Eth moving away from POW- Will GPU mining be lucrative

batsonxl

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Quote from: adaseb on May 31, 2021, 11:07:10 AM

Quote from: Inkdull on May 31, 2021, 05:52:40 AM

Eth PoW isn't going anywhere, if the rumours are true giant company like bitmain won't build ASIC miners anymore and now we have new E9 ETH ASIC miner that's more futuristic, why eip1559 if this is true? Think deeply about it

You need to realise that in the past Bitmain built these miners, mined with them for months and then when the profits were decreasing they finally decided to go public and sell the miners.

This is what happened with the E3 that bitmain released, the very first ETH ASIC. They pretty much released it after the peak. How long did they mine with them prior? Probably for months. And this explains why in late 2017 we had a huge difficulty jump that nobody could explain.

So just because they are building ASICs for it doesn't mean that it has to be always profitable.

This is best answer

Right now im sure there is alot asics are mining at speed 2-2.8ghz on network.If you start seeing these asics soon for sale will not surprise.

adaseb

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Quote from: Inkdull on May 31, 2021, 05:52:40 AM

Eth PoW isn't going anywhere, if the rumours are true giant company like bitmain won't build ASIC miners anymore and now we have new E9 ETH ASIC miner that's more futuristic, why eip1559 if this is true? Think deeply about it

You need to realise that in the past Bitmain built these miners, mined with them for months and then when the profits were decreasing they finally decided to go public and sell the miners.

This is what happened with the E3 that bitmain released, the very first ETH ASIC. They pretty much released it after the peak. How long did they mine with them prior? Probably for months. And this explains why in late 2017 we had a huge difficulty jump that nobody could explain.

So just because they are building ASICs for it doesn't mean that it has to be always profitable.

Inkdull

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Eth PoW isn't going anywhere, if the rumours are true giant company like bitmain won't build ASIC miners anymore and now we have new E9 ETH ASIC miner that's more futuristic, why eip1559 if this is true? Think deeply about it

mak013

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We have nice profit, if we compare it with 2019. And new GPUs are power efficient. It helps to decrease electricity bills. Of course - if someone bought GPUs last 2 months - he has a problem due to the prices. But if GPUs were bought in summer-autumn 2020 - everything is ok.

swogerino

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Bitcoin Casino Est. 2013

The profitability has dropped a lot for my almost 300Mhsh power with 5 newer graphic cards like 2 x Rx 6800 xt, Rx 5700 xt ,Rtx 3060 ti and an old 1080 ti.I have this rig with a friend and we were doing 0.013 Ethereum daily and now we are only doing 0.0067 Ethereum daily but this will not stop us.These new cards are really energy efficient and we will mine other coins like ETC and RVN if ETH mining really ends.However the price of Ethereum if mining ends will reach very high levels because it cannot be easily mined like we are doing right now.Nothing is lost for miners as long as there are coins to mine.

skablast

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Asic is around 50 % of the total Eth Nethash.
Around 25 % is made by NVDA GPUs and the last 25 % its AMD.

Around 50 % of the GPUs are " old" GPU like GTX 1080 and AMD Polaris so, not much energy saving.

I expect worlwide miner stopping based on the net profitability so, it will be related to energy cost.

Western Europe, California miners will be the first to stop

In term of kind of people, I believe gamers will go first, 1-2 rig miner as well.

People in colocation will follow.

The highlanders ? people running on renewable energy ( Wink

) People already mining something else, miners with the latest cards and low KWh cost

Wingsbtc

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If truly ETH will abandoned PoW algorithm why EIP1559? This update will fix high gas fee and also reduce ETH mining reward so problems solved isnt it? I think buterin is bluffing about ending PoW algorithm, it's never going to happen and even Big ASIC companies are building ETH mining ASIC still

batsonxl

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Quote from: FP91G on May 28, 2021, 02:23:08 PM

Quote from: ikicha on May 27, 2021, 01:59:17 AM

Today Net Hashrate

ETH : 600 TH/s ~ 20.000.000 RX 570 8G
RVN : 5 TH/s ~ 384.615 RX 570 8G
ERG : 15 TH/s ~230.769 RX 570 8G

If ETH go to PoS, you will see all PoW coins become unprofitable. And 60-70% miners will left

How much of this hashrate do ASICs or fpga take?
Ethereum 2.0 hasn't even been tested yet. It is possible to increase the time frame for changing the algorithm.
Perhaps the developers have not yet prepared a new coin for miners

Many people were mining with a profit of 20-30 cents per day from one video card.

yes i remember those times when my 1050ti was doing 15-30cents per day

Buterin said end of 2021 pos will be active. lets see what happens.i hope pow continues to 2024

FP91G

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Quote from: ikicha on May 27, 2021, 01:59:17 AM

Today Net Hashrate

ETH : 600 TH/s ~ 20.000.000 RX 570 8G
RVN : 5 TH/s ~ 384.615 RX 570 8G
ERG : 15 TH/s ~230.769 RX 570 8G

If ETH go to PoS, you will see all PoW coins become unprofitable. And 60-70% miners will left

How much of this hashrate do ASICs or fpga take?
Ethereum 2.0 hasn't even been tested yet. It is possible to increase the time frame for changing the algorithm.
Perhaps the developers have not yet prepared a new coin for miners

Many people were mining with a profit of 20-30 cents per day from one video card.

