Sun, April 14, 2024

Current Crypto Mining Conditions (GPU)

GPU

Current Crypto Mining Conditions (GPU)

Since ETH switched to proof of stake, cryptocurrency mining has suffered a serious blow. The difficulty of mining any coin skyrocketed as a result of everyone who was mining ETH having to switch to another mineable coin. With the difficulty rising and the price of the currencies staying the same or falling, practically everyone lost money. Because of the recent energy crisis, nearly no one has access to affordable electricity, making GPU mining profitable is impossible.

The GPU mining industry needs a coin that can handle high hashrate while being viable; yet, this is difficult because some of the current coins would need to experience significant price increases. The current bear market doesn’t help; as prices fall further, mining gets harder and harder every day. While turning off mining equipment reduces the difficulty, it also makes the blockchain more exposed and unsecure.

Every day, a new proof-of-work coin increases in price in an effort to attract miners and make money; however, the majority of these currencies are useless and serve no purpose. Another development is that the most profitable currencies are not the ones that are well-known, like ETC, ERG, or RVN; rather, the most profitable coins are those that are less well-known, and as a result, they gain from low difficulty.

For instance, Kaspa is the most obscure yet well-known coin; while its profitability isn’t too poor, FPGAs are on the horizon and will render mining Kaspa using a GPU useless.

Radiant (RXD) and Alephium are the two coins that are now outperforming every other currency in terms of profitability (ALPH). This cryptocurrency is brand-new and has a tiny market cap. and a modest loudness along with that. Although difficult, it is feasible to buy and sell them.

What are some miners currently doing?

Alephium trades on gate.io, making it simpler to purchase and sell, while Radiant exclusively trades on TradeOgre and Txbit, which are not suitable for beginners because users must first check the order book in order to make a transaction. The trade volume for both coins in the previous two days was no more than 30k USD, and sometimes it was much lower.

Some miners only mine on the basis of speculation; they mine low-volume coins in the anticipation that the price will rise as demand increases. Right now, this is just pure gambling, and by doing this, the cost of electricity swiftly increases. It can be a very successful wager, but participants must always be prepared to lose.

Even CPU mining can be more profitable than GPU mining at this point in time because of how essential the GPU mining market is, but CPU mining also depends on trading in low volume coins if you aren’t mining Monero, which isn’t particularly profitable.

The conclusion is that GPU mining is currently in a poor position, and nobody knows what will happen. Perhaps a bull market will restore mining profitability, but that is still a ways off. We’ll have to wait and see, but it’s possible that in the interim, some coin gains popularity and everyone may start mining profitably from their homes once more. There are excellent projects that serve as proof of concept, such as ERG and RVN, however mining for the sole purpose of network support is not for everyone since there are expenses to cover.

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