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[microunit]

As the the new consensus for ethereum is on its way the ethereum2.0, the ethereum network would switch from proof-of-work consensus to proof-of-stake consensus, this would mean that miners would not be needed anymore to power up the system instead staking will replace mining and through staking that you will be able to power up the system.

Do you think with this that the ethereum mining is still popular in its last months or years? as It will be quite not that good of a investment to some if they would start mining ethereum now considering that ethereum mining would not last that long

 

[Horia_10]

It definitely moves as a normal business market when there is demand for a new launched product its stakes go higher just like crypto and its difficulty and vice versa they fell as well later on so that is why ETH difficulty has declined but hash rates have gone up that is why it might require you to have super computer of some kind to such sort of activity indeed if you want .

 

[Ben Kempton]

It definitely moves as a normal business market when there is demand for a new launched product its stakes go higher just like crypto and its difficulty and vice versa they fell as well later on so that is why ETH difficulty has declined but hash rates have gone up that is why it might require you to have super computer of some kind to such sort of activity indeed if you want .

The mining difficulty of Ethereum has declined once again and it might be a good news for many miners who plan to mine using Ethereum using incredibly powerful hardware. The fact of the matter is that mining difficulty along with high maintenance cost is also a huge concern for many miners.

 

[Dagov]

Today, bitcoin mining is the most common and widely utilized method. While waiting for the right time to start mining, all the miners and software are set up to function properly for bitcoin mining. The greatest option right now for all miners is to mine bitcoin instead of doge.

 

[Margery]

Now, in order to mine Ethereum using POS technology, you need to have 32 ETH in your account, otherwise you will be able to confirm the transaction and sign the block. And this is about $35K.
It's easier to buy two ASICs with this money and mine bitcoin. I think that this option would be more profitable.

 

[Margery]

Thank you for sharing your insights on Ethereum mining. It is indeed true that Ethereum has a high mining difficulty and it can be challenging to mine it. However, it's good to know that the mining difficulty has declined recently.

Now Ethereum cannot be mined at all either with the help of video cards or with the help of ASICs. Ethereum has moved from the POW mining protocol to the POS protocol. That is, before there was a proof-of-work algorithm, and now there is a proof of ownership of coins.
Now, in order to mine Ethereum, you need to have 32 Ethereum frozen.

 

[badlittlearab]

i guess Ethereum mining is still popular, but its popularity has declined as the Ethereum network shifts towards a more energy-efficient proof-of-stake consensus mechanism. Despite this, it remains a lucrative activity for some who have invested in specialized hardware and compete to solve equations and earn rewards.

 

[Margery]

You are guessing wrong!
Proof-of-Stake (PoS) is an algorithm used in various blockchain networks as a consensus mechanism to achieve distributed consensus. This is a type of consensus algorithm where validators wager a certain amount of their coins to create blocks and validate transactions on the network. This algorithm does not require expensive equipment. This is how Ethereum is mined now.
And you write about Proof-of-Work (PoW). It is a consensus algorithm used by some blockchain-based networks to validate transactions and reach a distributed consensus. The algorithm works when miners compete to solve a math puzzle to add a new block of transactions to the chain. A miner who successfully solves a puzzle is rewarded with a block. This is how Ethereum was mined before, until September 15, 2022.
There are several inaccuracies in your post about Ethereum mining.

 

[Margery]

I appreciate your expertise and knowledge on the subject of Ethereum mining and the consensus algorithms used. It's great to learn more about Proof-of-Stake (PoS) and how it is used as a consensus mechanism in blockchain networks. And thank you for clarifying the switch from Proof-of-Work (PoW) to Proof-of-Stake (PoS) on the Ethereum network.

Thank you for appreciating my knowledge! I am grateful to you. It is now possible to mine Ethereum, but for this you need to have 32 Ethereum frozen on a special service. In this type of mining, the main thing is not the equipment, but the number of coins in the account. Whoever has more of them signs blocks more often.

 

[Margery]

Pleasure! It's great to know that Ethereum mining is now possible, and that the key factor is the number of coins in the account, rather than the equipment. The requirement of having 32 Ethereum frozen on a special service is a unique aspect of this type of mining, and I can see how it would impact the frequency of block signing.

True, it is now $50K, not everyone has that kind of money to start mining. Still, it used to be easier with mining, when you could only buy equipment. Because 32 frozen Ethereum is not immediately possible to pick up if necessary. These frozen coins are, so to speak, mining equipment.

