Is Ethereum mining close to unprofitable ?

12 Sep, 2018
by Manon Bridou-Koenig
News
Is Ethereum mining close to unprofitable ?

In response to Ethereum’s new update EIP 1234, Ethereum miners are thinking of boycotting Ethereum mining.

Ethereum’s new update EIP 1234 reduces the block reward from 3 ETH to 2 ETH. With the drop in the value of Ethereum, speculations of an even bigger Ethereum dump and the reduced block rewards.. many miners are anxious. 

"The hype for Ethereum is gone, both in terms of mainstream folk and people that mine. A recovery to $1,000 seems unlikely right now, when you add on the fact that ASICs will own the network within a year it is safe to say that GPU mining this coin is going to be non-viable." is writing Reddit user UltraBallUK in his post "When mining ETH won’t pay for power anymore, what will you do?"

Moreover, the shift from GPU mining to ASIC mining has made many miners unhappy, some of whom have spent more than $100K in building mini mining farms.

According to TrustNodes, it costs $152 of electricity to mine 1 ETH, which is currently $30 less than the current price of Ethereum. There is also an additional cost of mining equipment, storage and if it’s a large mining farm then the cost of the workforce...

Read more about ETH and EIP 1234 : https://www.chepicap.com/en/news/3414/what-to-know-about-ethereum-s-constantinople-hard-fork.html

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