Ethereum mining no longer profitable for many miners

[RealDude]

Ever increasing energy prices along with a dramatic decline in the price of Ethereum has made GPU mining unprofitable for many miners for the first time since 2020.

Ethereum mining no longer profitable for many miners as energy prices and ETH dip cause perfect storm | CryptoSlate

Ever increasing energy prices along with a dramatic decline in the price of Ethereum has made GPU mining unprofitable for many miners

cryptoslate.com

 

[JohnnyDoe]

So supply will decrease. Until the switch to POS.

 

[Martin Everson]

Ok so the time has come already for some miners in ETH. I asked the question in another thread in relation to BTC as well as I was curious.

Time for the crypto worlds Federal Reserve Bank (Tether) to start printing some USDT out of thin air and lending to an exchange via a Repo contract so they can start buying up ETH to save the crypto market .

P.S This price movement is the crazy volatility of crypto. But if ETH has any real value it should eventually go back up one hopes and become profitable again for miners.

 

[void]

Sentiment aside. The sooner ETH will die the better. POS will only speed it up... and if I'm wrong and there is a sustainable purpose for ETH as layer one so be it, good for current holders.

 

[JackAlabama]

Sentiment aside. The sooner ETH will die the better. POS will only speed it up... and if I'm wrong and there is a sustainable purpose for ETH as layer one so be it, good for current holders.

Yes, better eth goes the way of the dodo bird.

 

[latindev]

This is one of the best things this year, finally we can buy graphic cards at real prices

 

[JackAlabama]

This is one of the best things this year, finally we can buy graphic cards at real prices

That should have happened anyway regarding of this price crash as they move to the centralized POS system making graphic card mining obsolete.

 

[latindev]

That should have happened anyway regarding of this price crash as they move to the centralized POS system making graphic card mining obsolete.

Since there are more cryptos that you can mine with GPUs, ETH moving to POS wouldn't solve the issue if there are more cryptos you can profitable mine with GPUs (in my opinion). This crash of the whole crypto market is the one that is moving GPUs to the second hand market and reducing the demand of new GPUs

 

[boomy]

Don't know if I believe this!!

 

[diatessaron]

At last! They were the reason why GPU manufacturers were creating shell companies and buying their own products, moving up the price in a range that equaled a GPU with a 20 year old used car.

 

[troubled soul]

Biggest beneficial of Crypto Boom will be "AMD and NVidia".
BTW

Ethereum Mining Is Going Away, and Miners Are Not Happy

The shift from proof-of-work to proof-of-stake will cut power consumption sharply—and leave some expensive technology searching for new uses.

www.bloomberg.com