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Crypto Mining Is No Longer Profitable, Miners Think About Waiting for the Winter to End

Crypto Mining Is No Longer Profitable, Miners Think About Waiting for the Winter to End

In light of the new 9.26% increase, the current Bitcoin mining difficulty is over 30.97 trillion, which is higher than it was in January. The network hash rate is near 230 EH/s, which is the highest it has been since January. Meanwhile, the asset’s market value has been steadily declining and just hit one of its lowest points since December 2020. Many miners in the United States lost hope of supporting themselves economically through mining.

Even if you look elsewhere, mining potential will not impress you.

GPU miners have cited projects like ERGO, VertCoin, and RavenCoin as some of their favorites, however this development strategy is controversial in the mining industry as a whole. As a result of the Ethereum fork, miners are faced with an intractable dilemma: what to do next in the face of diminishing returns on their investments. If you have a lot of idle GPUs, it looks like RavenCoin is the way to go. However, there does not appear to be much demand for this asset on the market.

ERGO’s block reward is currently at 48 ERG. A block is mined every 2 minutes and 23 seconds on average. The typical output is 20.13 ERG per minute. At the current price of ERG ($2.82), every 24 hours, the network generates 29,000 additional blocks, or $81,700.

As more users join the network in an attempt to make use of their GPUs, the average reward decreases while the costs rise. The network’s complexity is likewise rising at a rapid rate.

This is a phenomenon shared by businesses everywhere. As a result, it’s quite doubtful that miners will be able to recover any of their losses by switching to ERGO, VertCoin, or RavenCoin.

Miners can look forward to a plethora of opportunities, but none of them are in the mining industry.

There are many folks out there who own GPUs and ASIC units that are currently sitting unused because they lack a reliable backup strategy. GPUs aren’t a good choice for mining Bitcoin. Even if such were the case, the sudden increase in difficulty reveals that competition is fierce in the face of rising energy costs. Instead of diving into the mining fray, it’s smarter to sell your GPUs, put them to use in building PCs, or just hide them away in the basement.

Royal Seed
Royal Seed is a brand new contributor to Alltechcraft, and his writings focus on cryptocurrency news and platform reviews. We highly suggest keeping up with his most recent writings, since they are both quite insightful and fascinating. (Follow him on [email protected]_nba )