Topic: ETH switch to PoS will kill GPU mining but everybody seems pretty relaxed (Read 2883 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?

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.

According to the old plans, they already must switch to "pos", but moved plans, maybe the next date can not be switched.

you cant really compare it to eth since rx cards are better for eth and bad for zcash, as u see on the calc they compare it to zcash since if you have a nvidia rig you would have been mining zcash or another equihash algo

rx cards are far more profitable on eth since they will mine zcash at 30 percent slower

http://calc.btgpool.pro/

what is the average profitiability of a btg rig compared to eth?

Ethereum was very good for mining. But now there are many other coins for mining with profit. Of course mining profitability probably decrease two times at least, but it still will be high enough. The time of super-profits will over soon

mhm......



5-8% maybe?

There are a lot more algos... Lyra2v2 has the equivalent of ~800,000 pcs RX470 in hash-power on WhatToMine (adding up everything except Nicehash).

Go over to ZPOOL and you'll see other popular algos like SIB, Blake2s, Xevan, X17, Skein, Timetravel, etc, etc.

I believe soaking up the GPUs from ETH can be done... although I would bet a lot of them would just get sold off since the AMD cards aren't terribly strong on many of the other algos and AMD is the majority of ETH mining.

Sure... there is risk that ROI will go down, obviously, but my operation could take a 10x reduction in profit before it became completely useless (e.g. Power costs more than profit).

What news mate??
[/quote]

Google "eth swith to pos". Nobody knows when it will happen exactly but I think the probability of it happening within next few months is pretty high. They are already testing the soft.

What news mate??

I think there will be a lot of coin to mine .. Eth pos is not end of the earth

The transition to POS is probably lobbying for the miners. I am not afraid. For me it would mean that this coin is for me ceased to exist. If I like a lot that Ethereum will die. If not then it means they are right. I still don't trust the Ethereum and therefore do not keep their reserves in this coin. Sometimes I produce and from the change in bitcoin. Now get another coin. It all depends on our actions.

let em go POS. without miners to hype their coin let's see how it goes. everyone is moving on to other projects.

I don't mind high risk if there's high reward. Right now mining profitability largely depends on coins value increase. If the price stays same and difficulty increases, ROI is nearing 2 years, which is not that appealing, considering the equipment might not live much longer. So profit largely depends on coins value increase, which in turn means buying the coin is pretty much as profitable as mining. The difference is lack of elbow grease and no risk of some huge turd hitting the fan (like 3.8 million GPU-s migrating to your favourite coins). Of course this is just my opinion, I created this thread because I thought maybe I'm missing something and my grim analysis is flawed...

op is determined to overthink things, no one can predict the future of course
but if youre that risk averse you need some phanton analysis to know if you shouls gpu mine or not
maybe you should trade 

I wonder when it be carried out.
Last year , they said eth will switch to POS but we are along with 2018 but no one can say exact date. I think it will be in 2019

FYI there are quite a few ETH based coins out there, DBIX,UBQ,EXP, etc just because ETH goes and everyone switches there such a variety of coins that it all comes down to what will be the most profitable coin at that moment when ETH does go POS. Then yes that coins hash is going to get hammered by so many miners switching over. In respect to other people are saying you are not understanding their point, there are SO many coins that when POS comes everyone switches and various coins go up, but its more spread out. i suspect others just might quit and sell, I'm sure a few have during the time of the byzantine Update, I didn't mine ETH i switched to Zcash, so I wold just look at that period and see where some hash power went to.

Learn to differentiate between risk and negative outlook. I don't have a problem with risk.

risk it or leave it but stop this bullshit im getting headache

ETH has a net hash of roughly 100TH which would equal 3.3 Mio GPUs mining at 30 MH/s (RX 470/480 or RX 570/580).
I suppose that most of these GPUS are in the team red camp. If ETH goes to PoS these GPUs will switch to something else but all Equihash coins are basically a bad choice.. high consumption and rubbish hash rate. Cryptonight would be another viable algorithm for them.

It would also be interesting to know how many of these GPUs are commercial/farms and how many are operated by individuals. Both have different thresholds on when to stop mining.

Over the course of the next 6 months I expect that everything stays relatively stable (similar to the period August-November)

I got my numbers wrong last time so lets try again. Lets convert nethash to number of gpus, for simplicitys sake for example rx470

Some most popular coins amount gpu-miners - zcash, monero, etc

Zcash     Nethash 335 Mh/s    Hashrate per gpu  260 h/s     Number of rx470 eqivalent gpus   1,300,000
Monero   Nethash 250 Mh/s    Hashrate per gpu  660 h/s     Number of rx470 eqivalent gpus      380,000
ETC        Nethash 8 Th/s        Hashrate per gpu  26 Mh/s     Number of rx470 eqivalent gpus      307,000

And ETH: Nethash 100 Th/s  Hashrate per gpu  26 Mh/s       Number of rx470 eqivalent gpus   3,850,000

So, claim that noone is mining ETH isnt exactly true.

No one really mines ETH... There are way more profitable coins to mine. I dont see your correlation with GPU Mining Dying....

As I said in my previous post, I'm here in hopes of someone overturning my arguments. I want to start mining but it has to be an informed decision.

And yes, I was mistaken when comparing hashrates. I admit it. Thanks for pointing out.

So, can anybody say how does ETH computational power compare to all the rest of the coins? It feels like most gpu miners mine ETH. How much would other coins hashrates increase on average if all ETH miners would join other coins?

