Little Movement From Proof Of Work Miners

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Little Movement From Proof Of Work Miners

There was a lot of talk about what would happen with crypto GPU miners from Ethereum. Many talked about forking the chain and creating yet another version of Ethereum that would carry on proof of work while others were thought to move to other proof of work chains.

Did any of that happen? Let's take a deep dive.

Ethereum Classic

As of Sept 15th Ethereum classics mining rate has gone from about 60 TH/s to over 200 TH/s which dropped from it's peak on sept 15th just two days ago to 300Th/s.
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The price of ETC (Ethereum classic) has also fallen in price to about $34 showing little demand increase for the alterative chain.

ETHW

A new forked version of Ethereum called ETHW which holds on to the proof of work algo saw it's price tank from the $30 IOU's people bought into on exchanges are now worth just a bit over $8 each. Showing little demand for that alternative crypto as well. From what I could find I couldn't even pull mining numbers for the chain which leads me to believe it's already for the most part a failed fork.

What About Other Proof of Work Platforms

Alright so no real action on the proof of work Ethereum tokens other then classic which looks to have absorbed a lot of the moved mining power of about 150TH/s. I have a feeling that wont last long as the price/profit ratio to run mining on that system is quickly eating away as peoples reserved funds.

Dogecoin was thought to maybe be the next proof of work token that could see some action but when we pull numbers we see dogecoins mining power is the same and little to no movement besides down on the price.

So it begs the question did they maybe turn on those GPUs for Bitcoin which is now primarily ASIC?

Nope, mining rates there have for the most part remained the same at 220 Ehash/s which shows how obsolete GPU miners are to asic miners. Again another reason why I feel proof of work has become just as centralized as proof of stake systems. If anything I see it easier for more people to get involved with proof of stake over proof of work. The barrier to entry and barrier to profit is far lower than that of proof of work.

As far as we can tell so far for the most part a small section when to Ethereum Classic which was expected but just increasing the hash rate does not increase the $ value of the token. Besides that maybe there are other forked chains that simply are not gaining any real traction yet and may just take a few more days till they start to show their heads. Or what I feel is these miners closed up shop are liquidating assets and buying Ethereum again to convert to proof of stake which personally I feel was a mistake and they should have done it months ago when it was announced.

What are you thoughts? Will there be a real hard forked version of Ethereum or are the big miners liquidating their GPUs etc?

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13 comments
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Indeed they are liquidating GPU

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I hope I can get my hands on a 3080 ti or 2x of them for $300 a pop or less soon!

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For mining?

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no way just gaming I'm running on a old 1080ti it still holds it's own but it's starting to get dated

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If it’s as dire people hope it to be, so they can buy cheap. You think card industry as Nvidia will develop better cards, after 3080 of up for gaming it doesn’t really matter.

Due to mining the cards became better and faster and because if it so could other industrie such as games and 3D

It’s weird it’s not just mining depending on newer and better technology

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Regardless of what the miners will do, I think that the communities and developers are the ones keeping a blockchain alive. And most of them are with Ethereum 2.0 which moved to Proof of Stake, the other forks are just noise.

The miners need to look at another viable blockchain (not hardfork) that they can mine on and which has utility, communities and developers believing in the future of the project.

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...that's exactly what I thought when I saw Justin Sun talking about the "imminent fork," "Ethereum's hard fork" bah, just noise. Actually, Ethereum community is very well distributed, organized, and active. It is a project that I like very much.

In regards with the mining power and where it'll/it'd go, I'd take a look at Ravencoin $RVN

Let's have a !PIZZA - we can pay in BTC just to HODL the ETH and HIVE haha XD Best regards, my friend.

- EvM

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I think they are liquidating the GPUs because it's uncertainty on whether or not another crypto can work well as a PoW alternative. While it's possible for one of the side chains to win out, I just don't think it will really happen.

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Many mistakes here, you forget Ergo absorbing about 100, etc had 20 went to 220, that’s 300 alone.

New forks about 50
RVN, flux etc 50

That’s 400 of the 740 and that’s after consolidation.

ASICS only can go to etc. And the I just mine with my one or 2 cards through my computer are done

It’s as 2018-2020 eth from 1500$ Back to sub 100$. Miners need 0.1 to get paid, That’s why the price is down,

Pos is way more centralized then eth stake. Coinbase and lido hold about 40% it doesn’t matter if it’s separate nodes. Not to mention theAWS. And the more transactions need to be read in the more memory and 8 32 64 Gb isn’t enough let alone the a 2tb card but a 6 or more (price is 400-800 more) until it’s too expensive only a few can.

Plus the difference for howee test. You need eth to get rewarded eth and it depends on work of others (dev) or nodes. You need 32 and it’s locked Inc rewards

Mining you don’t need go buy a token, you could mine with your gaming computer and then hold ot sell.

Not to mention you now get 6% and that will be slashed, and again howee test if investors expect a return. An ipo? It’s a security. Ripples pos doesn’t Even financially reward pos. It’s being accused they had an ipo.

Eth pre mined too. Plus it’s a fork itself, it’s forked from etc.

There are besides doge, Btc, still about 10 coins to mine.

A combo of pos and pow wound probably be the perfect combo it protects to not be a security and it’s more decentralized

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