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Introduction: The Future of Cryptocurrency – Life After Ethereum
In the ever-evolving field of cryptocurrency, the exploration of alternatives becomes increasingly important as the landscape constantly shifts. In this article, we discuss life as a miner after Ethereum transitions to proof of stake and cease to be mineable. I’m excited to introduce our special guest, a well-known figure in the crypto mining community, DJ Mines, to provide his insights and opinions on this heated topic.
A Look at Current Mining Practices
Before we delve into a world without Ethereum as a mineable option, let’s look at current practices. DJ Mines, like many other miners, primarily mines Ethereum. However, he recently switched to receiving pay-outs in Bitcoin due to the anticipation of Ethereum’s move to proof of stake, which would dramatically affect Ethereum’s mining profitability.
On the other hand, I mine a wider range of cryptos, including Ergo, Ethereum Classic, Flux, and Ethereum, with some pay-outs also in Bitcoin. Notably missing from both our operations is Ravencoin, mainly due to issues with profitability and power consumption.
What Does the Future Hold?
The date for Ethereum’s move to proof of stake is yet to be officially announced, but speculations suggest June 2022. When this event happens, Ethereum miners will need to shift their focus to another profitable coin.
Mining After Ethereum
Day one of this new era in crypto mining will be an interesting one, as miners scramble to establish new strategies. DJ Mines plans to shift to an auto algorithm switching platform like NiceHash, a strategy many other miners also appear to consider based on comments and surveys on social media. Essentially, the operation would remain largely the same, with a mine-whatever-pays strategy while getting paid out in Bitcoin.
I, however, am contemplating leaning towards Flux. Thanks to the launch of nodes and the potential of Web 3.0, Flux seems to offer many promising features that could make it an attractive option. Furthermore, as long as it remains a profitable option, it will undoubtedly gain traction among miners.
Will Other Cryptos Pop or Drop?
The unexpected exit of Ethereum from the field of minable cryptos will undoubtedly affect the market in unforeseen ways. Will the ‘Age of Altcoins’ dawn, with every other crypto popping? Or will the sudden influx of miners to these alternate options cause prices to drop due to saturation? These are questions that remain unanswered until Ethereum officially transitions to proof of stake.
The Impact on GPUs and Miners
With proof of work cryptos deemed ‘dirty’ due to their high electricity consumption, miners might face a situation where their operations are no longer profitable. Miner operations with high electricity costs could be the first to fall, and opportunities for expansion could be limited. Even large mining farms like Hut 8 reported losses in Q4, highlighting the industry’s unstable nature.
Furthermore, as we approach the hotter seasons, places with electric rates that change based on the season could see their profit margins shrink due to increased costs. This scenario, combined with dropping Ethereum profitability, could push many miners right out of the field.
In summation, the future of mining without Ethereum as an option will undoubtedly be a time of chaos and uncertainty. Miners, both big and small, will need to reassess their strategies and make drastic changes to survive in this new landscape.
Conclusion
The emerging era of cryptocurrency after Ethereum’s shift to proof-of-stake represents a significant turning point in the crypto mining industry. While it is a time of uncertainty and speculation, it also illuminates the dynamic nature of the sector and the constant evolution in technologies, strategies, and practices that come with it. Whether you’re in for the long haul or just dipping your toes into the crypto mining pool, the sight of witnessing and experiencing the drastic change will be nothing short of extraordinary.
Day 1, Hour 1, Minute 1 What is your gameplan when Ethereum goes Proof of Stake?
Lots of cheat here but I finally found a legit hack transfer that works Maskoffweb generated $4,000 to my cashapp account
Lots of cheat here but I finally found a legit hack transfer that works Maskoffweb generated $4,000 to my cashapp account
expanse has eth algo, i still can dual algo with ALPH. So i would expanse, survived that long, no doubt thay it'll fly
It's stupid waste energy on shitcoins like ergo ravencoin flux etc… this won't be profitability since no ones uses it. Eth with POS will be much more usable and will kill this coins.
The gpu mining is riding to the botton.
Nothing will change, people mine ether and will still mine ether after the merge…… you know the original ether not the ‘edited’ version!
Just go to WTM and put Eth’s difficulty into Etc, same for exchange rate, just make it happen already!
A birdie once told me, never tell any one how much your hodlin’, imo it’s rude to ask!
Ain’t no one getting my GPU’s and I’m still buying them up like sweetie’s haha wether or not the prices are what they were before the boom I’m loving paying so little for hardware, £45 for t37’s, less than £10 per hash, McDonald’s is a hater compared to how much I’m lovin’it! 😁😜
When mining ethereum is not profit… Just switch to other profit coin.. kept mining
Eth 2.0 feels like it will fail. I don’t like it. I’m not even a miner. I’m an adult that wants to mine.
If I was solo mining would it be better to use 1 x 3090 or 4 x 3060s.
Just trying to understand if I found a block would the 4 x 3060s work together to solve the algorithm
RVN is great
When it comes.. and it happened… Basically just make profit… Kept mining other coin
Equilibria XEQ….. it will explode in price in the coming month as it has a future use case being an oracle and not just a coin. It can be mined and staked directly after as it is a hybrid of POS and POW.
I dont understand when people say they will mine FLUX because RVN is too much electricity, when FLUX uses more
Eth will died in 2.0. It is only work for People have big stake. It mean for very rich people making money as easy as sleep. To participate you must invest lot of money. Even you sell all the mining ridge you have you can't make the same money. Not only that you can risk loosing money too. My gpu not going any where. I can still using it for other than mining. For proof of work, you are not loosing your investment ever (minus the greedy asic miner)
I think tears are likely the best choice to mine. Anyone with thousands in hardware will be crying when the resale market drops through the basement.
As long as Bitcoin is around as POW, mining won't be going anywhere. I've liked Flux for all the reasons you all have stated, but it's also my favorite altcoin logo… Hype is with Flux for sure.
Ethereum classic 🙂
Why the hell would I mine Flux with my 1.5GH/s, whatToMine tells me before deducting power costs I will only make $17.83 per day, Have you fellas been doing a bit of boozin, have ya? Suckin back on grandpa's old cough medicine?
There is a new reality made ..it's delayed to dec
RVN forever
ETC, FLUX, ERGO – ALPH is the dark horse… from the hiredpro 145 GPU 12 GH
ETC for sure
Sound it out, You can do it X RRR P
Can You say “ XRP “
Ergoooooo
vitalik will offer you refound