A 5 post idiot , idk who you think you are fooling with the FUD weve seen it back in 2013 dogecoin, etc
people thought gpu mining was over yet another false alarm keep posting FUD all you will earn is an ignore

Again theres nothing to see here if youre so confident wtf are you here posting anyway

I wont try and dumb it down any further btw The measure of hashrate TH in Eth and Etc does not correspond to the hashrate of other alts like monero, zcash , btg and countless others its apples to fucking oranges

al least get your facts right genius

Etc has leas hashpower pointed to it that zcash for example by a large margin

I was hoping wise minds of this forum will overturn my arguments and prove me wrong and I could go on building my awesome rig. That hasn't happened yet. You are very emotional, almost religiously defending your optimism. Numbers speak other language tho. The argument "there will be always other coins to mine" doesnt cut it. Just compare network hashrates. ETH has 100 TH/s, next contender is ETC with 8 THs, rest are even not worth mentioning. After ETH goes PoS, all of those gpu-s that are part of this 100 TH/s are goint to look for "other coins to mine". It's ridiculous. There's not enough money in other coins to make this computing power profitable. How do I get this through to you people? Let's try a simpler analogy:

There are two cities next to each other.

City 1 has 100 car repair shops (miners) that cater 100,000 cars (hashrate need).
City 2 has 10 car repair shops that cater 10,000 cars.

Now, all of the sudden, all cars in the bigger city cease to exist (ETH stops needing miners). According to your logic the 100 car repair shops in bigger city will be fine, because there will always be cars that need repairing in the smaller town.

^
this

Im stacking up on btg while the diff is still relatively low, when eth goes, and more hash power comes prices will go up
its simple supply and demand, supply will dry up so less dumping more value econ 101

be scared then an quit , gpu mining is going NOWHERE in fact its making an even bigger com3back next year
its harder to centralize than bitcoin , x11 and scrypt so it will only get bigger as new projects are developed when eth goes away.

my rigs are 100 percent paid off from the early eth pump and even new rigs pay for themselvs in six months , heck a year even im fine with, name any other investment that can fully capitalize itself so fast and still be only a year into a 4 year shelf life.

L3 D3 and S9s with be space heaters in four years while gpus will keep on keeping on

There is always something profitable to mine. BTG is a good contender to ETH mining if it takes off.

That's why I now mine MNX :-)
Try https://mnx.optiminer.eu

And it's like ETH profits (may/June period) all back again!

More info here https://bitcointalksearch.org/topic/new-free-mnx-pool-00-fee-during-startup-2425960

Its a risk like everything else in life.

People were saying since 2011 that mining will no longer be profitable.

Ok, I'm done here...

GPU mining will not die , as people wrote , there will always be coins to mine.

Wow, people just keep posting irrelevant replies. Big market cap and bright future for altcoins, thats wonderful. But will it ease your pain when ETH miners migrate their HUGE hashpower to your precious infant coins and their difficulty goes up tenfold? The price increase will take years to compensate such difficulty hike. And until then you can use your rigs as cupholders.

Yours Sincirely,
Scared Lemming

yeah these scared lemmings make me laugh, crypo and altcoins are still in infant stages, you remove eth and btc and we have only around 60 billion in market cap or less, thats pocket change, tons of coins are due for huge pumps in the next few years even if eth fails

It's also gonna loss its value and it is gonna go to the other alts so the other alts are gonna pump so you better are buying altcoins than mining equipment

They said back in January 2016 that "POS" is coming soon.

I am still waiting...

From what I understand, end of ETH mining will be end of mining all coins. See the facts in the first post. I don't understand how everybody won't arrive to the same conclusion. Am I missing something important here?

They won't be profitable any longer after the enormous gpu mining power jumps from ETH to other coins. That will create a massive explosion in difficulties for all coins. Thats the main point here.

I still feel like we are not on the page here, guys. It's not about the fate of ETH, it's about mining power and difficulty of all altcoins.

I dont care i am not mining eth.

This will surely kill the coin if they switch to PoS what are the devs planning to the coin, all PoS coins are shit and useless.
A lot of people dump ETH and will lead to the coins end in the market.

i AGREE they already lost alot of hash rate and momentum with thier last fork/payout reduction  .. if you notice the ETH hashrate has actually gone down  the last few months bascially flat

they go POS they will probbaly die IMO too

POS= piece of shit

No pos coin does well.

Just put your money in US bond.

ETH SWITCHING will kill the coin.  They will drag it out longer and xmr  zec and btg will take over and replace it and I used and a lot in this sentence 

BTG

There are, have been, and always (?) will be profitable coins to mine. You seem to think everyone with a GPU mines on ETHash. Many people have already jumped off that ship into other algorithms!

So here I am, planning my new gpu mining rig, when I stumble upon this ETH switching to PoS news, and it's looking terrible for gpu mining. So I open the forums expecting a wide spread panic, but there are even now topics on front page about it. On other topics, hero members are expressing their belief that "gpu-mining will flourish in 2018". A reputable cloud mining sites are offering ETH mining contracts and state that "Should Ethereum (“ETH”) switch to proof-of-stake before the end of the term, we will use the leased hardware on a best-effort basis to mine the most profitable coin with that hardware for you". "Best-effort" being the keyword since after ETH switches to PoS, it will result in difficulties of all the altcoins going through the roof.

So what the hell is going on? Did everyone take the forget pill? How is everyone so oblivious?

Here are the hard facts:

1. ETH will switch to PoS soon
2. ETH network hashrate is many times higher than all other gpu-minable coins combined
3. After ETH completes switch to PoS, all of this hashrate will (try to) migrate to other gpu-minable coins
4. Difficulty of those coins will skyrocket, rendering gpu-mining obsolete or marginal