Topic: Vitalik Buterin sets date for Ethereum’s Merge (Read 1136 times)

My gpus are whaling. Once again they came back strong. I made 3x my nov earnings in the month of dec.

I can even mine in my home and turn a tiny profit along with mining at the mine.

That is my point, you could easily get RX 570 4GB cards for $70-80 in bulk from mining farms in late 2018. Used video cards were half of MSRP. RTX 3060 MSRP is $330, so simply divide by half, and you get $165. But I'll go with $190 since the gaming market is very strong and GeForce cards have better gamer brand recognition.

As for the Radeon cards, I think an RX 6800 with a $580 MSRP will be $220 or so. Not only are they worse at mining non-ETH coins, but they aren't as popular for gaming.

Yes, I have a short position on RIOT & MARA stock worth $2k in total. I like shorting miners instead of the actual coin, since it's easier to short stocks than crypto, and price movements for the miners can be double the actual coin. If BTC falls by 50%, RIOT stock will probably fall by 75%. That way I can hedge the same risk with half the capital. I hate betting against Whinstone since I think it's a good company and I like what Chad is doing, but it is what it is.

Second hand market will have gpus at least 40% cheaper than retail. I remember a rx 580 8gb could have been found for 100 usd at retail, at second hand market was 60 usd. I know it was insane looking at now but bear market is really that way. So yes, expect rtx 3060 below 300 usd for sure.

Absolutely not. Even at used feeBay prices of $380 each, I would not buy more video cards. I thought my RTX 3060L cards would appreciate in value after being unlocked, but no, they continued going down in price as well as profit. The 25% gain from the LHR crack was counteracted by the crash in ETH price a week later. 4-5 months until PoS is not a lot of mining profit, considering the bear market profit levels and the fact that ETH diff keeps slowly growing.

Wait until after PoS to buy cards cheaply! I think you'll be able to buy that same RTX 3060 for $190 instead of $380.

I still have that 20% on eth, yes, that is the objective, wait for a pump and sell hehe, this eth crash was too fast, I was expecting it to crash but not this fast, maybe they crashed then they will pump before eth merge and then they will dump hard after the merge. I had a sell order at 4900 usd and eth got as high as 4820 usd, so the order was almost hit, sadly, now I have to wait for scammers to pump it so I can sell high, I think maximum it will get will be 3k and will have to sell there, my prediction is based on that march 2018 pump, eth crashed hard to 400 usd from 1400 usd then got back to 850 usd in march 2018 then crashed hard after that to 80 usd, I think the same thing will happen this time. There will be a huge pump before a huge crash.

The merge will be a disaster at first but then will stabilize and will be business as usual hehe.

I would buy cards now especially with the 100% LHR unlock and the price of a RTX 3060 Evga brand new being less than 500 USD I would buy it for 49 Mhsh at 115 watt or the 3060 ti for just some dollars more,before the price crashes of cryptos and before the announcement of this merge,the 3060 ti was untouchable at 1000 or more dollars,now you can make a great mining rig with just 5000 dollars you can buy like 6 Rtx 3060 ti with such amount and although you may start mining at a loss,trust me in the long term you will only benefit if you have the economic power to pay for electricity because the price of most cryptos will soon rise to a new ATH,we don't know when but we know for sure they will.

I wish I had learned all of these tricks earlier :[

Lucky me , never sold any of my old RX480/RX580 cards from 2017/2018 , mined through the crypto winter from early 2018 till mid 2020 , when prices went down and stayed down , mined with full capacity, All those old rx480/rx580 are still mining ( of course lost some bc they failed and i wasnt able to repair them )

Im not a big miner , but still have all my old gpus ,and some RTX 3060/3070/3080/3090,  some ASIC's , including some Antminer E3 those are still mining ETC with full capacity all this is in my home made shed .


Did this as a business , so yes I had some capital loss instead of gain , but all this worked perfectly fine with my tax returns , bull market hit , made more money from those coins I ever imagined in my life .
That's my story ... and I'm still not selling any of my old RX480/RX580

Are you still waiting for the last mega pump to sell your remaining ETH?

