Since Ethereum can no longer be mined, miners’ earnings have dropped drastically
Ethereum managed to ditch miners and move to Proof of Stake. That is, those who block an amount of ETH on a server, will be able to validate transactions on the ETH network. This confirms, how centralized Ethereum is!
I quickly went over the details, because with a simple search on the Internet you can find them.
How much do you earn today if you mine a cryptocurrency with 100 video cards?
Currently those who mine Ethereum managed to collect nice FIAT money per day, today with 100 Radeon 6800 XT video cards, you manage to collect approx. $30, which you used to get with 20x 6800 XT video cards.
So, the earnings from cryptocurrency mining has dropped considerably, and no matter which algorithm you choose, with an AMD 6800 XT or an Nvidia 3090 you can earn $0.5/day, respectively with AMD $0.3/day.
So, currently it is worth mining only if you have „free” electricity and good or powerful video cards, purchased for 1 USD. I mean, better said nothing at all.
Profit in cryptocurrencies is achieved in the long term!
I don’t want to disappoint you, the crypto market has gone through a similar decline before, but those who survived, trusted the cryptocurrencies they backed, mined, traded, over time managed to get significant sums of money. Even though cryptocurrency mining is currently in loss, in the long run bitcoin, as well as other cryptocurrencies, have shown their true value, and have brought considerable profit to those who supported them.
So, if you are mining cryptocurrencies today, you must consider yourself an investor, because even if you are not seeing any profit now, even more so you are in loss, cryptocurrencies in the long term have brought huge profits. Let’s see Bitcoin from $0 to $69,000, Firo from $0 to $120, Monero from $0 to $397, Ethereum Classic from $0 to $111 and the list goes on.
The title of the article is masked in disappointment, we have to keep in mind, the fact that cryptocurrency miners carry out a complex work, which makes possible the transaction of cryptocurrencies, and the reward will be commensurate, even if it will be necessary to pass 24 months. Look at how cryptocurrencies have evolved in the past, and that’s the only way you can understand their future!