“realistically, there’s no good outcome here for miners on merge day. Average income per GPU? $ 0.0775.“įurther, in a more positive bull case, d’Aria calculated that even if all crypto prices doubled and only half of the miners continued, the average GPU income would still be just $0.30 per day. 10 million GPUs are now left to split approximately $775,000. On merge day, all GPUs divert to other coins. All crypto prices, total hashpower and block rewards stay the same.
“In oversimplified base-case scenario, nothing changes between now and the merge. Without an understanding of the total mining revenue of each coin, it may be possible to miss that “mining calculators are not showing you the relative hashpower and income of the various coins when they show you all these alternatives to ETH.” d’Aria explains the implications in a simple to understand manner, Price per coin x Block Reward x Daily Blocks = Total Daily Income.ĭ’Aria created the below table to highlight the daily income for the most popular proof-of-work coins. To understand how we calculate which of these coins could take up the mantle of the king of GPU mining, we need to understand the following formula: However, below is a list of the top proof-of-work cryptocurrencies contenders and their hashrates.
He concluded that “it’s’ possible that GPU mining has a renaissance, and we do this all over again.” Miners cannot simply switch to another slightly less profitable coin due to the influx of hashing power that will come after proof-of-work is turned off on Ethereum. Mark d’Aria from BitPro crunched the numbers regarding other altcoins and the future of GPU mining.
Therefore, the question is, what are miners doing with their GPUs as they move away from Ethereum? POW altcoins mined by GPU For instance, a mining rig made up of AMD Vega64 cards, one of the most cost-efficient GPUs during the 2021 bull run, now requires an energy cost of less than $0.18kwh to be profitable. Only miners who pay less than $0.235kwh using the latest generation of GPUs are currently able to turn a profit mining Ethereum. This information suggests that miners are turning off their machines as returns dwindle. Yet, the 10% decrease has done nothing to cover the other factors driving the profitability of Ethereum mining to fall. With the price decline, the increase in energy costs, and the merge date drawing closer, the hashrate of the Ethereum network has dropped dramatically.Ī reduction in hashrate causes the mining difficulty to decline, thus making GPUs more efficient. However, after Ethereum moves to proof-of-stake, GPU miners will no longer be able to mine Ethereum. The decline in crypto markets has made even mining Ethereum unprofitable for many miners. What will happen to GPU miners, and where will the hashing power end up? There are plenty of options, but will any of them be profitable following a considerable increase in hashrate? Source: f2pool The Ethereum Merge It moves to proof-of-stake later this year when it merges with the beacon chain. However, there is little time left for Ethereum in its proof-of-work state. Ethereum is by far the most popular cryptocurrency for GPU miners.
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