A dip in crypto mining rewards, the rise of graphic card prices, and the enhancement of graphic cards incorporating antimining features are why GPU crypto mining days are almost over.
GPU mining is a form of cryptocurrency mining where users deploy expensive GPUs to mine valuable cryptocurrencies on proof-of-work networks.
Amongst compatible platforms where miners can safely deploy mining rigs and earn block rewards include Ethereum and Ethereum Classic. Earlier on, their creators emphasized complete decentralization and vehemently rejected attempts by chip manufacturers to release more efficient and powerful ASIC rigs.
There were reports that the extension of the Ethereum “Merge” to Q3 2022 could encourage further investment in GPU mining rigs. This stems from several factors, including miners “cracking” NVIDIA’s RTX 30 GPUs mining limitations and rising ETH prices. Furthermore, the postponement of the “Merger” buoyed miners who still wanted to hang on and mine valuable ETH.
However, there have been headwinds.
For example, reports indicate that the best GPU miner only yields a dismal $2 per day after expenses. At the same time, the Ethereum hash rate is at an all-time high. Consequently, even the most efficient and dedicated proof-of-work hardliner would find it economically unfeasible to profitably mine. As Ethereum becomes a true utility, hosting DeFi and NFTs, more miners have been committing to secure it by channeling hash rate, making the network more robust.
On the GPU development front, upcoming graphic cards would most likely integrate measures to discourage crypto mining. Expectedly, cards are expected to be more expensive due to high demand from gamers, graphic designers, and ambitious crypto miners.