Ethereum set to make GPU mining obsolete, miners aren't happy and plan protests

[Delicieuxz]

What are the GPU-minable crypto-coins with the most potential aside from Ethereum?

[Tellos]

I believe bitcoins more asics now. So GPUs are not gonna do great. In the end this is what I said it was. Mining is a get rich quick scheme the scheme just ending for new comers now. its about who has moeny makes money.

[tikker]

1 hour ago, Tedny said:

so, they will do bitcoin? 

anyway, in the end, it will be same situation as with mining on 3060 - just one coin will be ignored 

 You can't mine Bitcoin with GPUs anymore.

32 minutes ago, Heliian said:

Just keep making up fake currency?  No matter how long people keep trying, there is still no real product.  

 

As someone else has said, if you took the money invested into mining and invested it properly you'll be much better off. 

It's a risky investement for sure and it's too late to jump into mining now, but it is and has been a worthy one for early adopters. Not many other places you can see your investment go x10 or x100 even if extremely lucky in a short timespan.

28 minutes ago, Delicieuxz said:

What are the GPU-minable crypto-coins with the most potential aside from Ethereum?

Ravencoin or something? That's the only one that I hold a bit of. Not sure if there are other attractive coins that are worth more than a few pennies. That may change of course once this goes through.

[CarlBar]

It will just move to somthing else. Most modern currencies have their value determined by complex factors relating to the economic activity around them. Crypto isn't really any different. What people are willing to buy in at and what people are willing to cash out at are obvious point,s but those are going to be driven in part by the costs associated with mining. Its no more a hard and fast thing that it is with regular currency, but Crypto is used for a much more restricted set of things, (there's less places that will accept it as legal tender), so it's affected by a more restricted set of things. To say the cost of the equipment used to mine it isn't a factor would be remarkably short sighted. Which means any currency the miners switch to is likely to see it's value go u[p as those mining it become less willing to sell it for low amounts.

 

Also to those upset at the waste. https://www.coinnews.net/2020/02/07/penny-costs-1-99-cents-to-make-in-2019/

 

US 1 and 5 cent coins apparently cost more to manufacture and distribute in 2019 than they'e worth. I imagine many other low value denominations in other countries fall into the same category. And those exist purely as an exchange medium, they don't do anything other than be exchanged either. So the phenomenon of being environmentally unfriendly is not restricted to purely crypto currencies. The worlds various countries probably spend billions every year in this fashion.

[bcredeur97]

They've been planning this for a few years now. Why are ppl complaining now? 

+ mining will eventually become unprofitable anyway if the price stabilizes for a long period or in a bear market. 

only reason ppl are going nuts right now is because of the bull market. It will be short lived. Prob over by next year...

 

also you can make more money buying ethereum than mining it...

[JamesTheFolf]

6 hours ago, Hyrogenes said:

I still dont understand how mining makes money in 2.0. Can somebody explain how it will work?

It's not going to be mining, only Proof of Stake

[tikker]

19 minutes ago, bcredeur97 said:

They've been planning this for a few years now. Why are ppl complaining now? 

They're complaining about EIP 1559 where they will burn a certain amount of gas instead of rewarding miners with it, not about going PoS.

[RoseLuck462]

It kinda sucks so you should have gotten in it early lol

 

Once this passes, everyone will just move to the next get rich quick fad.

[S70N3R]

So that means we actually might be able to buy GPUs? lol

[Kisai]

58 minutes ago, CarlBar said:

 

Also to those upset at the waste. https://www.coinnews.net/2020/02/07/penny-costs-1-99-cents-to-make-in-2019/

 

US 1 and 5 cent coins apparently cost more to manufacture and distribute in 2019 than they'e worth. I imagine many other low value denominations in other countries fall into the same category. And those exist purely as an exchange medium, they don't do anything other than be exchanged either. So the phenomenon of being environmentally unfriendly is not restricted to purely crypto currencies. The worlds various countries probably spend billions every year in this fashion.