I decided to wait and I'm almost regretting to not sell at 3k USD 
I have some ETH mined here, 3 or 4 months of mining, but I was hoping for a pump before a crash, now it seems a bad idea hehehe

I'm thinking here what to do with my last ETH mined

Vitalik is not so confident and this is worrying me, this merge have a real chance to become a disaster

You guys should be short?   I always hedge 2 years of mining income when the market turns.  I'll close my short when the market bottoms and buy whatever miner looks the best.

I shorted and used the proceeds and bought 40 s19s and gpus in early 2020 and I'll do the same again, easy money.

In my country video cards are still selling for 10-20% above MSRP. There are plenty of used gaming buyers on the market. This is far better than selling for half of MSRP after PoS. Even if you bought an RTX 3060 12GB card for $600 and only made $150 profit in the meantime, it's better to get $350 back. It's very unlikely that we will make enough mining profit in the next 3-4 months to compensate for that RTX 3060 going to $200. After PoS, I expect profit to be near-zero for those who pay > 8¢ for power.

Personally I'm not going to sell my rigs, regardless of the value, because I need them for software development and I can make 60-80% more profit per card than the rest of the market.

I wonder if in 2 months today would not be too late ??

I can be way more uglier than now.

I think you are too late with your advice. In my country, prices for some video cards fell by 50% in 3 months and there are no new buyers on the market. And then there will be even more video cards on the market. So many gamers don't exist to buy this.

Yeah, this is the best time to sell gpus while you can still get some good prices for them. Profitability has gone down so much in the last 3 months, it seems negative profit will once again be a reality in few months, even for a while.

My advice is much simpler than that:

SELL ALL YOUR GPU NOW!!

Hehe ehhe he

To me this is just pre bear market hehe, lot of room for this to crash yet, not the time to fill the bags just yet ehhe, although this time I will not fill 100%, 80% only. I have a feeling we will have a surprise next few years of at least one popular coin to die, diversify here is the only way to not lose everything and even if you diversify and the crypto market dies out for unknown reasons, betting only 80% is not bad, will still have 20% left for consolation hehe, never go full retard hehe

when everything is a scam including BTC...we are around the bottom part of the bear market hehe

BTC maximalists will always attack eth because they know the growth ETH had was immense these past 2 bull market cycles, they want to protect their shares/money as any investor and the best way to do that is attack a rival coin in which if there was no eth these past 2 bull market cycles then all that money would have gone to BTC and other pow coins. There is a method here, is a war. POS x POW have been for sometime at war and will continue till one of them messes it up a lot and die, both can have 51% attack, both have vulnerabilities, both can die at anytime. Anyway, every pre bear market has been like this, eth crashes a lot x btc and only while in bull market that eth goes up a lot x btc. However, this time in my view will crash a lot more than last time because of the millions of eth locked up on the beacon chain staked, once they are unlocked, all those people will sell a percentage of their eth to get some money out from it and that is when we will know the bottom, for now eth is overpriced to how much it will be in few months, I think the faster eth does the merge the better it is for eth project as a whole, the crash will be epic but then will stabilize and the growth will be more natural than what has it been.

Anyway, as it stands ETH project as a whole is pure scam(defi,nft and tokens included), centralized to the core and will always be like that, sheeps will get in as has always been, check cardano, solana, luna and other scams, sheeps always get in and expect to become rich fast and in the end if something messes it up like it happened to luna and ETH DAO hack then they lose it all. Luna was no different than the DAO hack or even the MTGOX hack. Anything that is centralized will suffer the same, even BTC as it stands can suffer from centralization time to time and yeah nobody talks about it because it can start a chain reaction of trust issues.

I have been around a long time. The issue for pos is that it is basically a company bond.

but it has no government protection.

SO why the fuck do I want a digital bond with no safeguards of any kind.

POS = piece of shit

Frankly Mr v has  a simple tactic  he can do which wait this out hoping for an overall market crash then do POS to save the market.

Or push and do the switch to POS during a shaky market pray to God that the switch does not crater the market.

