What to mine after switching Ethereum to POS? A list of profitable coins for mining. Is it worth collecting mining farms?
On September 15, 2022, Ethereum switched to POS. People have a lot of questions:
- Will mining be profitable further?
- What to mine? Are there any more profit coins?
- Which is better: sell mining farms? Or keep it for yourself?
- Is it worth collecting new mining farms?
We will answer these and other questions in this article!
Please note, this article is not financial advice! It's up to you to decide what to mine / buy!
Why can't Ethereum be mined anymore?
Ethereum is one of the most profitable cryptocurrencies for mining on the GPU. Since its creation (July 20, 2015), the cryptocurrency has been working on the Proof-of-Work algorithm, that is, it could be mined on video cards.
Since September 2022, Ethereum has switched to a new algorithm - Proof-of-Stake. This algorithm does not support the usual mining on video cards for everyone.
Now the confirmation of the network will be carried out only with the help of validators. They will carry out work on confirming new transactions using Staking and receive a reward in Ethereum for this.
The current yield for Staking ETH is 4 - 4.5%. To become an Ethereum validator, you must have at least 32 ETH on a deposit contract.
Profit coins for mining after Ethereum leaves for POS
At the time of writing (September 2022), there are many profitable coins for mining on video cards. These are coins such as:
And many other coins. As you can see, there are a lot of POW coins on the market and they are all trading well:
Therefore, there should be no problems with mining and selling these coins.
The main thing is not to store coins directly on the exchange, use wallets: official, multi-currency, hardware and others. Storing coins on the exchange is very dangerous, since there have been many cases of hacking exchanges in the entire history of cryptocurrencies.
But how profitable are these coins? Will they be able to generate the same income as Ethereum did? We'll talk about this in the next chapter.
How to continue mining after switching ETH to POS (September 15)?
There are several mining scenarios after Ethereum leaves for POS:
- On September 15, you can manually switch your mining farms to another coin, for example, to Ethereum Classic, Ravencoin, Ergo or any other coin. To do this, you will need to create in advance .Bat file for the desired coin. The following miners are suitable: Phoenix Miner, Lolminer, GMiner
- The second option is to configure the desired coin in advance using the reserve pool (Failover Pools). In Phoenix Miner, you can immediately put Ethereum Classic mining, as soon as ETH mining becomes unavailable, the miner will automatically switch to mining ETC. In Lolminer, you can also use the reserve pool to specify any other coin, for example, FLUX. As soon as ETH becomes unavailable, lolMiner will switch to FLUX mining.
There is nothing complicated in this, just do not forget to set up your rigs in advance in a way that is convenient for you.
We will discuss which coin is better to mine after leaving ETH for POS later in the article.
Mining income after leaving Ethereum for POS. Who will replace Ethereum?
Ethereum has been the leader in GPU mining for the last couple of years! Most often, this coin was the most profitable and helped to quickly recoup the collected mining rig.
But what about now? What coin can replace Ethereum?
As we have already said, there are many profitable coins for mining. From time to time they will compete with each other for the first place.
At the moment, there is no clear leader, but there are top successful, reliable and profitable coins:
- Firo, Flux and etc.
Ethereum Classic is a reliable and also profitable coin (which is worth mining for a long time – use a hold), but we did not include it in the top 3, because there is one thing here, which we will talk about later.
Please note that all these places are not stable, and may change frequently (depending on the hype of a particular coin, complexity, and so on).
Why have we singled out Ethereum Classic separately? The thing is that Ethereum Classic is mined not only on video cards, there are still many Asics under this algorithm (the lion's share is with up to 4 GB of memory). The DAG size of the ETC file is 3.063 Gb.
This means that asics with 4 Gb of memory can safely mine ETC. And with the departure of ETH to POS, the complexity of ETC will become even greater (new video cards that left ETH will be transferred), which means that the income from this coin will temporarily decrease.
Etc will overcome the DAG mark of 4 GB only in August 2025, and it is not a fact that even more new Asics with a DAG size above 4 Gb will not appear under this algorithm!
Now let's see how much all these coins bring in mining and how much are they behind Ethereum?
All further calculations will be carried out on 1 video card – Nvidia 3080 LHR.
Let's start with the most profitable (at the time of writing) coin – Ergo.
One video card can make a profit:
- $2.00 per day (without deduction of the light fee).
At the time of writing, 1 GPU 3080 LHR brings (Ethereum):
- $2.13 (without deduction for light).
It turns out that the payback on the Ergo cryptocurrency will be a little bit longer, unlike Ethereum, but this difference is not critical. ERGO also trades well and is represented on 7 exchanges!
Ethereum Classic is the most reliable POW coin after ETH. Unlike other POW coins, it is in the top 20 coins by capitalization, is represented on a huge number of exchanges and has high trading volumes.
And what is important, many believe that ETC (after leaving ETH for POW) will become the new leader in POW mining!
