The long-promised phase-out of GPU mining in Ethereum has now been completed.
The cryptocurrency finally transitioned to a "Proof of Stake" algorithm early on Thursday morning, eliminating Ethereum's protracted reliance on a conventional mining methodology.
With the "The Merge" shift, Ethereum's power requirements have been reduced by as much as 99.95%. Additionally, it means that cryptocurrency miners will no longer be able to produce Ethereum using their PC graphics cards. Instead, users will have to make do with other virtual currencies that can be mined but are worth much less, or they may decide to sell their GPUs.
For years, Ethereum has been discussing gradually ending GPU-based mining. But the subject gained attention last year because of a GPU shortage that saw cryptocurrency miners hoarding graphics cards, making it impossible for regular users to buy them as well.
Since that time, the GPU market has changed, leading to an oversupply. It's also likely that miners stopped purchasing GPUs because of Ethereum's aim to phase out mining by this month. RTX 3090 GPUs are now being sold on eBay for $800 to $900, which is roughly half of their initial cost.
Anyone concerned about miners stockpiling next-generation GPUs will be relieved to hear that Ethereum's move to Proof of Stake has been successful. The mining community has reached the end of an era, according to NiceHash, a supplier of mining software, on Thursday. Since 2014, the majority of GPU miners have mined Ethereum, which is the top ASIC-resistant coin.
Nevertheless, a survey(Opens in a new window) of GPU miners on Facebook revealed that some miners are already planning to switch to the two other mineable cryptocurrencies Ergo and Ravencoin. These coins are less profitable than Ethereum, which is currently worth $1,583, as they are only worth $4.90 and $0.06, respectively.