My gut says this if btc is over 28k in August and eth is around 1900 they will not switch they will find more and more block reorgs happening from now till August and say the software still has some issues they will alter the difficulty bomb to Dec or Jan.

But if btc has faltered to 18k and eth is about 950 he will do the switch this August.

time will tell.

If you guys frequent Twitter you will see tons of FUD for Ethereum, mostly is non sense. However even Saylor is attacking ETH with one of his tweets.

Basically saying that it’s a virtual world that is a copy. He didn’t state Ethereum but he said POS and we all know what he is talking about.

This is why the ETHBTC had a huge dump compared to BTC. Looks like it’s about to break the yearly low.

BTC fall -2.58% in the past 24 hours , -3.82% in the past 7 days
ETH fall -9.52% in the past 24 hours , -11.79% in the past 7 days
ETC fall -4.89% in the past 24 hours , but overall gain extra 9.08% in the past 7 days
As of right now , 5-27-2022 @1.15AM (UTC)

That is how they protect part of their money from govs, not only russians, elites of the whole world have been doing that. They cant launder all the money at once, so crypto is the easiest way to go.


Probability of 99% he will not stay on pow, staying on pow right now would be worse than eth crashing 99%, that is from the work and everything they have done to get to this point of the merge. If he does not move eth to pos then the project as a whole failed and he knows that, this move is die or stay alive. If they kept since the beginning with the pow mentality then eth would not have reached almost 5k, the pos hype and then burn hype then the speculation itself made eth to increase in value a lot. If eth followed btc like many other pow projects, eth would at most have got to 1000 usd maximum on this cycle, in 2018 would not have even got to 1400 usd, more like 400 usd maximum in 2018. This pos hype is what made speculators and scammers to pump eth. How do I know this, just look at other projects that followed btc principles, they get a very large increase and then they get a large decrease but they have not moved like eth. ETH grew in price too much and that is not good. Anyway, check other pos projects that want to mimic eth, like, solana, cardano and many others, defi, nft, all of them are scams, all pumped and speculated by scammers, they are the ones that got most increase in value, this is known as the sheep wave, where sheeps get in as it moves up and then get slaughtered as it moves down, greatest pyramid scheme in history.

Would kind of force mr v to stay pow, do you have any deeper info on this?

Russian oligarchs are heavily invested in stablecoins and a ban is imminent. Blockchain based POW currencies cannot be banned, and will not move to 0...

We have good news

The Ethereum beacon chain experienced a 7-block deep reorg ~2.5h ago. This shows that the current attestation strategy of nodes should be reconsidered to hopefully result in a more stable chain! (proposals already exist)
sourse:
https://twitter.com/koeppelmann/status/1529458000011972610?
https://cryptonews.com/news/ethereum-beacon-chain-experienced-a-7-block-reorg-more-work-needed-ahead-of-the-merge.htm

BUSD is lot more trusted than USDT to some extent however you trolls need to make sure to understand the risks involved, Binance has moved to Dubai and Dubai has no law that punish crypto exchanges for anything, meaning if binance gets bankrupt or hacked tomorrow then you lose it all if binance dont want to pay you back. That is the reason all crypto exchanges and crypto projects are moving to Dubai, they don't want to have any accountability with the law and Dubai is the perfect place for them, beware when you see of a new crypto project and hear is in Dubai, not saying all are scams, I'm saying if something goes wrong then bye bye.

Check this https://fortune.com/2022/05/06/bankers-following-binance-boss-cz-turning-dubai-into-wall-street-of-crypto/

That is what I always say, be very careful, youtubers and instagrammers have all been marketing the scam, even them are moving to Dubai to scam people, lot of scammers in there already hehe, 95% of those crypto scam pos coins are all based in there.

And there is something else I want to say, imagine what the people that locked their eth coins and can only be unlocked with the eth merge and imagine if it gets to that point and the price of each eth will be around 500 usd or maybe even less and they could have sold for around 4000k easily if they have not locked it, regrets, missed the chance to sell high, trading is not easy, imagine if we returned few months ago and the people knew what would happen, 99.9% of people would have sold at that moment, that is what happens when greedy takes over. Also as soon as millions of eth are unlocked due to the pos merge, eth will crash so hard. I guess people are selling because they already know things will get a lot lot worse, for now still all right.

