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Consider the second cryptocurrency by capitalization, which can still be mined - the transition of Ethereum 2.0 to the Proof-of-Stake consensus algorithm began at the end of last year and will take several years.
Over the past year, Ethereum has risen in price by 7 times (at the peak - almost 9 times), while the commissions in the Ethereum network have grown 90 times (at the peak - 300 times). So, in February, the commission for an Ethereum transaction averaged from $15 to $20. Transaction fees account for up to 40% of the profits of Ethereum network miners. Therefore, mining this coin is still profitable.
In 2019, ETH miners earned $0.7 billion, in 2020 — already $2.12 billion, and over $2 billion in the first two months of 2021. Rising Ether prices led to a sharp rise in the cost of video cards and, again, to their shortage.
Over the year, the hashrate of the Ethereum network, that is, the indicator of the required power of equipment for mining, has grown from 187 TH / s to 440 TH / s. This means that new miners are connecting to the Ethereum network.
There are several reasons for this growth in miner interest:
The bull market and the rise in the value of ETHNetwork congestion due to the growing popularity of Ethereum-based DeFi projectsGrowth of commissions in the networkInterest in the ongoing upgrade of Ethereum to state 2.0, after which staking will replace mining.
There is no need to be afraid that Ethereum mining will die in 2022. The full implementation of the upgrade to the state of Ethereum 2.0 will take up to two years, and if something goes wrong, this process can be significantly delayed. During this time, you can have time to recoup investments in mining equipment.
After switching to PoS, miners on the Ethereum network will have to choose between staking or switching to mining other coins. Most likely, most of the current ETH miners will switch to other projects, because otherwise they will have to get rid of expensive equipment. But new players - those who have not invested in equipment - will switch to staking.
It is still difficult to predict which coins the former Ethereum miners will switch to. Perhaps most of them will pay attention to Ethereum Classic (ETC). The coin works on the same algorithm as the ether, and the project team is not going to transfer it to PoS. However, do not try to guess - we still will not guess.
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