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

value: 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 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 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 avatarMujeeb Zakarryau

UI UX DESIGNER

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

Once Ethereum merges with the Ethereum 2.0 Beacon Chain, mining on the network will become obsolete. For miners, there will be no block subsidies, no transaction fees and certainly no miner extractable value (MEV). Revenue from transaction fees and MEV will instead be awarded to users who contribute to network security by staking their coin holdings

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?

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 BitcoinGold, graphics processing units (GPUs) are good enough to process the transactions.

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 avatarMert Çarıkçı

Business Analyst

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

Less know projects sounds content but risky because of the total cost of mining operations. However choosing another coins to mine can bring more X's if the miner can evaluate the effectiveness. There is not any case GPU mining can be abandoned. This is just simple supply and demand. The ones who cannot afford to pay for mining rigs now are the future buyers of those when prices go below. On the other hand, there always will be ups and downs in the market. Someone's trash can become another's jewellery. The benefits and rewards will decrease with halving but in the long term only the patient ones will see what happens. BUIDL or nothing.

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

Since the hashpower will decrease the prices may go up for a while. This creates the rush back to mining after GPU cards' prices will also hit the the dip. Once the lure to the treasure rises, the market will again find its value on the mid-term. Projects will be affected but no need to get afraid.

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

It certainly does not worth it. There are several articles with proofs about cloud mining with free trials also. Spending $200 may only bring 1/30 of the credits without getting charged. Consider buying hardware from ground zero, it would take many months to even equalise the expenses without getting any profit. But investing in solid projects may bring you much more profit.

article avatarMOHAMED SALAHDINE BEN YOUSSEF

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.

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