@Metroid, since when has coinmarket cap start giving us fake information? Certik and Fairyproof claimed that USDt is audited, are those bogus lies? Hmmmm then I made a good choice switching to BUSD last month, fingers crossed from now on.

There was no real data where BitFinex is actually located, headquarter as stated was Taipei, TW. A company like this is already set to scam like the EU Wirecard company which is pretty famous scam but no head quarters. But when government is going to try regulate stablecoins, I think all will be affected even the USDC and BUSD. 


No date was mentioned by Vitalik really. He even said that it might happen in October. But prepare for the ride of your life because biggest banks in the world are going to buy up all the ETH. They all want to be a validator of transactions.

USDT was created by BitFinex and is based on Hong Kong, China, USDC was created by Circle and is based in Boston, USA, USDT was never audited, USDC is constantly audited and by the way USDT last bear market lost its peg to the dollar in few occasions, this time will be no different, last week it lost its peg for a while. You trolls never learn, I have been saying forever USDT is a scam.

If all you are going to use to support USDC is the fact that it's been Audited then it should be the same with USDT because USDT is also Audited too, try checking coinmarketcap first, also do you know the USDC team? uSDT team are known since they had the first issue years ago.

We are at that phase where bitcoin crashes 20% then everything crashes 40% then bitcoin rebounds 10%, everything rebounds 2% then bitcoin crashes 20%, everything crashes 40%, eth used to be 2500 usd and btc around 30k, now eth is around 1900 and btc still 30k, soon btc will be 15k and eth around 600 usd. This will get worse and worse and this is just a pre bear market, 99.9% of scamcoins will die.

Don worry if you still hold eth, there will be that last bulltrap then that will be the last time to sell eth high till the next bull run. Also eth sharding calculation is based on 0.030 btc for each eth. So 32 eth = 1 btc but dont assume eth will not crash further than that because it does, last bear market eth crashed to 0.016 btc, so it crashed double than what eth devs think eth's value, lot of room for eth to crash yet. This pos pos eth merge crash will be epic, make sure to sell on the pre merge.

You guys heard about the Ethereum beacon chain getting a 7 block reorg? Seems to be creating a lot of controversy and wonder how the merge go? Maybe it will get delayed again.

I am not surprised they are running into these issues. The ETH software is very long and complex and it’s been years for POS and they still can’t get it right.

Bitcoin is simple and not complicated and never runs into these issues.

I do trust usdc at moment, is the only stablecoin that is constantly audited, if it will continue like that that is yet to be seen, usdt is a scam.

A forced merge... Stay away from the stablecoins that hedge ETH...

mr v will forever be known as the king of crash once he make his pos move.

 when this market does the longest hardest crash ever seen.

He will be so ripped for crashing the market it will be amazing.

All he needs to do is wait for the crash then do eth pos to save crypto.

I wonder if he hopes for market to crash in June and July ?

JPMorgan backs bitcoin to rise 28% and says cryptocurrencies are now its preferred alternative asset
Source:  https://www.businessinsider.nl/jpmorgan-backs-bitcoin-to-rise-28-and-says-cryptocurrencies-are-now-its-preferred-alternative-asset/

I think that the price of bitcoin cannot fall below $10,000 for a long time, because this will mean the abandonment of its holders from the coin.

This is why the dollar cost average is very good, if I have 1000$ I don't need to wait for a chance to buy at better dip, I will just use 10% to buy at every dips that happen because market is too unpredictable, but at this point I expect the almighty crash to take place, the higher the bull market the higher the bear market, this is my own way of looking at the whole crypto market.

Coindesk quoted a troll saying btc would go to 600k on 2021 then now he said is going to crash to 8k, he held btc when he said was going to 600k then he sold and said would crash to 8k ehhe, trolls and their feelings. The whole bear market, bull market and pre bear market now, I have been pretty accurate, to be precise my accuracy was better than 99.9% of traders around the globe, if only I had done most of what I said, in this market, one needs to be patient to buy and to sell or vice versa. I'm still not buying yet, this will crash further.

https://www.coindesk.com/markets/2022/05/24/guggenheims-minerd-says-bitcoin-will-drop-to-8k-we-checked-his-record/

yup.

with great lows/dips one can make life changing fortune, same with the spike at the top of the bull market.

