At the end of 2022, the Ethereum cryptocurrency was to move from the Proof of Work approach to Proof of Stake, i.e. abandoning the need to maintain the network with mining power in favor of the state or age of the wallets. Unfortunately, the transition to ETH 2.0 was delayed until 2022, but according to a recent blog post by the agency behind it, the update is closer than further.
No more mining Ethereum = cheap graphics cards?
Despite the announcement of such huge changes in the middle of this year, the graphics card market has not reacted very effusively. Even as we approached the potential transition date from ETH to ETH 2.0, it was hard to see the panic sell-out of graphics cards, making it clear that a similar situation may not occur in the future. Ethereum is only one of the many PoW cryptocurrencies – its mining, however, is the most profitable.
In an optimistic scenario, Ethereum miners will switch to one of the other cryptocurrencies, but looking at the power behind ETH, such an influx of miners to other networks will increase the difficulty of mining. If their price does not increase along with this, mining on graphics cards will become less profitable and not by a dozen, but several dozen percent.
Then the graphics cards will be saved, the market will be flooded with countless used models and so will the prices fall … but it may also be that the price of cryptocurrencies will simply increase after the influx of other miners. Then the digging will still be profitable and the circus will start spinning again. These are cryptocurrencies – it’s hard to predict anything in this market.
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