Topic: ETH switch to PoS will kill GPU mining but everybody seems pretty relaxed - page 2. (Read 2893 times)

They are indeed saying this for quite a while. So let's first see when and if it will happen. if it happens we will shift to other coins. If not profitable we will stop mining.

I hope that by that time i have my investment back, which is pretty good on its way.

Hi, Kompik,

I am one of those newbies you refer to, ha, ha!

What is wrong with "whattomine". It looks a nice tool to me, to be honest.
Would you recommend another site/s or just "acquiring deeper knowledge"?

If so, what would you suggest?

Thanks!!!

With difficulty the price will start to rise. Miners migration is backing up the price. Mining is safe for a long time.
If you buy now the equipment it will fall apart faster then we can see death of mining.

I would not believe the information from this forum. It is flooded with noobs that have no idea about mining.

At this current time ETH allocates for over 77% of emission to GPU miners. Once it will go POS all GPU miners around the world will have 77% less profits altogether.

Miners with a lot of knowledge will probably be able to find new coins, but miners that use whattomine, nicehash and other "default" mining strategies will be defensless.

Just my 2c.

So, WellShythe.

What have you decided?

Thanks to all for your replies. Some of them have made me a bit more optimistic about the future of GPU mining.

I'll try to be as wise as I can with the little time I have to type this.

I started mining in mid-2016 with 2x R390X. ETH was barely worth 15$ back then. My electricity cost is around 0.2 so I'll let you calculate how much I was making per day. Then I went to mining ZEC when it launched which was kind of a giant waste of time and effort. had I continued to mine ETH, I'd have a nice load of cash today. Anyway, I kept mining, built more rigs and here I am a year later with 1Gh at home on ethash/24kh on cryptonote + a farm project on the side.

There is very little doubt in my mind that GPU mining still has a few years in front of it. Saying there are other coins to mine and that there always will be is perfectly true, but you need to take that statement with a grain of salt.

For instance, my kWh cost is relatively high, so as long as I can turn a profit, I'll continue mining. So say ETH goes to POS, everyone switches over to other coins, diff rises, prices stagnate or drop, well, I'll stop mining like many others out there. But for those that have super low costs, this will still be perfectly profitable.

But, from my experience in the past few months, there have indeed been a ton of new coins to mine to turn a nice profit with, and this even with ETH diff rising and rewards per block dropping. Honestly today with 1Gh you can earn like 0.15 ETHs a day. To me, it's not worth it even if it still turns a profit.

You have to do your own due diligence and elaborate a strategy. Just because everyone's mining ETH doesn't mean it's the smartest choice for you, and from your posts, you seem like you're just following the masses (i.e. your initial post), no offence. I think many newbies went crazy buying gear to mine eth a few months ago, only to find themselves selling their hardware today because they're not looking at the bigger picture here. There are many coins you can mine TODAY that will return a profit, sometimes even larger than ETH.

Personally, I don't know of an investment that has a 4-6 months ROI other than mining, even today.

In the end it's a very personal decision.

If you want to start mining, I would strongly suggest to you that you use the search function of this forum before you create posts looking for people to overturn your "argument".

If you wish to inform yourself about a possible decision of whether or not to start mining, then the search function would be your best friend, also it's makes you look less argumentative in the process.

My two cents.... As long as there is money being printed or fiat being produced out of thin air on this planet, then there will always be money in mining. It's in everybody's interest that this digital economy, profits. All the way from the little guys to the big players.


 

But what happens with coins when difficulty rise?

It becomes more worth buying the coins than to mine them - the price of these coins rise.
Higher price of coins makes it a little bit more worth to mine them.
If it still is not worth to mine them people stop mining them and difficulty goes down again.
Decreasing difficulty makes it more profitable to mine them
Everything stabilizes at a higher difficulty and higher price level where it gets profitable to mine again.

Very hard to tell, there are so many different sources stating different things. Why do you think 2019? Where does that come from? Would be awesome if true.


So I haven't been on this particular forum for a long time so that somehow devaluates what I say? Real mature.

P.S. Selling 6 rx 470 that has been tortured on full throttle 24/7 for 1400$? You have to be kidding me.

no, not btg, what a s-t show that was.
i would rather dabble in etn than to touch btg again: stealing hashing power, loading web page miners, disappearing before paying-they had it all.
Overall, I agree, moving to POS is a risky move. Initially an unknown risk of a loss, but a small reward.

The biggest reason everyone is so relaxed is that the PoS switch has been "6 months away"  for going on two years now. When mining Ethereum first became a "thing" people were saying the same crap, "don't invest now as PoS is only 6 months away". Well when the 6 months does eventually get here we can worry, until then it is just more fud.

I find it comical that the OP, a newb with 11 posts, posts some pretty short-sighted assumptions then gets pissy when people apparently don't disprove his nonsense... even though many posts have done exactly that.