Most people are not paying for food with individual pennies. Canada stopped minting pennies several years back, which meant that if you want to pay the exact cost of things you had to use debit or credit. The only places that are cash only here are coin-operated laundry, and some ethnic grocery/restaurants that won’t let you use cards unless you spend $25.

 

Realistically all global currencies should be rebased to remove their current decimalization, and currencies like yen and won should chop two zeros off as well. Computers are smart enough to deal with that, but humans tend to suck at doing math in their head when it involves more than two digits. Fractional currencies should only be used in calculating things like taxes and interest, but never actually used as payment denominations.

[bcredeur97]

1 hour ago, tikker said:

They're complaining about EIP 1559 where they will burn a certain amount of gas instead of rewarding miners with it, not about going PoS.

even 1559 has been talked about for a while now though...

[Craftyawesome]

8 hours ago, Rym said:

It has heavily damaged the pc parts economy

FWIW, Nvidia estimates that between $100 million and $300 million in Q4 revenue was from crypto miners. https://www.tomshardware.com/news/nvidia-q4-earnings-100-300-million-dollars-cryptocurrency-mining

 

This is 2-6% of total revenue or 4-12% of gaming revenue. And AMD isn't as good at mining this generation, so they probably have an even lower percentage. Although note that they can't "accurately predict the impact due to sales through AIBs and distributors."

 

It's not insignificant, but unless they are way off, "heavily damaged" isn't really a fair way to put it.

[tikker]

39 minutes ago, bcredeur97 said:

even 1559 has been talked about for a while now though...

Maybe it wasn't profitable enough to care much yet

[Helpful Tech Witch]

I hope other coins don't follow this; when I get a gpu (like a 3070 or 3060ti) I was hoping to mine to make back something.

[Helpful Tech Witch]

10 hours ago, Rym said:

Mining imo is very expensive, is very unprofitable for what it does and is toxic to the environment with it's large power consumption

I'm pretty sure mining farms run off of renewable tho.........

(It's cheeper for them so it makes sense for profits)

[Kisai]

13 minutes ago, HelpfulTechWizard said:

I'm pretty sure mining farms run off of renewable tho.........

(It's cheeper for them so it makes sense for profits)

Mining farms run on whatever. It's almost a certainty if they operate in the USA they are on coal power, never green energy, because you need to buy carbon offsets to "greenify" it. That's how Apple and Tesla, and various other deep-pocket companies go green when they don't exist in areas where the green power is available. Basically they buy the local dirty power and then subsidize the green power somewhere else.

 

Like, there is no possible way to determine if mining is green or not unless those generating the coins voluntarily disclose their exact geographical location and then triangulate their contribution to the cryptocoin network with everyone else in that area and going, yep everyone in that 4km^2 area is using solar, and everyone in the surrounding 100km^2 is on coal in the corner of the state. Like it's is unreasonably burdensome.

 

The best way to get that information is to in fact get it from the utility companies a note which addresses that use high levels of electricity 24/7 while not having an installed electrical heating system to match.

[Nowak]

Will it be doing this for real this time? Ethereum has been "moving to proof of stake soon!" for almost as long as it's existed...

[staticpage]

Here I was hoping miners and the power suppliers would just build more renewable and learn some new things in the processes like the micro hydro dam I built for my F@H hobby turned GPU mining. Seriously this is like the time the idiots in the USA started using tax payer money to build dams then few years later using even more tax payer money to tear down same dams for a few fish that turn out to not be harmed.

 

I can't quite member but In the past coins that forked like this died fast. It was the GPU miners that invested in the first place...

[Kisai]

1 hour ago, staticpage said:

Seriously this is like the time the idiots in the USA started using tax payer money to build dams then few years later using even more tax payer money to tear down same dams for a few fish that turn out to not be harmed.

 

That requires more context. Dams that are removed, were usually poorly designed and were actively harmful to the river ecosystem, not just the fish.

 

https://www.bbc.com/future/article/20201110-the-largest-dam-removal-project-in-american-history

 

This, again, is a problem caused by short-sighted designs. Hydropower at the cost of a plentiful food source. They could build fish ladders to keep operating the plants, but they would rather remove the inefficient dams instead.

