GPU Mining Is No Longer Profitable After Ethereum Merge
The Ethereum Merge was the most critical phase in the cryptocurrency’s history, marking the end of the Proof-of-Work concept and the beginning of Proof-of-Stake. As we reported earlier, the Ethereum merge is complete, but since then, the cryptocurrency has plummeted to almost $1,230 at the time of writing this article.
To put this into perspective, at the same time last year, Ethereum was hovering around $4,200, which means it lost more than double its original value. Computer graphics cards were an essential piece of hardware needed to mine Ethereum for years, but now they’re useless unless used on other cryptocurrencies.
Plenty of these graphics cards have been selling for extremely high prizes in the last couple of months. With Ethereum mining officially over, these graphics cards are now flooding the market and retail stores at great price deals. However, this raises an important question, longevity. Since these graphics cards have been running for months, even years, it’s hard to know if they’ll be running well for many years to come.
Looking at the stats provided by the accurate WhatToMine platform, we clearly see that even pricey graphics cards like the Nvidia RTX 3090 and the AMD RX 6900XT don’t have any profits from the cryptocurrency.
Even with slightly better graphics cards from 2022, the cost of power is simply hard to bear, and from the current stats, it would take over 20 years to break the cost of the graphics card – let alone the whole surrounding system needed for it to work.
But Is This the End of GPU Mining?
Most people search for alternative coins based on the Proof-of-Work concept, but it all comes down to the price and its profitability. Factors such as network difficulty and power cost define how much you can extract from your hardware. The more hardware you have at your disposal, the faster you’ll see profits come your way – but in the case of Ethereum, these days are over.
Someone must search a lot to find a decent alternative coin or altcoin. There are cryptos you can mine using your hard drives, so generally speaking, there’s always something to mine on! Given the fact that Ethereum’s popularity remains the same after its merge, this might give other cryptocurrencies a chance to shine and prove to be lucrative in the near future.
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