to conduct the solo mining themselves and require the dependent from the other sources, for example, pool or stake sources.

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

Experience Experty at its fullest

Join to unleash the power of crypto wisdom and never feel FOMO again.

Sign up