Tears of ETH Miners

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Avatar for IgorBelykh
1 year ago

The Bellatrix update was successfully completed yesterday, ETH even grew by 9%, but then successfully reset all growth. Ethereum fork is partially priced in, ETH is at its highest against BTC.

The number of missing blocks on the Ethereum network increased after the activation of the Bellatrix update

Missing Blocks Chart

• Before: 0.5% of all blocks did not pass verification on the 1st attempt,

• After the Bellatrix update: already 9%

Ethereum developers noted that this is due to nodes that have not yet completed the necessary software updates. 24.4% of nodes have not updated their software.

At the moment the situation is stable. The merger will not complete next week only if 66% of the nodes are using the old software. Now more than 74% have been updated.

Ethereum Merger

Image Source : Unsplash

Pretty soon, we won't be able to mine Ethereum anymore. With this so-called merge , they're doing something funny with the blockchain. In this new Ethereum 2.0 block chain, it'll be a proof-of-stake instead of proof-of-work. It means you can buy it, putting stake in it in hope for a reward, sell it, but you can no longer mine Ethereum with a graphic card.

So what to expect? I believe the crypto market may crash. Yes, we're entering a crypto bear market soon. It'll be due to many miners going FUD (fear, uncertainty, doubt). Some will listen to poorly given advice and mine shit coins, only to realize that they're not making any profits; some will try to play hard ball and try to mine Bitcoin using their graphic card, and only burn their computer off in the process; some will simply give up on mining altogether; it's especially true if you're living in areas where the electricity bill is high - I'd say the miners who live anywhere within EU gonna get fuc*** over a lot on this one. Well, so much for politics. All in all, there will only be a small percentage of folks who're willing to do research and figure out what to do next. As for how long the crash will last

Now, if you're into investment and you actually got the money, you might wanna take advantage of the FUD and invest. Be smart about it though and don't buy into shit coins too much just now. We're not in 2020 nor 2021 anymore. If a coin is shit since last year, the chances are it will remain shit for at least a while...at least.

And if you insist on mining because of how you spent so much on that RTX 3090 and you wanna get something in return, it might be wise to look into a few things: can you mine it with graphic card? Or do you need a CPU to mine it (I don't recommend CPU mining. Monero is out of the option, lol)? Do you need ASIC like what you do with Bitcoin? How versatile is the coin you're trying to mine? How easy is it to find a decent mining pool for your coin? How easy is it to find a decent mining software? How easy is it to buy and sell your coin? Take those into consideration and find out which one you should mine.

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Avatar for IgorBelykh
1 year ago

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