Official Mining Thread

Ethereum Switches to Proof of Stake, GPU Mining Is Dead

Ethereum Switches to Proof of Stake, GPU Mining Is Dead

Good news for gamers, or at least the ones who didn’t mine Ethereum with their graphics cards.

NVIDIA Ada and AMD RDNA3 will not sell to Ethereum miners. In a dramatic move, the creators of Ethereum have switched over the popular crypto-currency's algorithm from proof-of-work, to proof-of-stake, which means miners will no longer spend GPU resources in competing to find the same blocks. This effectively ends GPU-accelerated mining as Ethereum mining was the number-1 consumer of high-end GPUs through 2021. The switch-over happened as the total terminal difficulty surpassed 58,750,000,000T, with the last block having been found. With this move, global electricity consumption is expected to reduce by 0.2% (that's enough to power the world's top 5 cities).

The impact of this move on GPU sales to crypto-currency miners is expected to be profound. GPUs are no longer an economical way to mine Bitcoin, ASICs are; and Ethereum mining constituted the bulk of activity from GPU-accelerated mining farms. This doesn't mean there aren't other crypto-currencies that rely on GPU-accelerated proof-of-work blockchain compute; but Ethereum had the highest market-cap among such currencies. Gamers have reason to rejoice, as NVIDIA and AMD now have to sell high-end GPUs squarely on merits of gaming performance, power-draw, and graphics card pricing.


Sources: techPowerUp!, The Verge, Vitalik Buterin (Twitter)
 
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ETH down 5% despite smooth Ethereum Merge
https://finance.yahoo.com/news/eth-trading-ethereum-merge-142242016.html

Lauded by both supporters and critics as crypto’s most ambitious software upgrade, the change shifted how Ethereum processes transactions — from proof-of-work to proof-of-stake — a first in the world of blockchains.

The upgrade caused Ethereum's energy consumption to plummet, with proponents saying the move also helps the blockchain to become a faster, cheaper and more useful financial layer of the internet.

But within the hour before the Merge, Ethereum’s native token slipped below $1,600 per coin and was trading relatively unchanged at $1,492 per coin by Thursday 11 a.m., down more than 5%.

The ether to bitcoin (ETH-BTC) ratio has also plummeted 5% following the Merge.
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The upgrade's final stage took about 12 minutes followed by another 12-15 minutes for Ethereum’s core developer team to gauge the transition's "finality" with as many as 41,000 people watching during a live Merge “viewing party."

By eliminating mining, the Ethereum Foundation and other analysts projected the protocol's energy consumption — which had required as much power as a small country — would drop by 99.95%. Justin Drake, an Ethereum researcher said just before the upgrade that the Merge “will reduce worldwide electricity consumption by 0.2%."
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Android1 said:
Good news for gamers, or at least the ones who didn’t mine Ethereum with their graphics cards.

NVIDIA Ada and AMD RDNA3 will not sell to Ethereum miners. In a dramatic move, the creators of Ethereum have switched over the popular crypto-currency's algorithm from proof-of-work, to proof-of-stake, which means miners will no longer spend GPU resources in competing to find the same blocks. This effectively ends GPU-accelerated mining as Ethereum mining was the number-1 consumer of high-end GPUs through 2021. The switch-over happened as the total terminal difficulty surpassed 58,750,000,000T, with the last block having been found. With this move, global electricity consumption is expected to reduce by 0.2% (that's enough to power the world's top 5 cities).

The impact of this move on GPU sales to crypto-currency miners is expected to be profound. GPUs are no longer an economical way to mine Bitcoin, ASICs are; and Ethereum mining constituted the bulk of activity from GPU-accelerated mining farms. This doesn't mean there aren't other crypto-currencies that rely on GPU-accelerated proof-of-work blockchain compute; but Ethereum had the highest market-cap among such currencies. Gamers have reason to rejoice, as NVIDIA and AMD now have to sell high-end GPUs squarely on merits of gaming performance, power-draw, and graphics card pricing.