There still that cme gap below 10k at 9600 usd that was never hit and I said btc would hit 79k and then crash back to hit that cme gap, I said that when btc was 10k august 2020 and trolls were waiting btc to crash below 10k and hit 9.6k, anyway, not saying it will happen but I still believe it has 10% chance for that to happen. One should never underestimate the market, nobody thought btc would crash back to 4k from 14k in march 2020 due to the pandemic.

https://cointelegraph.com/news/bitcoin-dives-to-fill-cme-gap-amid-claim-new-all-time-highs-will-take-2-years

There were never as many corporate mines 3-4 years ago as there are now. Corporations can easily raise capital to continue mining even when they can only pay the power cost. If they go bankrupt with Chapter 11, the ASICs will simply change ownership to the creditors while they stay on the network. These corp-o-miners won't be able to even afford the cost of ripping all those ASICs out of the wall, fire selling them (if they can even find large enough buyers), then reneging on their energy supply contracts, let alone the depreciation recapture. When a corporate mine is built, it will never ever get liquidated.

I don't think BTC price will ever fall below $10k, so in that case, Whinstone / Marathon will continue operating while smaller sub-megawatt farms with no ability to raise capital go out of business. Even 10MW or so multi-million dollar farms with private investors are struggling right now. The U.S. will host 70% of global hashrate and it will mostly be operated by corporate miners. It turns out the ability to get capital, which is where U.S. corporations have an edge, is more important than power cost now.

i think in previous bear markets there are mega farm/s that shut down due to bear market things...we'll see about these mega-corps farms, maybe we can see them fail too..hmmm what kind of bear market would that be? 

Even during late 2018 the network difficulty only fell by 25%, which was probably the farms that had a power cost > 10¢. Diff grew exponentially even during the bear market of 2015-2017, when BTC price stayed stagnant.

Difficulty this year is expected to keep increasing as the corporate mega-miners start building farms in the gigawatt range, thanks to Giga Chad. That farm alone will be a 10-15% increase over current diff levels, assuming network power usage is 15 GW, and considering they'll use the newest generation of ASICs. He already has a 500MW farm and owns 6-7% of the network hashrate!

These mega-corps can afford to mine at a loss for years. What they want is the Bitcoin; they don't care about fiat power bills. So difficulty will keep growing at 3+%/month, even during a bear market! And that is probably only because mega miners have trouble getting switchgear & transformers delivered. If we had no supply issues, it would probably be 6-7%/month growth.

I heard a few non-powered hydroelectric dams in western Pennsylvania are being retrofitted with generators. 100MW in total. Wait until another corp-o-mine discovers this trapped energy source.

I don’t think the difficulty will go down that much. Remember what happened to the difficulty during all the halvings? If memory serves me well they went down maybe for 1 or 2 retargets and then it went back up.

Even during bear markets the difficulty barely went down. The largest decrease I can remember is the China shutdown that occurred recently.

Basically the more price goes down… the less you will make. Price goes down by a lot but difficulty goes down slightly.

How about i add this to your scenario..

Price drop to 21k you are break even..then other miners shutdown rigs, hashrate go down/difficulty down then you should get more coins or profit BUT price go down to 14k and you are still at break even.

My guess is BTC will drop to previous ATH before the last bear market. So that would mean 20k$.

Whinstone or Marathon can probably keep operating at BTC prices as low as $12k, even though they have so many employees. However, their income statement would show a loss because it would account for the depreciation. I would think a medium-scale 1MW miner in the U.S. who pays 7 cent power can keep the doors open at $15k BTC or higher, even if they have a Bitmain S17 Pro, as long as they downclock it.

well at 7 cent power an s17 in summer 2020 was on the edge of breakeven

right now at 7 cent power an s17 earns $5.90 and burns $3.50

as an s17 pro with good firmware can do 50th and burn 50kwatts a day.

so the farm clears 2.40 daily per s17pro  if the loans are paid and the building is owned.

this is not taking into account paying the help and fixing dead gear.
Lets argue 40 cents a unit so that s17 pro clears 2 bucks.

price would need to go to 21k and stay there. and the 7 cent power miner is at break even.

do we drop this low maybe we do.