DigitalFox

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Quote from: poby on May 27, 2021, 05:38:11 AM

Quote from: DigitalFox on May 27, 2021, 02:05:54 AM

Quote from: ikicha on May 27, 2021, 01:59:17 AM

Today Net Hashrate

ETH : 600 TH/s ~ 20.000.000 RX 570 8G
RVN : 5 TH/s ~ 384.615 RX 570 8G
ERG : 15 TH/s ~230.769 RX 570 8G

If ETH go to PoS, you will see all PoW coins become unprofitable. And 60-70% miners will left

And why would they all of a sudden become unprofitable? Care to explain yourself?

It's very simple actually. The massive influx of hash power applied to lesser coins that will result from Eth going POS, will result in a massive increase in difficulty. Higher difficulty = lower earnings. These are simply inarguable facts. Or to put it very simplistically, the same size pie will be cut into a thousand times more pieces so each hash will generate 1/1000 the earnings than before.

I find the blind optimism that the Eth POS will be a mere blip in mining profitability to be somewhat bewildering. Only the strong will survive the aftermath. "Strong" in this case meaning those with the latest gpus and/or the cheapest electricity.

I don't think so. First, AMD cards suck on most algos, so strike them out, what's the percentage of those mining eth use red ones, I guess more than half. Second, have you ever tried to compare combined hash rate of other coins with eth?

adaseb

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The issue these days compared to say 2015 with GPU mining is that there aren't really that many POW coins out there, especially ones without ASICs. After ETH becomes unprofitable what else is there?

You can mine ETC however a few months back it was very unprofitable, I think it net like a quarter a day with 10 cent power. Add a few hundred thousand GPUs and it'll get even worse. Same with all these niche type of small cap POW coins out there. The miner reward just isn't large enough for all these miners to switch.

There is XMR but that is primarily CPU based and most people don't have a large farm of CPUs so I guess that is an option. However if the price drops then it won't help the profitability.

poby

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Quote from: batsonxl on May 27, 2021, 10:26:02 AM

Everybody remember what happened in 2018-2019 when it was not profitable it was paying 0.4-0.5$ for 30mhs and now if markets crashes it will be close to those numbers again. Myself usually mined monero because it was more profitable than eth. and also there was coocaroo algo was very profitable for nvidias.Lyra was also good for some time. not all people mined eth all the time. yes i know if eth stops those numbers will be more less maybe 0.2-0.3$ for 30mhs.so be prepaired for that.

Yeah... maybe be prepared for $0.02 for 30MH/s. Nothing like Eth going POS has happened before. It is unprecedented and it can't be compared to previous bear markets. Other cryptos are minnows compared to ETh and the amount of hash power currently mining Eth, when turned to mine other cryptos will put a rocket under their difficulty resulting in a lead weight on profitability.

Crypto bull and bear markets come and go, rise and fall. But we are talking about the biggest gpu mineable crypto ceasing to be gpu mineable. Nothing like this has happened before. There's a massive amount of hash power currently burning watts, mining Eth. Imagine what will happen when that tidal wave of hash power turns to other much smaller cryptos. Difficulties WILL skyrocket and profitability WILL plummet. That is not opinion, it's factual. And it aint gonna be a small dip!

batsonxl

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Everybody remember what happened in 2018-2019 when it was not profitable it was paying 0.4-0.5$ for 30mhs and now if markets crashes it will be close to those numbers again. Myself usually mined monero because it was more profitable than eth. and also there was coocaroo algo was very profitable for nvidias.Lyra was also good for some time. not all people mined eth all the time. yes i know if eth stops those numbers will be more less maybe 0.2-0.3$ for 30mhs.so be prepaired for that.

mak013

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Quote from: skablast on May 27, 2021, 05:35:07 AM

And why would they all of a sudden become unprofitable? Care to explain yourself?

