Ethereum Mining Is A Profitable Business?

Ethereum (ETH) is one of the major cryptocurrency that became less preferable after the price crash that has been recently. Many users have a suspicion if mining Ethereum still profitable or not.

Name Price24H (%)
Bitcoin (BTC)
$9,224.19
-1.89%
Ethereum (ETH)
$241.17
-1.58%

It can be seen in recent analysis, after a continuous growth the hashrate on the Ethereum network dropped in a considerable extent. It down from 300 to around 270 terahashes in the beginning of August.

This decline is a proof that miners are abandoning the Ethereum blockchain since the potential gain is less then the mining costs. It is hard to say ETH will have turnaround. Crypo market is significantly sensitive and there is serious concerns and other issues. Pessimism is inevitably common in the field.

Low confindence in the value of Ethereum and decreasing in mining activity pose a threat for fundamental functioning of the network.

Some Twitter users states that concerns are exaggerated. Hobbyist miners might stop if there is a decrease in profits but major miners who have a long term business model are unlikely to shut down completely.

Considering all of these it can be said even Ethereum had fall of the price, in long term it will be still preferable.

MINING with NVIDIA GeForce RTX 2080/RTX 2080 Ti

The new Turing GPU architecture is quite an improvement with shader performance through the roof to the point of 35-50% performance gains between the GTX 1080 Ti and new RTX 2080 Ti. It also packs super high bandwidth GDDR6 memory technology, which starts at 14Gbps of bandwidth. Both the RTX 2080 and RTX 2080 Ti feature GDDR6 at 14Gbps, but the RTX 2080 has 8GB versus the 11GB on the RTX 2080 Ti. Both are overclockable, too.

But it must be remembered that even the latest version of Claymore doesn’t have support for the new Turing GPU architecture. Because of that, it is better to give a few weeks and especially over the coming months. We will see tuned Claymore versions ready for the additional GPU horsepower that Turing offers. Not that you would run around buying RTX 2080/2080 Ti cards for mining. It would be bizarre.

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