One little nugget for you OP... if you are not already in mining (with paid off hardware, etc), you most likely will not be able to ROI any new rig you put together.  The only way current miners are able to stay profitable is to sell there old GPUs and turn around and build upgraded rigs that provide high hash-rate.  So for instance, the cost me going from a 6x R470 rig to a 4x Vega 56 rig is really only about $400 out of pocket. ($1800 for the Vega's less $1400 from selling off the 470's).  That new rig will get more than 2x it's current hashrate on all cryptonote coins which will enable me to ROI that extra $400 spent upgrading in about 2 months.  However, if you're builiding that 4x Vega rig from scratch you will be out of pocket about $2,500 and unless XMR goes to $1,000, you will never ever ROI that rig.

So bottom line... just give up lol.  Orvif you want to be smart just invest that money into coins and stop worrying about trying to figure out things you clearly have no comprehension of. ;-)

with the premine of eth he dont need to care about money..

Where are you getting your information that ETH will go to POS soon.  Last I heard it was late 2019-2019?

Vitalik Buterin seems to hate miners......I believe he will go to POS as soon as he can.  I think he hates seeing miners make money and wants developers to make all the money.

You are making a pretty big assumption there.  GPU coins are out there and more are being developed.  If prices keep going up the way they are there will be plenty of profitable coins to mine.

The arguments the OP posted are nothing new. Granted, we all know that it will be difficult times IF and when ETH switches to POS, however, what the OP fails to account for is that this is crypto. There is room for massive growth and like the earliest adopters who mined tons of bitcoin daily, we now have an opportunity to become a new wave of early adopters with GPU mining. If this goes global we will be seeing a larger shortage of GPUs and much more profitability. My GPU mining rig is about betting on the future of crypto.

pos  is simply like a bank paying interest.


but pos  coins  have no government insurance or guarantees.

I have yet to see any POS coin do well.

welll always remember that

When Eth is moved to POS, i expect a pump in price for this changes.
Then, most other altcoin are base price off ETH which means if you could mine 0.2 abc which worth $1 today, you could mine 0.1 abc which worth $2 in the future

I believe price will always be parallel across

@ op  look at eth and xmr  they will flip flop in worth  and xmr  along with etc will replace  eth which will sink a ton  in value as no POS coin can work.


https://coinmarketcap.com/


1   Bitcoin   $134,197,618,257   $8041.07   $3,054,920,000   16,689,025 BTC   3.58%   sparkline


2   Ethereum   $33,633,699,627   $350.98   $1,244,660,000   95,827,966 ETH   3.96%






3   Bitcoin Cash   $19,632,192,825   $1167.82   $1,337,480,000   16,810,975 BCH   -7.97%   
4   Ripple   $8,922,274,387   $0.231010   $192,879,000   38,622,892,459 XRP *   1.42%   
5   Litecoin   $3,812,299,152   $70.73   $243,953,000   53,899,933 LTC   3.59%
6   Dash   $3,342,697,307   $434.21   $87,931,800   7,698,360 DASH   -4.75%
7   NEO   $2,488,700,500   $38.29   $275,887,000   65,000,000 NEO *   -16.20%
8   IOTA   $2,429,907,066   $0.874215   $63,080,400   2,779,530,283 MIOTA *   9.20%


9   Monero   $1,976,957,777   $128.59   $47,050,900   15,373,520 XMR   -2.95%   




10   NEM   $1,826,145,000   $0.202905   $8,655,760   8,999,999,999 XEM *   4.10%

11   Ethereum Classic   $1,747,849,847   $17.91   $113,074,000   97,599,442 ETC   0.67%





12   Lisk   $1,091,321,692   $9.48   $40,204,400   115,070,012 LSK *   2.93%   sparkline
13   Qtum   $1,023,348,217   $13.89   $64,969,100   73,673,056 QTUM *   -1.22%   sparkline
14   EOS   $890,504,872   $1.83   $53,036,200   486,465,820 EOS *   -4.74%   sparkline
15   Hshare   $826,156,595   $19.54   $31,218,400   42,270,109 HSR   -3.73%   sparkline
16   OmiseGO   $799,906,461   $7.84   $28,312,000   102,042,552 OMG *   -3.61%   sparkline
17   Zcash   $787,759,386   $296.62   $56,013,900   2,655,831 ZEC   -1.98%   sparkline
18   Cardano   $729,919,631   $0.028153   $4,316,480   25,927,070,538 ADA *   6.36%   sparkline
19   Tether   $674,146,070   $0.998784   $487,722,000   674,966,830 USDT *   -0.43%   sparkline
20   Stellar Lumens   $651,729,049   $0.036789   $16,802,000   17,715,179,396 XLM *   2.71%   sparkline



think of all these coins as rebates for pc/gpu builders like myself.

The major companies of pc componets all  can feed a coin rather then give a rebate.  It is cheaper and easier for them to do so.

Both AMD and Nvidia  will grease a coin launch.

BTG most likely  is being greased by NVidia.

So ??coin  will be greased by AMD

Eth developers know this and have delayed  POS  a year already.  they will delay it more.