For a while, Ether was relatively available, but now it requires really powerful mining equipment. The fact that today almost everybody is trying to mine ETH with a home GeForce GTX 1060 isn’t a sign of availability. It’s all about the price because at the moment Ether costs about $2,677, which means that even a small amount of it allows you to get a profit. When will Ethereum mining end? That’s the key question of our today’s article!
It’s no secret that after a sharp drop in price, Ether will be of interest only to large owners of crypto farms, whose income is based on multi-million dollar investments. Today, we want to please those who’re waiting for the Ethereum end of mining on graphics cards. In fact, things can change, but that’s a formality. So, when will Ethereum mining end? Let’s try to find out!
Ethereum End of Mining: ETH Upcoming EIP-1559 Upgrade
Ethereum developers plan to soon release the EIP-1559 network update, which will seriously cut miners’ revenues. Thus, the update will completely transfer the project’s blockchain to the Proof of Stake consensus algorithm, finally putting an Ethereum end of mining.
Numerous gamers are looking forward to this event because they haven’t been able to get their cherished new generation graphics cards for several months due to miners.
However, the Ethereum mining end doesn’t mean the end of home GPU mining. Besides Ethereum, there are many other cryptocurrencies, whose blockchain is based on the Proof of Work algorithm. And the most notable of them is Conflux Network. Its native token has been demonstrating steady growth for several months.
Ethereum Mining End: GeForce RTX 3060 Update
Nvidia is preparing the transfer of the GeForce RTX 3060 graphics card to a new GPU with hardware protection against mining. Recently it became known that soon the entire Ampere line will become useless when mining cryptocurrencies. At least the Ethereum mining end won’t be long in coming.
At least three sources say the same thing: Nvidia is preparing new GPUs for Ampere graphics cards. They won’t differ from the current ones in terms of characteristics but will receive hardware protection from mining.
That’s bad news for cryptocurrency miners, but good news for gamers. The demand from miners for these graphics cards will fall after the measures implemented by Nvidia. Thus, we can also assume that graphics cards will begin to fall in price
Ethereum Mining End Date: Final Conclusions
What is the Ethereum mining end date? How was mentioned before, ETH developers are signaling that mining will be turning off by EOY 2021 when Ethereum moves fully to Proof of Stake.
Moreover, the network upgrade called EIP-1559 will take place in July 2021, which will decrease miners’ revenues by 30%.
Longer-term, after Q4 2021, there will be very minimal demand for mining using graphics cards, as outside of Ethereum none of the other cryptocurrencies are anywhere near as profitable to mine with a GPU.
What is the Ethereum mining end date? What do you guys think? Feel free to share your thoughts in the comments!