When Eth will go POS, 20M rx 580 will try to find something else to mine. If just 400.000 wil go to mine RVN the RVN nethash will double. Because the number of block is the same, it will be divided by twice the miner, so profitability per miner will be half of the current. The same apply to ALL the other minable coin.
In reality, there are not 20 M rx 580 that are mining eth.
The asic must mine etash, so they will move from eth to etc that will be the one suffering the most in term of profitability.
As far as I know , RVN and ERG cann't be mined by any asic

Add NVIDIA GPUs. They will search what to mine to. There are just several coins that are interesting for mining now. Not 100-200 coins but just about 10-20. And what will the miners do? They will look at wtm or another calculator, find the most profitable coin and begin to mine it. Then change it to next coin. And again change it. Some time later the profit will be about the same. I think several times less then now. And for what purposes these coins were created? How much it will cost?

poby

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Quote from: DigitalFox on May 27, 2021, 02:05:54 AM

Quote from: ikicha on May 27, 2021, 01:59:17 AM

Today Net Hashrate

ETH : 600 TH/s ~ 20.000.000 RX 570 8G
RVN : 5 TH/s ~ 384.615 RX 570 8G
ERG : 15 TH/s ~230.769 RX 570 8G

If ETH go to PoS, you will see all PoW coins become unprofitable. And 60-70% miners will left

And why would they all of a sudden become unprofitable? Care to explain yourself?

It's very simple actually. The massive influx of hash power applied to lesser coins that will result from Eth going POS, will result in a massive increase in difficulty. Higher difficulty = lower earnings. These are simply inarguable facts. Or to put it very simplistically, the same size pie will be cut into a thousand times more pieces so each hash will generate 1/1000 the earnings than before.

I find the blind optimism that the Eth POS will be a mere blip in mining profitability to be somewhat bewildering. Only the strong will survive the aftermath. "Strong" in this case meaning those with the latest gpus and/or the cheapest electricity.

skablast

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Activity: 476

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And why would they all of a sudden become unprofitable? Care to explain yourself?

When Eth will go POS, 20M rx 580 will try to find something else to mine. If just 400.000 wil go to mine RVN the RVN nethash will double. Because the number of block is the same, it will be divided by twice the miner, so profitability per miner will be half of the current. The same apply to ALL the other minable coin.
In reality, there are not 20 M rx 580 that are mining eth.
The asic must mine etash, so they will move from eth to etc that will be the one suffering the most in term of profitability.
As far as I know , RVN and ERG cann't be mined by any asic

mak013

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Quote from: ikicha on May 27, 2021, 01:59:17 AM

Today Net Hashrate

ETH : 600 TH/s ~ 20.000.000 RX 570 8G
RVN : 5 TH/s ~ 384.615 RX 570 8G
ERG : 15 TH/s ~230.769 RX 570 8G

If ETH go to PoS, you will see all PoW coins become unprofitable. And 60-70% miners will left

I don`t sure about miners. The profit will decrease seriously but i dont think that miners will left. It was 2019, then i thought that i can stop mining, because electricity bills became more then profit. But i optimized my energy consumption and continued mining.

DigitalFox

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Quote from: ikicha on May 27, 2021, 01:59:17 AM

Today Net Hashrate

ETH : 600 TH/s ~ 20.000.000 RX 570 8G
RVN : 5 TH/s ~ 384.615 RX 570 8G
ERG : 15 TH/s ~230.769 RX 570 8G

If ETH go to PoS, you will see all PoW coins become unprofitable. And 60-70% miners will left

And why would they all of a sudden become unprofitable? Care to explain yourself?

ikicha

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Activity: 788

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Today Net Hashrate

ETH : 600 TH/s ~ 20.000.000 RX 570 8G
RVN : 5 TH/s ~ 384.615 RX 570 8G
ERG : 15 TH/s ~230.769 RX 570 8G

If ETH go to PoS, you will see all PoW coins become unprofitable. And 60-70% miners will left

FP91G

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Activity: 1834

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Quote from: Kazkar on May 23, 2021, 11:37:05 AM

Quote from: FP91G on May 23, 2021, 05:22:02 AM

Quote from: Metroid on May 23, 2021, 02:32:53 AM

nothing is lucrative on bear time, on bull time everything is lucrative even that crap 5 year old gpu you left for dead, 2 extremes.

5 year old crap - these are PX 470, PX 480, 1060 and 1070 - the best and most profitable video cards now.
Even 7 year old video cards are profitable today.

As long as mining is profitable, we will work.
When costs exceed profit, most miners will stop mining unless new Ethereum appears

I think that now many have felt a drop in profits. If this trend continues, you will have to suspend mining again.

It doesn't scare me. I mined cryptocurrency when the profit from a video card was less than 10 cents per day, and you are talking about a drop in profit.
Mining must live. Perhaps after Ethereum, the developer will come up with a new coin, which will have a low hash rate on old video cards. Then I’ll probably think about selling 4-5 year old video cards, and the new ones will mine something.

Topic: Eth moving away from POW- Will GPU mining be lucrative (Read 630 times)