Bitcoin switched to industrial ASICs a long time ago, and Ethereum has completely moved away from proof-of-work mining in 2022, see: https://ethereum.org/en/roadmap/merge/
The Merge was executed on September 15, 2022. This completed Ethereum’s transition to proof-of-stake consensus, officially deprecating proof-of-work and reducing energy consumption by ~99.95%.
GPU mining is pretty much completely dead because after Ethereum switched the yields on everything else tanked, no one mines with GPUs anymore, at least not for any major blockchain. GPUs are mainly being used with AI now
The Merge was executed on September 15, 2022. This completed Ethereum’s transition to proof-of-stake consensus, officially deprecating proof-of-work and reducing energy consumption by ~99.95%.
I don’t follow crypto trends so I hadn’t heard about this either.
I had to look up proof-of-stake, and for Ethereum apparently is required to stake 32 coins to operate a node. Another google search shows me a single Ethereum coin is just north of $2k USD. So someone mining Etherium today needs to have more than $64k if Etherium to even run a node now?!
Staking pools are a collaborative approach to allow many with smaller amounts of ETH to obtain the 32 ETH required to activate a set of validator keys
You earn rewards proportional to the amount you stake
You only need 32 ETH to stake if you want to solo stake / home stake and you don’t pool resources with anyone else, see https://ethereum.org/en/staking/solo/
Not really to be honest, the power is in the decentralization, permissionless and opensource nature of the system. You can’t get that out of the traditional system
Of course not all networks are the same and there are always shit ones out there that compromise on those tenets, but if you do your due dilligence, you will see there is value in some of them
That doesn’t mean that their effect on the GPU market will up and vanish overnight. Market correction doesn’t usually go down as fast as it goes up.
Edit: add to that the tariff situation and the standoff with China and Taiwan (where all the processors for gpus are made), and you have a situation where things are just going to get more expensive no matter what.
It’s AI at this point. Nvidia considers the gamer division to be vestigial. They were a $700B market cap company that was primarily known for gaming GPUs. They are now quadruple that with AI, and that’s even with some recent hits to their stock price.
Bitcoin switched to industrial ASICs a long time ago, and Ethereum has completely moved away from proof-of-work mining in 2022, see: https://ethereum.org/en/roadmap/merge/
GPU mining is pretty much completely dead because after Ethereum switched the yields on everything else tanked, no one mines with GPUs anymore, at least not for any major blockchain. GPUs are mainly being used with AI now
I don’t follow crypto trends so I hadn’t heard about this either.
I had to look up proof-of-stake, and for Ethereum apparently is required to stake 32 coins to operate a node. Another google search shows me a single Ethereum coin is just north of $2k USD. So someone mining Etherium today needs to have more than $64k if Etherium to even run a node now?!
No, not really, you can start staking with as many as you want, see pooled staking: https://ethereum.org/en/staking/pools/
You earn rewards proportional to the amount you stake
You only need 32 ETH to stake if you want to solo stake / home stake and you don’t pool resources with anyone else, see https://ethereum.org/en/staking/solo/
Pay to play baby! Let’s reinvent the banking system by doing the same exact shit.
Not really to be honest, the power is in the decentralization, permissionless and opensource nature of the system. You can’t get that out of the traditional system
Of course not all networks are the same and there are always shit ones out there that compromise on those tenets, but if you do your due dilligence, you will see there is value in some of them
It was 4k per coin. Source: me as I cry with my 2 ETH. 😭
That doesn’t mean that their effect on the GPU market will up and vanish overnight. Market correction doesn’t usually go down as fast as it goes up.
Edit: add to that the tariff situation and the standoff with China and Taiwan (where all the processors for gpus are made), and you have a situation where things are just going to get more expensive no matter what.
It’s AI at this point. Nvidia considers the gamer division to be vestigial. They were a $700B market cap company that was primarily known for gaming GPUs. They are now quadruple that with AI, and that’s even with some recent hits to their stock price.