Okay check 18-03-2020, it says 0.07 for 1 THash/s, just one example, in 2020 good asics were around 70 th/s, check this article https://www.advancedmining.io/top-5-bitcoin-asic-mining-gear-for-2020/ , january 2020, profitability on that graph on january 2020 was 0.15 so was double of the bottom in 2020 on march 18, so in that article it said a 73th top of the food chain was receiving 10.50 usd per day, 8.50 usd was power cost and 2 usd was profit, that was double than march 18 2020, meaning, in march 2020 as profitability was 0.07 and january 0.15, meaning profitability in january was double of march meaning that 10.50 usd per day in march 2020 was 50% less meaning, 10.50 / 2 = 5.25 per day, power cost still 8.50$, so $8.50 minus $5.25 = negative profit of around $3.25 when talking about the best btc miner available in march 2020, imagine the worst miners. That is just one example of how bad mining profitability got in 2020 march, yes after that bullrun started in july 2020 with eth, btc only broke through in november 2020 and that was not the only bottom, we had more cases where it was negative profit using the best btc miners available and like I said before, imagine the average to bad btc miners.

I looked at this graph. Bitcoin mining revenue never dropped below the power cost, assuming 5¢/kWh, even with a Bitmain S9j ASIC with downclocked firmware 11 Th/s @ 750w. Mining farms were able to scrape by during the 2019-2020 bear market, especially if they had a more efficient Whatsminer M20S or Antminer S15/17. They weren't able to pay off the equipment, but they could at least pay the power bill. If they couldn't pay the power bill, they would just shut down.

hehe, its natural btc tends to crash to hehell once it hits its top


That is where my buy orders are, previous bear markets, btc crashed below electricity cost, so I'm waiting for that. I know there is a time limit to buy before it goes up again but that is at least 24 months from its top, so there is a lot of time yet. I know 25k btc is not the bottom yet based on history, if it will happen or not that is to be seen but I will wait, not going to rush buy.

It depends on how much of the selling pressure comes from miners. If miners are most of the sellers of Bitcoin, then yes, they will never sell for below electricity cost, which should be around $10-$15k. However, speculators might sell for well below that. In that case, miners go bankrupt until hashrate declines to a point where mining is sustainable again.

Can I receive a satoshi everytime you say that? I would already have a bitcoin since last november 

"What determines pow coins prices are electricity prices" I meant in the bear market as in the bear market it has no hype, speculation or anything that makes any coin to rise. So in the bear market electricity prices means 90% for miners and pow coins.

"Speculation determines the price of all coins. Hashrate follows price movements. If the price doubles, the hashrate will at least double, assuming block reward stays constant. We will probably reach a point in 10-20 years when BTC price is very stable, at say $2m, and mining becomes like any other business where the ROI is < 10%/year instead of 40-300% like today. Miners will only make 7¢/kWh while having to pay 5¢/kWh for power. 1.5¢ goes to paying for the equipment, 0.3¢ goes to employees, and the farm owner only gets 0.2¢ in the end."

About the above, while in the bull market yes. Anyway, I'm not buying anything yet, this might be another bulltrap before hehell? 40k might be possible, I'm sure there will be a last bulltrap before eth merge.

You're right. No other GPU coin will match the sudden crash in block rewards. ETC doesn't count because it will become an ASIC coin.  We're left with pennies of profit, if any. Only speculative mining will make sense, like mining & HODLing FIRO/FLUX/ERG. But those who still mine could become rich if one of these GPU coins ever becomes big like ETH. I remember back when ETH price was just $10, difficulty was very low, and my R9 270 rig could produce 1-2 Ethers every week. Should've saved them! But anyway, that will be my bet.