At the time of writing, 1 GPU 3080 LHR brings:
- 1.13$ (without deduction of the light fee).
Yes, it is less than ERGO, but ETC itself is more reliable and is represented on 80+ exchanges, against 7 exchanges at ERGO.
It's up to you to decide which coin to mine. But do not forget to use the what to mine online calculator to check the profitability of a particular coin!
This old and quite popular cryptocurrency is represented on 37 exchanges with large trading volumes.
At the time of writing, 1 GPU 3080 LHR brings:
- $1.57 (without deduction of the light fee).
These are not bad indicators, considering what is happening on the market right now – "crypto winter".
A new cryptocurrency, the start of trading – 07/19/2022. The coin is traded on only 2 exchanges with a total daily trading volume of $1,319,067.
At the time of writing, 1 GPU 3080 LHR brings:
- $2.05 (without deduction of the light fee).
At the moment, this is the most profitable coin for mining, but at the same time the most dangerous. If you have large capacities, then we would not advise you to hold this coin, since it is traded on only 2 exchanges and has relatively small trading volumes, which indicates its unreliability.
At any moment, the coin can be delisted from the exchange, it may turn out to be a scam, or the exchange where it is traded will be hacked at all, and the coin will become useless: there have been many such examples in the history of cryptocurrency
In our opinion, it is possible to mine this coin with small capacities and according to the following principle: sell 80% within 2-5 days, hold 20% for no more than 6 months in anticipation of a small hype and transfer the mined coins into more reliable assets, such as ETH, BTC, ETC.
Mining results after the departure of ETH
As you can see, there are a lot of profitable and reliable coins, and most likely more and more new coins will continue to fill this niche!
It is impossible to single out an absolute winner who will 100% replace ETH right now. At first, you will definitely have to use online calculators in search of a more profitable coin, since the first place will change from time to time.
Of the clear winners now, coins such as:
- Flux, Conflux, Firo
- Ethereum Classic
Of all the coins presented, the reliability rating will be as follows:
- Ethereum Classic
It's up to you to decide which coin to mine. We will definitely leave part of the mining capacity on ETC and part of the power will be scattered over the remaining profit coins.
Is it worth selling mining farms because of the departure of ETH?
We can't decide for you because there are a lot of key factors here:
- Price for electricity
- The territorial location of the mining farm relative to your location
- Models of your video cards
- Video card status
- Your attitude to mining
Next, we will reveal all these points in more detail.
Price for electricity
The first and most important point in the matter of selling mining farms is the price of your electricity.
If electricity is expensive in your region, above $ 0.25, then in this case you can think about selling a mining farm, since the rest of the coins (except ETH) are not so stable, and mining, especially in the midst of crypto winter, can be a minus for you!
Otherwise, if you have very cheap or even free electricity, you should not give up mining, since it will bring passive income.
But it's up to you to make the final decision.
Territoriality of mining farms
The second most important point. If you can't switch between cryptocurrencies often to find the most profitable cryptocurrency, then this is a reason to think about selling.
Yes, of course, you can mine one coin at once, for example, ETC or ERGO, but the coin rate may drop significantly, or the complexity may increase dramatically.
And in this case, mining of these coins can become dramatically unprofitable.
Of course, if you mine for a long time and are calmly ready to pay the price for electricity out of your pocket, then this should not interfere with you. However, if you withdraw some of the mined coins to pay electricity bills, this may become a problem for you.
Models of your video cards
If you have outdated models of video cards, such as AMD 470, 480, 570, 580 or Nvidia 1060 (3gb / 6 gb), 1050 T I, 1060, 1070, 1080 and below, then in this case you should think about selling.
Most likely, mining itself will profit you for another year or two, but in the future these cards will become useless.
Example of revenue from 1 AMD 470 graphics card:
They are already quite old in themselves and it makes sense to sell them.
However, if you believe in the hype of cryptocurrencies in the near future, you can wait for it and sell your mining farms much more profitable than selling them now – in the midst of the crypto winter.
Video card status
The state and model of the video card can be partially combined into 1 point. If you have old video cards and they are not in very good condition, then there is definitely a reason to think about selling them.
Even if you have new video cards, and they have not been cared for, they are in constant overheating, dust, then you should also think about resale.
However, if your cards are in perfect condition, the models are not old, then you can mine in plus for a long time!
Your attitude to mining
If you do not believe in the further profitability of mining or for you it has always been passive income, where you assembled a mining farm, put it to mine under Ethereum and did not touch the farm for months / years, then this is a reason to think about selling.
yes, you can also bet on a long-term, for example, ETC, but it is not a fact that it will always be beneficial for your video cards.
Or you can put the ERGO coin, which now occupies the 1st place after the departure of ETH, but it is not a fact that by mining this coin for a long time, it will not collapse in price, it will not lose interest from investors (people to whom you will sell this coin on the exchange) and so on, what was with many coins not from the top 50!