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Why is it people think Ethereum mining is what's driving this? The mass mining farms don't give a shit about Ethereum. They literally mine whatever coin is mos
by cbozeman 6y ago
Why is it people think Ethereum mining is what's driving this?
The mass mining farms don't give a shit about Ethereum. They literally mine whatever coin is most profitable to then be exchanged into Bitcoin. Everyone's going after BTC. There's a Bitcoin ATM in a service station convenience store near my house.
No one is going to give a shit when Ethereum moves to proof of stake, because they'll just switch to some other coin that still uses proof of work and thereby mines easily on their GPU farm and can then be exchanged for BTC.
- JohnJamesRambo 6y agoWell Ethereum has massive hash rate and is still mined on GPUs largely. No one mines btc on GPUs.
- wmf 6y agoIt's possible that soon whatever coin is most profitable to mine won't be profitable enough to justify buying more GPUs. There's always a limit.
- cbozeman 6y ago> whatever coin is most profitable to mine won't be profitable enough to justify buying more GPUs This is exactly where I'd like to see it all go.
- deleted 6y ago[deleted]
- tgsovlerkhgsel 6y agoIf there is a significant gap between Ethereum and the second most profitable coin, taking Ethereum out of the market will make the whole mining business less profitable. (This will in turn make some operations no longer economically viable, dropping GPU demand)