What is the point of buying GPUs after it goes POS? I don’t think any of the current POW coins (except BTC or LTC) Have a large enough miner reward to provide a decent profit.

Even if we were in a bull market, I don’t think the profits will even come close. It’ll be like $0.05 per GPU per day. Don’t think the hashrate will drop on the other POW by much. Those with free power in 3rd world countries will still mine.

I think the lowest BTC price can go is $20k. I have started buying some of them. I'll save the rest of my cash for buying cheap video cards after PoS.

Energy prices should have no relationship with PoW or Bitcoin price. The number of coins being emitted is always the same. If electricity price increases, network hashrate will fall or grow slower. The only variable is the number of machines on the network.

Speculation determines the price of all coins. Hashrate follows price movements. If the price doubles, the hashrate will at least double, assuming block reward stays constant. We will probably reach a point in 10-20 years when BTC price is very stable, at say $2m, and mining becomes like any other business where the ROI is < 10%/year instead of 40-300% like today. Miners will only make 7¢/kWh while having to pay 5¢/kWh for power. 1.5¢ goes to paying for the equipment, 0.3¢ goes to employees, and the farm owner only gets 0.2¢ in the end.

By then we should have Antminer S39's that do 1500 Th/s each on an 800 picometer or so node.

People are wating for the bottom before they start buying anything, myself included, prices are very expensive yet to what it will become, although altcoins crashed a lot already, will crash even more. Yeah energy is becoming more and more expensive in developed countries, in developing countries I see no significant increase yet. What determines pow coins prices are electricity prices. What determines pos coins prices are marketing, hype, greedy and scams.

Or....if energy is getting expensive, mining gets expensive then coins gets expensive too.

the correct solution is edit: a reduce tax mining for solar array development not pos.

My arrays work pos will fail and fail and fail and fail and and fail again.

POW was invented by satoshi because he wanted everyone to contribute. He said 1 CPU = 1 Vote and POS is nowhere near that.

Only the rich can afford to stake and they will control most of the ETH out there. So it’s very similar to the legacy finance system.

Right now many are mining at home and it’s decentralized. When POS hits it will most likely be held by the top 1%.

Why are they doing it? Well because we have an energy shortage and mining uses tons and tons of energy and ETH dev goal was to make it more efficient.

You either like it or are against it.

pos is a bond that pays interest.

most bonds paying interest have backing

problem with crypto pos  zero backing from any assets at all.

pos for eth is a fail on an unimaginable scale.

Pow is hard iron gear that turns energy into value.

I have been in on three projects with pow that have created over 450kwatts of solar energy.

using ltc/doge asics  btc asics and eth gpus.

two projects have paid off all the solar already the third project will pay off in two- five years.

all due to mining.

so part of the worlds power infrastructure was built due to btc/eth/doge/ltc

pos will never do this.

so in part  Pos is simply a tool of the old school bankers used as a weapon against pow.

pow simply needs proper management.

one suggest is all solar developed by mining creates tax free coins.

and all mining using coal/oil is subject to a higher tax rate.

within five years the world would double its solar maybe triple it.

I get so annoyed by pos pushers and pow detractors as they simply are gaslighting in order to screw pow.

PoS is no different from the legacy fiat financial system, where a small number of billionaires own 90% of the wealth. PoS is like a few megacorps owning the judge & jury, while PoW is a fair court trial where there is no conflict of interest.

The argument that 'a few mega miners own 90% of the network hashrate' doesn't work with GPU mineable coins like ETH. 90% of the hashrate is probably from miners who own less than 100 video cards. A quarter of the ETH hashrate is probably from gamers with just 1 video card.

Why do you think that? Pow is outdated and not sustainable. From mining perpective, yes could be the end and thats just great (becuase of the way too much greedy miners.)

Usage of ETH will expand, with better scalability.

staking is death for eth.

it is why it is calling staking.

the vampire and leach on btc will soon be dead.

staking is a certain fail and can not work.

The developers promised to complete mining in the 2nd quarter. It doesn't matter when the POS algorithm is launched, because smart miners are not buying video cards now. If the launch of the POS algorithm in testnets goes without errors, then maybe it will be August or September, but we are not in a hurry

They gave a confirmed date of Aug 2022? Will it actually happen then? Who knows. They either very confident one week and the next week after discovering some bugs they will pull it back.

