30 million graphics cards are at risk of ‘overlapping’
If Ethereum successfully merges and removes the mining mechanism, the approximately 30 million graphics cards participating in the network could become useless.
Mid-March, core developers of Ethereum Dapp Lion reported the work Ethereum network merge could happen in June. By that time, the reward of two Ethereum per block will disappear. According to BeinCrypto, this could obliterate the POW (Proof of Work) mechanism. Miners will no longer mine Ethereum with algorithmic machines, but switch to the POS (Proof of Stake – proof of stake) model, which reduces most of the energy used for mining. network maintenance.
According to the above data Ouke Cloud Chain, the current computing power of the entire Ethereum network is about 960.58 TH/s. If the average mining speed of each VGA graphics card is 30 MH/s, the world has more than 30 million graphics cards participating in Ethereum mining.
Crypto miner Zhong Jie told Blockchain Daily that when Ethereum consolidates, these 30 million cards are at risk of “overlapping”. Some miners can refurbish and resell but not many really want to buy them. Different from normal operations, the lifespan of VGA used for cryptocurrency mining is usually much shorter, so it will be difficult to sell in the market.
Graphics card prices tend to decrease in 2022. Source: 3DCenter
If it is not possible to mine Ethereum, the demand for graphics cards in the crypto market will plummet. The industry may experience a sharp correction in supply and demand. Sina leading Nvidia’s assessment that graphics card shortages and price hikes may no longer be the case. The early arrival of Ethereum 2.0 will directly affect traditional cryptocurrency mining operations.
Statistics from 3DCenter showed that in early March, the average price of AMD graphics cards was 63% higher than the manufacturer’s suggested price. By the end of that month, the spread was only 45%. Similarly, Nvidia’s cards also dropped from 77% to 57%.
In the US, according to statistics on eBay, the price of VGA has decreased by 20-30% in the past three months. In particular, the low-end and popular models are the most heavily reduced. In Vietnam, some high-end card models also reduce by more than tens of millions of dong, while the popular models are reduced by 2-5 million dong depending on the type.
Khuong Nha
at Blogtuan.info – Source: vnexpress.net – Read the original article here
