Topic: ETH switch to PoS will kill GPU mining but everybody seems pretty relaxed (Read 2893 times)

Ethereum isn't the only coin on the surface on earth and about the hash rate a new project will take over, this won't make GPU mining rigs go obsolete, POW algorithm can drive scarcity for example look how scarce bitcoin is today, to mine bitcoin now you will need extreme fast asic miners and 10 years back you can mine 1 BTC with a pentium 4 CPU in just days

when is ethereum go fully pos?

There will always be a second choice mate, once upon a time bitcoin was the most profitable coin to mine and Ethereum took over when bitcoin because extremely hard to mine without super hardwares, Raven coin is pretty close you know, let's wait and see how things will go once Ethereum fully goes proof of staking

shhh, this forum definitely needs a defi section without shilling, shows how far behind ppl are here still concerned about mining 😆

THIS haha

i still have some rigs, but im taking the easy money in Defi.
At this rate ill be retired in a year, 100-300%APYs :O
im making 10x as much in defi and its 95% passive, Defi/yield farming is the shit

People always talked about how much exchanges make in fees, and now im getting a cut of that , love live Uniswap/Sushiswap/Harvest!


Honestly, most of the small people still mining are prob just on nicehash anyways, these people arent really miners to begin with

they don't do well. for every good pos coin there are thirty or more failures.

pos coins are banks/bonds that are simply not regulated very well.

They fail over and over again.

Did you ever think that the five you mention survive by creating a dozen or more crash and burn pos coins.

Then pull that money to feed the so called good ones.

Pos are only good for the coin founder and developers. The ones on the inside.

Not outside investors.

How many failed pos coin are there? more then 500 for sure.

Which means the five you mention could stay afloat by running doomed to fail pos coins.

Think Bernie Madoff.  He juggled accounts and built a multi billion dollar house of cards.

Basically all pos coins are doing this until they open all their books and show they are not.

I am a trained accountant got my degree over 30 years ago.
Myself My mom and my wife all worked for the IRS.
Pos smell of scam heaven.

Please  show me one with government regulations they follow and open books since they do not have trade secrets they could open their books.

They offer services and depend on inflow of more capital to pay the interest they pay to investors.
Smells like a ponzi.
As I said if they look to run short to feed the ponzi they simply creat a new exciting pos and shift the capital to the ‘Good’ pos.

yep exactly this.

  this guy should email Innosilicon about POS

IMO, with staking pools, pos would be beneficial as it would mean not requiring to buy the latest and most efficient gpus to mine. With POS, people in countries with higher power cost would be able to participate in securing the network. I would love to see an ETF that stakes eth and pays out the proceeds as dividends  

spot on , its the wave of the future though these big project owners hate the fact they have to rely on miners to secure things and the hate even more giving us what the feel are ‘free’ tokens, they totally forget we are destroying our hardware and living with mad noise and handling heat etc

that’s because alot of us have transitioned to yeild farming and  sold most of our gear
the remaining gear runs just hot enough to heat our hones in the winter or hobby farm.

mining as a buisness is for the big boya now but yeild farming provides more income anyways

Really? I'm laughing at your point presently mate, if POS is shit how come coins NEO, Tezos, Dash, Qtum are all doing so well today? They should be dead already since POS algorithm is shit like you said, NEO is even a smart contract project like Ethereum, your point is utterly pointless

You need to inform yourself about ETH 2.0!
ETH will stay for a long time.

Don't take devs word serious until the news becomes officially activated, Ethereum Classic team claimed they will go POS too some months back, some sold their mining rigs because of this news, if Ethereum and ETC could go POS it's over for Ethash Algorithm they think, but ETC now later announced that they aren't changing algorithm anymore, instead they upgrade their Ethash Algorithm which now allows 3-4gb memory gpus onboard.

Ethereum isn't the only profitable Algorithm, if Ethereum POW stop working people will probably start mining Ethereum Classic or Raven coin, there are many algorithms to mine so how will GPU mining died because Ethereum is out of proof of work algorithm? Ridiculous

i am asking myself for years now if it would be profitable to mine ETH with a rig but just because they are saying for years also that they will switch to pos  i never started because i thought it wouldn't be profitable anymore to mine with a rig when ETH switch to POS but now almost 4 years later i still regret i did not started because there will always be coins to mine which are profitable

Yes miners will have no choice but to move there hashing power to a new altcoin but what you don't get is once the new coin received massive hashing power from Ethereum miners this will make the altcoin more scarce, it will revaluates it's value and this won't stop it from been profitable still

You guys remember the coin that was suppose to be Ethereum competition back in 2016 or so called Lisk (LSK). It was basically similar to ETH except that it was POS from the beginning. Many argued that ETH was in trouble because POS was the future and LSK would quickly overtake ETHs market share. And now how is LSK doing exactly?

Its around $1 or so, and has a marketcap of less than $200 million while ethereums is $68 billion. So just because its POS isn't necessarily always a bullish thing. I think ETHs hashrate distribution is pretty fair in my opinion. Many people at home are mining it with their GPUs and securing the network. Probably even more home miners on ETH than BTC which is largely controlled by huge farms.  What POS will do is reduce the carbon footprints but what will happen only the rich 1% will be mostly the ones staking. And it will become similar to how wealth is distributed today.

How many successful pow coins are out there.

None that have gone up 10x and stayed up.

I guess you could argue ripple is successful. But not so much.

Eth will play with pos and if anything if they push it hard and truly look to go to pos then ETC may benefit.

I’d like to ping this topic again. Here it is the end of 2020 and POW is still working.
I still maintain the opinion that the move to POS could effectively harm the eth economy. It’s no BTC, to be sure but ethereum has grown tremendously and with so many erc-20 tokens relying on the stability of a working system it will be really interesting to see how this plays out. From the start of this thread you can see how long they’ve been planning to move from mining to staking but always seem to get delayed or run into problems. Any opinions on this?