Quote from: Crypt0Gore on Today at 08:11:30 AM

Quote from: kamranki on Today at 07:11:34 AM

Quote from: adaseb on September 16, 2022, 03:50:02 PM

Quote from: kamranki on September 16, 2022, 10:43:01 AM

That's a bummer! I always thought that Bitcoin mining was profitable using both ASIC and GPUs. Now that Ethereum is gone, no idea what coin will replace it's place and how soon.

What is scary is that there are people all over Reddit and Twitter asking the same questions. They over-invested on their rigs because they assumed that they would be making profits for years until their rigs are paid off to be faced with this reality.

We warned them for months about the upcoming merge. We told them how difficulty works, how supply is capped. However everyone was like "Oh, when ETH goes POS I will just mine ETC, profits almost the same".

When will some other coin replace Ethereum? We don't know. Maybe 6 months, maybe 1 year, maybe never. If you like mining you should just switch to an ASIC and mine BTC or LTC if you got a good price on power. GPU for the moment will be difficult.

Actually when I first got into GPU mining scene in start of 2021, nobody told me that Ethereum shifting to POS will impact mining profits so much. It is only now I have realized that Ethereum was indeed most common currency people have been mining on GPUs. And I can't believe we won't have another POW currency to replace it. I mean, what will all these people with massive GPU farms do?

Regards

The crazy part is people keep mining at loss, the difficulty is so high that you will start thinking you are the one doing something wrong, why are people not turning off their miners already? Are they hoping for something else? With 10 RTX 2060 you are welcome to 1$ per day, this is crazy.

the reasoning behind it is that they think they are mining the next ethereum in its early stages with low difficulty. it's a coping mechanism, after a few weeks/months of mining at a loss they will capitulate and turn off their machines, then only the ones with free power will remain. I don't expect mining to be profitable again for at least a year