GPU Mining Dead? Ethereum Merge is Done!

After so many delays, finally, the Ethereum merge has happened and ethereum GPU mining is dead. Now the Ethereum network is proof-of-stake only, and Ethereum mining is dead. While leaving a positive impact on energy consumption, it has left a negative impact on GPU miners since they are no longer able to mine Ethereum anymore. This left a simple but difficult question, which coin is the most profitable for GPU mining? There are a few common options like Raven Coin, Ethereum Classic, Monero, and FLUX Coin. All these coins can be mined via GPU Mining but their profitability is far less than ETH mining. The merge happened after 7 years of the launch of eth. It is considered the most important update in the history of Ethereum. This will make the coin more sustainable and will reduce energy consumption dramatically.

How to mine Ethereum after the merge?

GPU mining can only be used for proof-of-work coins, where miners perform difficult calculations and contribute their hardware. The Eth blockchain had been proof-of-work from the very beginning. Now after the merge it has been moved to a more sustainable approach which is proof-of-stake. So, there is no way to mine eth using GPU or any other mining hardware. However, after the merge, you can stake your already mined eth and gain rewards. The more Ethereum you have for staking, the larger the reward will be. Most eth mining pools also offer staking pools where miners can stake Ethereum to get rewards and continue their earnings.

The last block of eth was mined by flex pool and from now on there will be no reward, nor GPU mining left for eth. Many pools were already stopped mining a few weeks back when the exact date of the merge was announced, Those who were still mining for the last bit of rewards have announced a shutdown for eth mining and will no longer serve it. Most pools have announced the pool staking process, which will generate rewards for those who stake Ethereum.

Mine Ethereum Classic, Raven, and Other Coins

After the end of GPU mining for Ethereum, there are a lot of other options to try. They are not as profitable but there are certain rumors that their profitability will certainly go up depending on the price of the coin. There are a lot of pools out there that are offering mining services for ETC, Raven and FLUX Coin, etc. The most common options are NanoPool, 2Miners, and FlexPool. The choice of a pool depends upon the miner itself. Different pools have different fees. As of writing, Eth Classic is the most popular coin for GPU Miners after the end of eth mining.

Ethereum merge will affect its Price?

The Eth merge is live now. The developers, buyers, and investors all have high hopes that the price will go up. The reality of cryptocurrencies is always un-predictable. There are certain rumors that Ethereum will show improvements and become more stable after the merge update. The update was delayed too many times due to security and testing purposes. The price of Bitcoin is in a free fall for the past few months therefore, all cryptocurrencies are in a downward trend. Eth is equally affected by this downfall. No one can tell when this free fall will end, however, during the past few weeks, the declining trend has slowed a little bit.

Become an ETH Staker

Ethereum Staking is the process of locking down your ETH in the proof of stake system to verify the transactions. After the shift from proof of work (POW) to proof of stake (POS) the ethereum miners are replaced with eth stakers. You can become a validator using open-source software launched by Ethereum developers. You also need at least 32 Eth to set up a node. Once you set up a node by staking 32 Ethereum, you can take part in the proof of stake mechanism and earn incentives in the reward of making the network secure. A staker can be referred to as a miner in proof of stake consequence. However if you cannot afford 32 eths for staking, there are plenty of staking pools out there where you can stake almost any amount that you want and get rewards for your staked Ethereum.

Graphic Card pricing after dead GPU mining

When GPU mining was at its peak last year, GPU prices skyrocketed. Those who were able to get their hands on the newest graphic cards were considered lucky. Ethereum which is the second largest cryptocurrency in the world dominated the role in jacking up the prices. Combined this with the chip shortage and you have made it the worst GPU crisis of history which took place last year. The manufacturers took certain steps to avoid the shortage eg adding LHR Graphic Cards which were less profitable for the miners and controlling the bulk sale was not enough to reduce the shortage. It was the eth update that reduced the rewards for miners and made them sell off their rigs. Even some of the biggest companies sold their hardware in loss to manage the expenses after the rewards got shrunken.

As of now, the Graphic cards are easily available in the market at their stock price. Miners and more specifically eth miners are selling their hardware at a loss since they are no longer profitable. This act will suddenly reduce the prices of old graphic cards by a fraction. Moreover, the availability of new graphics cards will also increase.

FAQs

What is merge in Ethereum?

The merge is a long-awaited update of the Ethereum blockchain which got live in September 2022. It makes Ethereum more sustainable and reduces energy consumption by 99%

Will Ethereum mining get back at some point?

The Ethereum mining is dead forever. The network has switched itself from proof of work to proof of stake which does not need mining anymore.

Is there any way to earn Ethereum after mining has ended?

Yes, you can still earn eth by taking part in eth staking and locking your coins into the network.

Will Ethereum surpass Bitcoin after the merge?

All cryptocurrencies are highly nu-predictable, no one can guarantee anything about the price and stability of coins. There is always a high risk associated with cryptocurrencies.