 

[Margery]

Mining on Ethereum is the most popular and used today. All miners and software are set up to work for Eth mining, they are still waiting for mining time. At these times, the best solution for all miners is to mine Ethereum on top of Bitcoin.

After the transition of Ethereum to the POS mining algorithm, powerful equipment is not required. It is enough to have a regular laptop. For the extraction of Ethereum, the number of frozen coins is now used, the more there are, the more often blocks are signed and, accordingly, more profit is obtained. The mining algorithm changed on September 15, 2022. Read the information on the Internet! And don't give people false information. Sincerely!

 

[Deyiang]

Since the innovation of crypto currency a lot company have been setting up mining sites to mine this currency.
Ethereum is one of top high crypto currency that is very costly.

So mining this crypto currency is still a very good way to make money.

 

[Margery]

Since the innovation of crypto currency a lot company have been setting up mining sites to mine this currency.
Ethereum is one of top high crypto currency that is very costly.

So mining this crypto currency is still a very good way to make money.

Yes, but only if you have 32 Ethereum frozen in your validator account. Only in this case you will be able to mine it. After its transition to another algorithm, expensive equipment is not required. An ordinary computer with Internet access is enough.

 

[gammarays]

When compared to Bitcoin mining, Ethereum is more profitable since it won't be requiring more power consumption. The migration has really helped reduce the cost of mining Ethereum of recent.

 

[Margery]

When compared to Bitcoin mining, Ethereum is more profitable since it won't be requiring more power consumption. The migration has really helped reduce the cost of mining Ethereum of recent.

Ethereum mining can be more profitable because it is less competitive compared to bitcoin. Ethereum mining can be more profitable because the block generation process takes less time, and miners can also be rewarded in the form of transaction processing fees. In addition, Ethereum also offers more applications for decentralized finance applications and other decentralized applications.

 

[gammarays]

Ethereum mining can be more profitable because it is less competitive compared to bitcoin. Ethereum mining can be more profitable because the block generation process takes less time, and miners can also be rewarded in the form of transaction processing fees. In addition, Ethereum also offers more applications for decentralized finance applications and other decentralized applications.

Yes there's more utilities for Ethereum compared to Bitcoin so there'll be enough gas fees to compensate miners. Also the cost of setup is cheaper and consumes less power. According to charts, Ethereum is one of the profitable tokens to mine.

 

[Babarbaig668]

In the early days of Ethereum, mining was highly profitable, and many miners entered the market. However, as the difficulty level of mining increased and the price of Ethereum fluctuated, the profitability of mining Ethereum decreased, making it less attractive for some miners.

 

[lamia5765]

In the early days of Ethereum, mining was highly profitable, and many miners entered the market. However, as the difficulty level of mining increased and the price of Ethereum fluctuated, the profitability of mining Ethereum decreased, making it less attractive for some miners.

Except if the earning website is paying using FaucetPay as there is a lot of websites of mining still paying their users using the faucetpay as medium for such kind of transactions so no required to pass by ethereum network for each kind of transaction.

 

[Riberet19]

Except if the earning website is paying using FaucetPay as there is a lot of websites of mining still paying their users using the faucetpay as medium for such kind of transactions so no required to pass by ethereum network for each kind of transaction.

Yes, FaucetPay has become very popular because it allows withdrawal in small amounts to this microwallet, practically all faucets have transactions to Faucetpay also provides unique addresses so you can withdraw onchain there.

 

[lamia5765]

Yes, FaucetPay has become very popular because it allows withdrawal in small amounts to this microwallet, practically all faucets have transactions to Faucetpay also provides unique addresses so you can withdraw onchain there.

The process is simple:
The faucet owner makes deposit one time to ETH then gaz fee one time instead of gaz fee for each transaction
The faucetpay confirms receipt
The faucet owner runs multiple payments at once
Receivers either cash out to ETH address or trade to another coin.

 

[Margery]

Yes there's more utilities for Ethereum compared to Bitcoin so there'll be enough gas fees to compensate miners. Also the cost of setup is cheaper and consumes less power. According to charts, Ethereum is one of the profitable tokens to mine.

Now the installation for mining Ethereum is not needed, since it has switched to a different confirmation protocol. Now the number of frozen coins you have as a validator is important, the more there are, the more likely it is to find a block. Now it is enough just to have a laptop connected to the Internet.