Sources: techPowerUp!, The Verge, Vitalik Buterin (Twitter)
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ding dong ... ding dong :bleh:
 
Android1 said:
What’s "the jacket"?
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:lol: Jensen Huang

cfFg73.jpg
 
Well with eth out mining profits are seriously down. It's not even worth spec mining as it hardly covers electricity. Gonna mine ergo for a few weeks to see if many people leave to lower the hashrate.
 
acroig said:
You're both lucky Curio's not around anymore. Bans for the two of you!
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this thread should have always been down in Distributed Computing

it more like folding than anything to do with Graphics Cards and 3D Technologies :hmm:

but i wasn't going to tell him :runaway: :runaway: :runaway:
 
The ice age for GPU mining has come as per predictions.

ETC, ERG, RVN all completely swamped. It's not even close to being worth it at this point.

The deluge of used GPUs is about to flood ebay if it hasn't already. Expect another big price drop on those cards above and beyond what we've already seen.

Will 3080 cards go for $200 used? Stay tuned!

As for me I'm test mining ETC and ERG. Once I have some clocks and settings dialed in I'm idling my GPUs. No sense in doing otherwise at this point in time. I suspect it will be months at a minimum before enough people quit for difficulty to plummet. Possibly we could be looking at well into next year. Turning off isn't going to cut it - enough people need to sell their equipment and completely fold up so they can't just flip it back on again.

OTOH I do have a couple CPUs that I'm mining with and am continuing to do so. They don't make much though.
 
The ergo mining isn't making electric costs at the moment even for me I don't think. Spec mining is pointless as I could use that electric cost to buy said coin anyways. I'll see what happens a month from now and decide.

Congrats ETH you are now fully.centralized. 2 entities own 40% of eth control. We humans found a way to take the old crap system of finance where the government controls us and just make it digital.

I'm slowly becoming a BTC maxipad.
 
Paranoia lead by media smear campaigns over 0.2% world electrical consumption helped lead to this btw.

If people really cared about the original intent of digital currency then something like Monero would be number one in market cap. I think it's current and long held position in the charts is proof enough of where people have their priorities when it comes right down to it.
 
You're correct. Privacy coins ftw! I knew the govt would pull a tornado cash on us it's the only reason I never dealt with them. Otherwise USA will get left in the dust and be behind on tech, then to use bully measures, tactics, and bribes to get all the tech leaders back
 
Android1 said:
Good news for gamers, or at least the ones who didn’t mine Ethereum with their graphics cards.

NVIDIA Ada and AMD RDNA3 will not sell to Ethereum miners. In a dramatic move, the creators of Ethereum have switched over the popular crypto-currency's algorithm from proof-of-work, to proof-of-stake, which means miners will no longer spend GPU resources in competing to find the same blocks. This effectively ends GPU-accelerated mining as Ethereum mining was the number-1 consumer of high-end GPUs through 2021. The switch-over happened as the total terminal difficulty surpassed 58,750,000,000T, with the last block having been found. With this move, global electricity consumption is expected to reduce by 0.2% (that's enough to power the world's top 5 cities).

The impact of this move on GPU sales to crypto-currency miners is expected to be profound. GPUs are no longer an economical way to mine Bitcoin, ASICs are; and Ethereum mining constituted the bulk of activity from GPU-accelerated mining farms. This doesn't mean there aren't other crypto-currencies that rely on GPU-accelerated proof-of-work blockchain compute; but Ethereum had the highest market-cap among such currencies. Gamers have reason to rejoice, as NVIDIA and AMD now have to sell high-end GPUs squarely on merits of gaming performance, power-draw, and graphics card pricing.


Sources: techPowerUp!, The Verge, Vitalik Buterin (Twitter)
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:yahoo:

Even though I'm not planning on buying a new card for quite awhile, this is good news for the future. Now we only have to compete with other gamers for the cards, as it should have always been.
 
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