You'll get, at most, a few cents every day.“Ethereum is making big changes,” writes Bloomberg. And right now, as of the time of writing, neither ETC nor ETHW is profitable to mine. Most crypto miners are not in it for the long haul and won't mine something blindly believing in a concept or the hope its price will increase in 10 years. We also need to keep in mind that for many miners, mining was their main source of income. He's very optimistic about it, but the outlook is muddier for us. It's a matter of supply and demand-there might be a lot of supply, but if there's no demand, it will be worth nothing.Īccording to TheNewsCrypto, one of the organizers of the ETHW fork, Chandler Guo, believes the ETHW price will eventually catch up with Ethereum down the road, over the next decade. Mining something alone doesn't guarantee it'll go up in value. Even if they manage to go up, whether they'll keep the momentum is another thing. Looking at the CoinMarketCap ETC chart, that currency's price has dipped. ETHW was trading at roughly $5 when The Merge took place, and its price was around $8 as of the time of writing, as per CoinMarketCap. And indeed, due to media attention and miners gathering around each crypto, their price has increased. But in the process, it's leaving miners behind without their main source of income.įurthermore, post-Merge, a new fork also appeared, dubbed "Ethereum Proof-of-Work" (ETHW).īoth ETC and ETHW are potential replacements for Ethereum to keep the dough rolling. The Ethereum 2.0 Merge aims to fix both issues for the greater good, moving things forward to proof-of-stake. And the network itself was volatile, to the point where gas prices could spike and make transactions absurdly expensive. As profitable as Ethereum mining was, the power consumption generated by that practice was enormous, ultimately damaging the environment. Of course, all (good?) things eventually come to an end. The Ethereum mining rush was partly to blame for the fact that the RTX 3000-series GPUs were non-existent on store shelves when released in 2020, with crypto miners immediately snagging the few GPUs that did make it to retail. Once you've recovered the money you invested, it was basically a completely effortless, stable income. With a high-end RTX 3090, you could easily make over twice that amount. That, combined with the fact that the Ether cryptocurrency skyrocketed in price (reaching an all-time high of $4,800 at its peak), meant that Ethereum was an easy blockchain to mine in, one that gave amazing profits to even small-scale miners.įor example, with an NVIDIA GeForce RTX 3070, you could mine up to $25 a week or $100-$125 within a month (depending on your electricity costs!). The difficulty of Ethereum, however, didn't increase that much. To make mining easier, some miners organized in "pools" where they would pool computing power and split the reward of each block, with rewards paid out depending on how much computing power each miner contributed.īitcoin was initially mineable with consumer hardware (CPUs), but down the road, the mining difficulty increased to the point where purpose-built mining hardware like ASICs are needed to have a remotely acceptable profit. Every block mined rewards users a certain amount of cryptocurrency-thousands of dollars per block (plus transaction fees). That meant that people could mine-lend computing power so the blockchain can verify transactions-in exchange for a reward. Pre-Merge, the two top blockchains, Bitcoin and Ethereum, worked on a proof-of-work mechanism.
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