End of mining on Ethereum: will RTX 4000 graphics cards be more accessible?

News hardware End of mining on Ethereum: will RTX 4000 graphics cards be more accessible?

The recent timing between the announcement of the release of the new RTX 4000 and the cessation of mining using graphics cards on Ethereum raises questions about the future of GPUs. Clearly, many are interested in knowing if the cessation of mining of the second cryptocurrency will have an impact on the availability of stocks and the price of graphics cards. Here are some elements that could impact the price of future components.

The Merge of Ethereum: what impact on RTX 4000 graphics cards?

After Ethereum’s transition to proof of stake, many expect to see a direct effect on GPU prices. Without a doubt, The Merge event allowing mining, no longer using graphics cards, but directly with Ethereum should have a positive effect on the prices of the new RTX 4080 and 4090.

While Ethereum’s The Merge update is good news for the environment and cryptocurrency users, it is not necessarily good news for mining professionals and enthusiasts.

In this context, those who once used graphics cards to mine Ethereum will have to part with the hardware essential to their activities in the past. Thus, it is very likely that the 3rd generation RTX will face a supply shock from the older models of graphics cards on the secondary market.

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Indeed, following the update, crypto miners no longer have to buy machines producing computing power to mine Ethereum. Thus, these consumers will surely exert less pressure on the demand for the new RTX 4000 graphics cards, which will delight PC gamers.

Although several miners began to part with their graphics card stocks long before The Merge arrived, some prefer to turn to alternative solutions.

Miners can continue to use their graphics cards to mine other cryptos

It is important to remember that the new functioning of the Ethereum cryptocurrency does not end mining altogether – which leaves opportunities for miners to bounce back. In reality, the crypto market is full of cryptocurrencies based on proof of work, and therefore mining using graphics cards.

Among these are forks of Ethereum such as Ethereum Classic (ETC). Ethereum Classic works like Ethereum in its early days. In short, the cryptocurrency is based on the original Ethereum network. Thus, miners can continue to use their graphics cards to mine ETC cryptocurrency on this alternative network.

In addition, these cryptos taking over the operation of Ethereum, there are other cryptocurrencies such as Ravencoin or Ergo. The alternatives are not lacking, however, these second choices are much less interesting for minors…

Low Yield Cryptos for Miners

At the moment, with the prices of the entire market falling, these cryptos are not profitable. Crypto mining activity incurs a significant amount of fees:

  • Hardware (GPUs, ASICs)
  • Electricity
  • Maintenance

In order to cover these fees, miners must sell the cryptocurrencies they have generated. However, when the value of these cryptos decreases, the maneuver turns out to be much narrower. As an example, according to PC Mag, mining Ravencoin using an Nvidia RTX 3080 is currently earning only $0.13 to $0.26 per day, not including electricity costs.

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With these data, it is clear that mining these alternative cryptocurrencies is not an ideal solution. Thus, it’s a safe bet that miners are more likely to lean towards the first option in the short term – namely, the sale of their hardware.

Nevertheless, it is important to remember that Bitcoin is also a possible solution. In this sense, the new RTX 4000s will surely be taken over by BTC miners. However, as with other cryptocurrencies, the timing is still not right due to prices – making Bitcoin mining unprofitable.

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