Can Ethereum still be mined?
The change in the mining mechanism of Ethereum is inevitable from the trend. According to Vitalik Buterin, “after the implementation of the PoS consensus algorithm, Ethereum will be more secure than Bitcoin, and the cost of attack will be higher.”
The upgrade of London EIP-1559 in August can only be regarded as a transitional plan. After the London upgrade, the difficulty of Boom, originally scheduled for December, may be postponed. If it is launched according to the original plan, it will be tougher for Ethereum to realize the conversion from PoW to PoS in the first quarter of next year.
The Ethereum graphics card miners are obviously more affected on the issue of changes to the mining consensus mechanism. According to the calculation of current mining income, the static payback period of Ethereum graphics card miners is generally about one year. If Ethereum completes the 2.0 upgrade and merger next year, the miners have obviously not been able to recover the cost, and it is even more impossible to obtain more revenue.
However, miners needn’t worry as if the Ethereum 2.0 upgrade is successful, ETH can be still kept. As the market sell-off decreases, the price of ETH is bound to rise. By then, the cost can be recovered through price increases, there will be more benefits that can be continuously obtained by staking the ETH in the hand. In contra, if the Ethereum 2.0 upgrade fails, it is still possible to continue mining on the original chain and will not be affected.
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