 

Also, not every dam is going to be torn down. Flood-control/hydroelectric/irrigation dams on large river systems exist so that the cities downstream from them aren't annually wiped out. The pattern is largely just smaller hydro-electric dams that are on fish-bearing rivers lower-drainage systems, not the upper ones where the reservoirs are. So far at least. 

 

In some cases these smaller dams were replaced with larger dams years ago, and just running out the clock on their license to operate. Free money to them if they can sell that energy. Some inefficient dams were barely doing anything because their reservoir behind them was full of silt, and actually having a negative flood-control effect. You're not going to dredge a river behind a dam.

 

There are run-of-the-river hydro-electric systems that do not require dams to operate. (You may remember when mills used to have large water-wheels outside them, same idea, modern approach.) 

 

 

[Brooksie359]

12 hours ago, BuckGup said:

People act like there are only two crypto currencies. If ETH drops GPU support you simply move to the next coin or fork it and continue as usual 

Yeah I hate cryptocurrency but honestly I know that this will simply make a new coin popular. I mean wasn't that why ETH became popular in the first place? Because it was easy to mine with traditional gpus and it had the most profit for the most part. Now they will simply go down the list to the next most profitable coin and start all over again and the cancer that is cryptocurrency continues. 

[Craftyawesome]

8 minutes ago, Brooksie359 said:

I mean wasn't that why ETH became popular in the first place?

That is probably part of it, but the original whitepaper literally starts with "A Next-Generation Smart Contract and Decentralized Application Platform"

[Brooksie359]

4 hours ago, Craftyawesome said:

That is probably part of it, but the original whitepaper literally starts with "A Next-Generation Smart Contract and Decentralized Application Platform"

I'm not saying that was the goal I'm only saying that it was popular because it was profitable and now that it won't be people will simply switch to the next most profitable coin there is. Let's be honest most cryptocurrency miners just care about the money. They probably don't care at all about its application as a decentralized currency which tbh it doesn't really do a great job of currently anyways. I would look forward to when all cryptocurrencies go and become unprofitable that way the whole thing collapses. 

[tikker]

6 hours ago, Craftyawesome said:

That is probably part of it, but the original whitepaper literally starts with "A Next-Generation Smart Contract and Decentralized Application Platform"

Yeah this has probably helped a lot there. It wasn't just another Bitcoin, it was something new more interesting which happened to stick around.

[Jet_ski]

21 hours ago, Hyrogenes said:

I still dont understand how mining makes money in 2.0. Can somebody explain how it will work?

Proof of Work requires a lot of computer power to constantly do a computation to show who has the most up to date “transaction ledger”. And the miners with the most current “ledger” are more likely to be awarded new coins.

 

In Proof of Stake, miners would be rewarded for keeping a holdings ledger. Which is much smaller and requires a lot less computation.

 

PoW is like a massive log that keeps a record of every transaction ever. Whereas PoS just keeps track of the wallet balances. So large miners and mining pools lose most of their current advantage because with less computational requirement, the blockchain will end up distributing the rewards more broadly instead of mainly rewarding the few massive mining operations. 

[leadeater]

13 hours ago, Jet_ski said:

Proof of Work requires a lot of computer power to constantly do a computation to show who has the most up to date “transaction ledger”. And the miners with the most current “ledger” are more likely to be awarded new coins.

 

In Proof of Stake, miners would be rewarded for keeping a holdings ledger. Which is much smaller and requires a lot less computation.

 

PoW is like a massive log that keeps a record of every transaction ever. Whereas PoS just keeps track of the wallet balances. So large miners and mining pools lose most of their current advantage because with less computational requirement, the blockchain will end up distributing the rewards more broadly instead of mainly rewarding the few massive mining operations. 

And unless they have been keeping their Eth rather than selling it then their Stake isn't going to be as relatively high compared to their current computational power. Some large mining operation might have 5% of the total network but only ever keeps a balance of like 0.05% (numbers out my ass).