![]() ETHW was trading at roughly $5 when The Merge took place, and its price was around $8 as of the time of writing, as per CoinMarketCap. And indeed, due to media attention and miners gathering around each crypto, their price has increased. Ethereum 1.0 was actually a fork of ETC and became the more popular option.įurthermore, post-Merge, a new fork also appeared, dubbed "Ethereum Proof-of-Work" (ETHW).īoth ETC and ETHW are potential replacements for Ethereum to keep the dough rolling. Ethereum Classic (ETC), the original Ethereum blockchain, predates the Merge by a few years, and is the continuation of the first iteration of Ethereum. Two particular forks have made headlines since the Merge. Are you actually making money or just damaging your hardware and wasting resources to get a few extra dollars in exchange? The most you can get out of Ravencoin with an RTX 3090 is $25 a month, and other cryptos offer even less. When you mine something, you do it to get a reward out of it, and if that reward is worth basically nothing, there's no point in doing so. With the price of Bitcoin fluctuating heavily, even if it's profitable at a certain point, a sharp drop can turn the scene around completely.Īs for other cryptocurrencies, the difficulty might not be high, but most of them lack a tangible community, and as a result, they're not that valuable. If you want to see an acceptable profit, you'll need an ASIC-based rig, which can be costly. There are plenty of cryptocurrencies out there, like Ravencoin, ZCoin, and others.īitcoin mining is out of the question, as it's so difficult to mine that trying to do so with a regular GPU-based rig is pointless, especially if you're a small-scale miner. But in the process, it's leaving miners behind without their main source of income.įirst off, the obvious option: try something else. The Ethereum 2.0 Merge aims to fix both issues for the greater good, moving things forward to proof-of-stake. And the network itself was volatile, to the point where gas prices could spike and make transactions absurdly expensive. As profitable as Ethereum mining was, the power consumption generated by that practice was enormous, ultimately damaging the environment. Of course, all (good?) things eventually come to an end. The Ethereum mining rush was partly to blame for the fact that the RTX 3000-series GPUs were non-existent on store shelves when released in 2020, with crypto miners immediately snagging the few GPUs that did make it to retail. Once you've recovered the money you invested, it was basically a completely effortless, stable income. With a high-end RTX 3090, you could easily make over twice that amount. That, combined with the fact that the Ether cryptocurrency skyrocketed in price (reaching an all-time high of $4,800 at its peak), meant that Ethereum was an easy blockchain to mine in, one that gave amazing profits to even small-scale miners.įor example, with an NVIDIA GeForce RTX 3070, you could mine up to $25 a week or $100-$125 within a month (depending on your electricity costs!). The difficulty of Ethereum, however, didn't increase that much. To make mining easier, some miners organized in "pools" where they would pool computing power and split the reward of each block, with rewards paid out depending on how much computing power each miner contributed.īitcoin was initially mineable with consumer hardware (CPUs), but down the road, the mining difficulty increased to the point where purpose-built mining hardware like ASICs are needed to have a remotely acceptable profit. Every block mined rewards users a certain amount of cryptocurrency-thousands of dollars per block (plus transaction fees). That meant that people could mine-lend computing power so the blockchain can verify transactions-in exchange for a reward. ![]() Pre-Merge, the two top blockchains, Bitcoin and Ethereum, worked on a proof-of-work mechanism.
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