As reported a while back, the revenue from mining Ether on top-end gaming graphics cards has fallen drastically in the last 6 months. Factoring in the LHR hash rates of the GeForce RTX 3070 and 3080, it takes roughly 20 months for a miner to break even. That’s plenty of time for the Ether 2.0 algorithm to kick in, making the cryptocurrency network redundant for GPU mining. Russian mining enthusiast Serega Soleniy has demonstrated the drop in Ethermining revenue over the last two quarters in his latest video.
A large Ethereum mining farm was able to generate net revenue of $30,000 a month ($1,000 a day) back in the summer days. Now, that figure has halved to $522 per day, or $15,600 a month. This is despite Ether being one of the more bullish cryptocurrencies on the market. As Ethereum shifts towards its proof of stake algorithm, the revenue from Ethermining on GPUs will continue to decrease.
Does this mean that the price of GPUs will return to normal in the coming months? Unlikely. The final merger to Ethereum 2.0 won’t come in the first half of 2022 which means mining will continue to be a significant contributor to the revenue of GPU makers. Even as Ether becomes unsuitable for miners, most will fall back to alternate coins like Monero, Cuckatoo, Raven, etc to cut their losses and at the very least, break even.