What to mine after Ethereum merge?
If you are a miner and thinking what to mine after Ethereum merge then you have landed on the right page. I will give you detailed information as you keep reading.
It’s been a huge shock for many miners all over the world when the Ethereum merge date was confirmed. Ethereum has been the most profitable coin for the last couple of years though we have seen couple of bumps.
What to mine after Ethereum has been the most search query on the Internet for the last couple of weeks. I thought, why not I share my experience as I have been a miner for couple of years now.
Even before the Ethereum merge, I have personally mined Raven and Ergo as a speculation. We build rigs for fellow miners in our local community and have suggested couple of clients to mine Ergo and Raven before the merge.
I have mined Raven coin on my 4 GB graphic cards until halving which took place on 11th January 2022. After the halving, it was not profitable so I switched to Ergo.
The news about the merge was on the Internet for more than 2 years but it was never confirmed but the merge took place and Ethereum has gone for Proof-of-Stake (PoS) on 15th of September 2022 making no more Ethereum mining.
When I got to hear the news about Ethereum merge, I started preparing my rigs to mine Ergo. I have personally switched to mining Ergo couple of weeks even before the merge.
Ergo was not as profitable as Ethereum but I chose of mine Ergo. Ergo’s Autolykos algorithm is not an heat intense algorithm and consumes lesser power than Ethereum mining.
For example, a 3070 Ti which was miner’s most preferred graphic card used to consume around 190 watts on Ethereum and 180 watts for Ergo mining. If we compare that with Raven coin mining, KawPow algorithm consumes 230 watts.
When I started mining Ergo before the merge, for 2000 MHs I was earning around 2.7 Ergo coins per day and was making a revenue of $14.87 per day. Even on the day of Ethereum merge, I was earning the same amount of Ergo coins and was making decent profits.
After 2 days of Ethereum merge, miners all over the world moved to Ergo mining increasing the difficulty on the network. On 18th of September 2022, when I was checking for the same hashrate of 2000 Mhs on WhattoMine.com I was making a fraction.
The Ergo rewards dropped from 2.9 to just 0.36 per day and revenue from $14.87 to just $1.30 per day. The network difficulty increased from 26.49 Th/s to 102.23 TH/s.
I was stilling mining for 2 days even after the merge just to monitor what’s happening on the blockchain. Finally, I have turned off my rigs until I see the difficulty hashrate is adjusted on the blockchain and see some profitability.
I have been kept on monitoring the changes on the Autolykos algorithm. There have been two updates (EIP-36 and EIP-37) on the blockchain to adjust the network difficulty on the blockchain. Even after the EIP-37, I am personally not seeing a major change to help the miners.
Ergo team has requested the miners to keep mining to adjust the difficulty. There have been couple of miners who have turned on their rigs but soon they have moved out.
After the EIP-37 update, I am noticing the hashrate slightly started increasing. The network hashrate increased to 63.09 TH/s. You can read about the Ergo releases on GitHub to stay updated.
For my 2000 MHs, I am earning 1.06 Ergo coin per day and $2.92 revenue with negative profits. I am still not convinced to start mining Ergo as of 8th of October 2022.
If you still ask me what to mine after Ethereum merge, I would say Ergo, Raven, Neoxa, Flux and etc but which coin would be profitable it’s really hard to say.
I am personally inclined to Ergo and Raven coin and whatever coin becomes profitable in the future, I would adjust my algorithm accordingly and start mining.
For all the Ethereum holders, equivalent ETHW was given as an airdrop. That’s only good thing that made couple of miners or investors happy who were holding Ethereum.
The conclusion on “What to miner after Ethereum merge?”, I would still stay quiet and not mine anything at a loss rather than I can buy Crypto without the wear and tear of my graphic cards and components.
It this the end of GPU mining? I would definitely say “No” as there are many coins which work on Proof-of-Work. It’s just a phase where we need to hold on and wait for the mining phase to be back.
Mining has been not profitable in 2013/14 and in 2018/19 as well and it’s not the first time that we seeing such an event in the mining community. If you have been part of the mining at least in 2018 and 2019 you would definitely know how difficult it was for the miners.
I have been a miner since 2017 and you can check out my crypto mining journey blog. This is the time were we learn more about algorithms, blockchain, exchanges and cryptocurrencies and their functionalities.
We have been building mining rigs for clients and many of our clients were asking “What to mine after the merge?”. We have made the rigs ready to mine at least 2 more algorithms assuming that Ergo or Raven would be profitable.
We left the choice to our clients to mine whatever they would be inclined. Around 60% of our clients were mining Ergo, 20% were mining Raven, 20% were mining Ethereum Classic.
As the mining is not profitable on any of the coins, we have informed our clients to switch off the rigs until further update. Anyone who has a free electricity or solar electricity can still run the rigs as they don’t have to pay for the electricity costs.
After the Ethereum merge, mining any coin would be a speculation only. Even under speculation, you can go ahead and mine Ergo, Raven, ETC, Nexoa or Flux.
Ergo and Raven are ASIC (Application Specific Integrated Circuit) resistant algorithms and it would greatly benefit GPU miners in the coming days, if mining becomes profitable. The rewards would be far better than expected as the algorithms would not be ASIC dominated.
We expect that the GPU mining be back benefitting all the miners who have heavily invested in the hardware and infrastructure. There is a lot of fear in the market about GPU mining currently with no ray of hope.
There are lots of miners who are selling off their rigs or components at dead cheap price. The price of the graphic cards has reduced by 2 times by MSRP and the second-hand graphic cards by 2.5 to 3 times.
I would personally not suggest any of the miner to sell off any of their rigs or components at a cheaper price or taking a huge loss especially if you have brought the components in 2021 ending or in 2022. I have seen many coming forward to buy the graphic cards or rigs even when the mining is not profitable.
I would not suggest to buy graphic cards currently in this bear market but it would be someone’s personal choice completely. But I would definitely start recommending to start buying graphic cards or start increasing the rigs when we start seeing some profitability in mining.
Invest only the amount that you are ready to lose or doesn’t impact much when it’s related to crypto as the market is extremely volatile. If you are not mining you can invest the same in the Crypto as markets are very low currently.
I would be coming up soon with what coins to buy in the bear market. Hope you enjoyed reading my article “What to mine after Ethereum merge?”.
You can also checkout my other blogs:
Top 10 Cryptocurrencies in the World
Top 10 Cryptocurrency Exchanges in the World