Hardware support: Light at the end of the tunnel: Ethereum is turning off mining in Q4 2021

Light at the end of the tunnel: Ethereum is turning off mining in Q4 2021
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Light at the end of the tunnel: Ethereum is turning off mining in Q4 2021

Posted: 29 Apr 2021 11:07 PM PDT

It's been a rough time for graphics card buyers, with Ethereum miners willing to pay a huge premium, and scalpers picking up everything at nominal prices. Finally, there's some relief on the horizon.

Ethereum developers are signaling that mining will be turning off by EOY 2021, when Ethereum moves fully to proof-of-stake. See here: EtherMining (reddit.com)

This means miners buying graphics cards today have only 6-8 months to break even on their purchase, and there'll be a significant drop in demand as more miners are made aware of this situation. A lot of miners are buying graphics cards at premium expecting ROI over 1-2 years: this is clearly not happening any longer. We also have a network upgrade in July 2021 called EIP-1559, which will decrease miners' revenues by 30% or so, so it's actually less than 6 months effectively.

Longer term, after Q4 2021, there'll be very minimal demand for mining using graphics cards, as outside of Ethereum none of the other cryptocurrencies are anywhere near as profitable to mine with a GPU.

All said, I'm expecting prices to drop significantly over the summer, and we might even have a bonanza in the used market at the end of the year with tons of ex mining graphics cards being put on sale and driving prices way, way down.

It's been a tough few years for gamers, but soon, gamers will once again be the first class buyers of graphics cards.

PS: Since it's a common misconception, I'll also point out why other altcoins will not replace Ethereum's scale of GPU mining.

These altcoins don't have the demand to sustain a $300 billion market cap like Ethereum is. Ethereum can do it because there's a lot of demand for its network - $1.5 trillion was settled on it last quarter, and nearly $1 billion in transaction fees generated every month. All GPU mining altcoins combined are a small fraction of these numbers, and hence will be unable to support the massive scale of GPU mining (which has a fixed cost) Ethereum did. Speculation can run altcoins to billions of dollars, sure, but for sustained $300 billion or $1 trillion market caps, you need real demand from large players, and only Ethereum and Bitcoin has that.

See here for the vast disparity in demand between Ethereum, Bitcoin and everything else: Crypto Fees (Side note: most of the apps mentioned in the top 10 or so like Uniswap, Compound, Aave actually also run on Ethereum)

submitted by /u/Liberosist
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submitted by /u/AidThisFellowUser
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submitted by /u/zyck_titan
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submitted by /u/ryandtw
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