The Ethereum cryptocurrency is a digital asset of the ETH blockchain platform, created by the genius programmer Vitalik Buterin. The coin ranks second in terms of market cap and is considered one of the best cryptocurrencies.
It’s no surprise. Transactions in the Ethereum network are carried out much faster. Moreover, it’s possible to conclude and execute smart contracts. ETH coin, unlike bitcoin, is still available for mining on GPUs. However, high-performance ASICs from Innosilicon have already appeared and the era of Ethereum mining with GPU is coming to an end.
When Will ETH Mining End: Ethereum 1.0 VS Ethereum 2.0
The daily trading volume of the Ethereum cryptocurrency is approximately $10,000,000,000, and the total number of altcoins exceeds 110 million units. ETH mining is a whole sector of the cryptoindustry that employs tens of thousands of people. Coins are the energy supply of the ETH network, they are necessary for all internal operations (transactions, smart contracts, ICOs, etc.).
The number of Ethereum coins isn’t limited. This step was taken by the developers to guarantee the stability of the crypto platform. If you stop mining eth coins, their value will skyrocket over time and it will become unprofitable to use the platform’s services. Therefore, Ethereum mining will remain in demand for a long time.
But, there is one caveat. After the transition to the updated Ethereum 2.0 blockchain, Ethereum tokens will be mined using staking. Of course, it’s not about the Ethereum mining end. For a long time, the Ethereum 1.0 and Ethereum 2.0 networks will coexist. Each user will be able to exchange coins mined in the Ethereum 1.0 network for tokens of the updated system (reverse conversion is impossible). So traditional ETH mining is still relevant.
Ethereum Mining: What Do You Need for Mining?
Four years ago, Ethereum CPU mining was rather popular. Today, this method isn’t profitable due to the high complexity of the calculations. For a long time, Ethereum mining was the prerogative of GPU rig owners. But in 2018 Chinese engineers created ASICs for mining ETH.
However, Ethereum mining with graphics cards is still relevant. Of course, not every graphics accelerator will work. Mining requires a lot of processing power and memory. When will Ethereum mining end? Mining Ethereum on graphics adapters with 4GB of video memory will stop in December 2020. Already, updated versions of mining utilities are being released that allow mining with 4 GB AMD cards.
ETH Mining: How to Choose a Graphics Card?
Traditionally, the vast majority of Ethereum mining rigs were built from AMD components. But the top-end Nvidia models from 1660 and up demonstrate quite high productivity.
Comparing graphics cards for mining in 2020, you need to take into account not only the hash rate but also the power consumption, the price of the device, and the likelihood of failure. Generating new Ethereum blocks is an energy-consuming cryptographic process that can damage your graphics card. In this regard, AMD Radeon GPUs are preferred. But if you are building a new rig, just buy only 8G cards.
When will Ethereum mining end? What do you guys think? Feel free to share your thoughts in the comments!