Until we have a concrete block number and it’s closer to the date, there is a chance it might get moved up. But I am already starting to see about to sell off their gear. I think depending on what GPU you got, you can still get top dollar for it before the new GPU and ETH merge comes.

That's what a lot of people are waiting for! People like me who can't afford a high end mining gear can safely do pool staking once ETH moves to POS. Also the current competition of hash rate will disappear which will be great for the commoners like me. But the summer has just started so hopefully it will happen in next 2-3 months. Fingers crossed! But those people who have already invested in high end hardware to mine ETH, they will have to find a new coin to mine. That will be very interesting to see which coin becomes their preferred choice after the ETH moves to POS. Possibly a great investment opportunity awaits ahead for all of us if we can stay vigilant.

I have written it before,for the same hash rate  300 Mhsh I make only 2-3 dollars less if I mine ETC compared to ETH now and hopefully as a beginning ETC will take its place,I am not saying that it will be wow but it will ok for all the miners.Then we have to see how things will unfold,will ETC be able to get and process such massive hash rate when everyone switch back to it in the first weeks,if so good for us,if no then I believe firmly that a new coin will become the new Ethereum,there is no need to look always in a pessimistic way when positive things always do happen in the crypto world.

The end of eth...

Long live the king bitcoin.

This could happen, but with the economic troubles in the U.S., coin prices should go sideways at best. We will probably have a crab market.

Historically, mining ETH has been 20-30% cheaper than buying ETH. If you're right, it will actually be cheaper to buy Ethers than mine altcoins then convert them to Ethers for the first time ever. That would only lead to more miners liquidating their rigs, meaning we could see RTX 3060 Ti cards going to as low as $250.

It is going to be a lot worse than that but you gave a good possible outcome of it, if people dont sell their mined coins now, it will be a lot worse than that but maybe there will be a last bulltrap before the merge and then will crash to hehell because all blocked eth coins that were staked will be freed and able to be sold in the market, too many eth coins were staked, the sell off after the merge will be insane and that is when we will know the true bottom for btc and eth.

Absolutely true. This has been discussed many times on this forum. ETH comprises 95% of the block reward income available to GPU rigs. After PoS, the revenue we get will be just 5% of what it used to be at first, until network hashrate collapses to a reasonable level. At that point, GPUs will become very cheap, then revenue will recover, so it will make sense to build a rig again. But the payback time would be 600+ days.

The losers will be those who bought video cards at inflated prices but haven't reaped inflated 2021 profits.

Write at least one coin that will give a profit if at least a third of the current Ethereum miners continue mining.
The most expensive video cards will now give such a profit, which is given by some of the weakest video cards in mining, for example, the RX 470.

They need to do the merge this year or next year maximum, the merge needs to happen a year before the next bullrun, if they do now then will have 18 - 24 months before next bullrun to accumulate. The bottom/ hehell crash will happen from September 2022 to March 2023. That is the time to buy, next bullrun in course for 2025 could start in 2026.

It looks like this time he is decided to go on with this.I hope he understands well that it will only bring the failure to Ethereum and it will not be anymore the second top altcoin,right after Bitcoin.I don't think it will be bullish for Ethereum in the long term this merge,except maybe for the first couple of weeks after the merge.

As for the mining part there are a lot of other coins who can replace Ethereum,and some new one may come up to fill this gap,the only loser here is Butekin himself.

"Ethereum Merge will arrive in the summer of 2022
Ethereum Merge is considered a milestone for the altcoin as it transitions from Proof-of-Work to Proof-of-Stake, after a long wait. After several delays over the past year, Vitalik Buterin, the co-founder of Ethereum, announced the date for “The Merge.” At a Web 3.0 ETH Developer Summit, he told attendees that “The Merge” is the largest event in the altcoin’s development roadmap in 2022. Ethereum developers have been working on Proof-of-Stake for almost seven years now and that all the work will come together in the summer of 2022. "

original article: HERE