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A quick look at https://whattomine.com/ https://whattomine.com/ shows that several altcoins are within 70% profitability of mining Ethereum. That math is going
by PragmaticPulp 4y ago
A quick look at https://whattomine.com/ https://whattomine.com/ shows that several altcoins are within 70% profitability of mining Ethereum.
That math is going to change as the Ethereum miners reconfigure for altcoins and the difficulties change, but the bottom line is that mining will continue as long as some coin is still profitable to mine.
- pcthrowaway 4y agoI've read that a lot of former ETH miners have sold or are planning to sell their rigs (I think this is related to the submission yesterday about the GPU shortage being over[1], as Ethereum is usually mined on GPUs) We'll see if it plays out, but cryptocurrency prices falling have certainly reduced the energy consumption as well (it becomes less profitable to mine at a given difficulty when your mining reward is worth less). If Ethereum does eventually manage to overtake Bitcoin, that'll bode well for crypto's energy footprint in the long term (fingers crossed for this happening, or at least for there to not be another Bitcoin/PoW bubble) [1] https://news.ycombinator.com/item?id=31953662 https://news.ycombinator.com/item?id=31953662
- xur17 4y agoBut Ethereum mining rewards are orders of magnitude greater than the mining rewards for all of the altcoins (combined). The attack cost on this page [0] is a good reference for the relative mining incentive. Given this, a LOT of mining capacity is going to go offline when this occurs. [0] https://www.crypto51.app/ https://www.crypto51.app/
- GekkePrutser 4y agoAnd altcoins are a lot riskier too. They tend to come and fall out of favour.