Let’s start the day by asking all of the right questions. If you just started getting into cryptocurrencies don’t think that you’re late to the party. No, the long night of digital currencies is just beginning. Yes, the market is currently spiraling downwards, but with the volatility that follows crypto, this is not a surprise by any means. But, as we said, if you’re new to the business, this might seem disappointing. Mining cryptocurrencies has been a popular occupation in the last few years, and many people dedicated their working hours to this endeavor.
Most of the miners out there are focused on Bitcoin, and Ethereum is close behind. It will not be easy to overthrow BTC as the most popular cryptocurrency out there. Competition to mine is high, and many people opt for Ethereum instead. With the most recent shifts in the price of digital currencies, many people are becoming discouraged with the mining process. Are they right to be disappointed, or are they misinterpreting the available information?
Everyone is looking for the right answer as a lightning rod that will lead them to the future of digital currencies. When it comes to Ethereum and similar crypto, you can never be 100% sure. What we can do, is to give our honest opinion based on the info we could gather on this subject. So, hear us out. This is what we say to the question is Ethereum mining still profitable in 2023?
In recent years, mining has become a primary occupation for many, and a side hassle for some. If you have a strong enough graphic card, you could dedicate yourself to this endeavor just as easily. Many people have jumped on the bandwagon without a second thought and it has paid off for many of them. But, in recent weeks, and perhaps months, the crypto situation started to change. Mining processes all over the world influenced the price of GPUs, electric power, gas, and it caused environmentalists to be worried about the carbon footprint that was created due to the mining of Ethereum and similar cryptocurrencies. Furthermore, the creators of this crypto decided to change the gameplay a little bit. While the blockchain system seemed like a bulletproof system and enabled mining and creating of coins without centralization, some changes were still needed and were installed. Despite all that’s happening it’s still possible to get safely involved with crypto, which you can see by visiting the-cryptogenius-pro.com/pt.
Is There Profit to Be Made in The Future
We’re not going to lie, these are some hard times for cryptocurrencies. But, let’s not be negative, in the past the situation was even worse. So, when you look at the bigger picture the situation is not a cause for panic. Ethereum, differently than some other digital currencies, underwent some major changes. Its blockchain won’t be the same in the future, and yes, this could influence the method and the profitability of the mining process in general at least when it comes to this crypto.
So, the changes already can be felt, and it’s both due to the shift in the blockchain appearance and the market dip. Mining is going to be less profitable today, and in the coming months than it was in 2023, but you can still make money out of it. This goes especially if you already started the process and your GPU is running with this goal in mind. We’re not yet facing a Don’t Look Up scenario as shown in Netflix’s latest flick. We’ll be fine; Ethereum will be fine. Not so sure about the White House politicians, tough.
Also, we’re not so sure what to tell you about the novices in the field. The price of new GPUs soared once again driven by the market, and in America, you won’t be as smart as before if you grab a new one and start mining. Of course, the rice of Ethereum could go up once again and you could start making more and more by mining, but we’re not going to lie to you – it is a risk. Many things are changing regarding Ethereum miners, and you need to be careful with how you approach this crypto in the coming months and years.
There are too many unknown variants we’re facing right now. In the past, the miners relied on the PoW approach. This stands for Proof-of-Work. In the future, PoW will be abandoned, and in its place, we’re going to have PoS. This abbreviation stands for Proof-of-Stake, and because of this, it is only a matter of time before you’ll no longer be able to mine Ethereum. The reason is simple – the block validation by miners will no longer be necessary or needed.
When this scenario goes into motion, many miners will stop what they’re doing, or at least they’ll avoid buying new equipment. When experience miners start doing this, you’ll see the drop in rookie numbers entering the crypto league. This is already established as the most realistic scenario, but the switch from PoW to PoS hasn’t happened yet. We don’t know when it will be official, as the date of its occurrence was postponed a few times already. Because of this, most miners decided to ignore the whole ordeal and continued their work as usual. Until the decision is final, they have no reason to give up.
As far as the new miners, we don’t know what to say, and it’s hard to create a valid opinion and encourage or discourage anyone. At the moment, yes, you can and should mine Ethereum as it is still profitable. Also, the truth is that its price is dropping and it is not as valuable as it once was. In the last few months, its price is slowly dropping and we can’t tell if the trend is going to continue. The profitability is still there, and it will be in the coming weeks. But, if the price drop continues so could the profits. If you want to make your move with Ethereum, we suggest you focus on the market first and wait for the opportune moment just as Jack Sparrow would do in The Pirates of the Caribbean.