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Anyone buying hardware to mine Ethereum is going to lose

By: Anthony Garreffa | Editorials in Video Cards | Posted: Jul 8, 2017 6:35 pm

To Hold, Or Not To Hold

 

Now, this is something that's up to you... to hold what you've got, or not. Personally, I'm holding onto what I've got, but not just in the hopes of a possible rise in the price of Ethereum. I'm holding it because I genuinely believe in the future of digital currency. I believe it is the future, and we're getting a tease of it now before it becomes an integral part of our everyday lives.

 

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I've diversified into holding other currencies as well, with a spread of Bitcoin, Litecoin, Zcash, Ethereum, and Siacoin. I don't own much of Bitcoin ($10 worth right now) - but I traded $500 worth of the Ethereum that I mined a few weeks ago into Siacoin. If it were to go up from its current price of $0.01 to even $0.20, that's a 20x increase. It might not happen, but there were millions of people who said the same words about Bitcoin years ago... and look at where we are now.

 

 

Put Your Seatbelt On

 

Any minor crash of Ethereum could spiral out of control at least temporarily, and when the DAG increases to the point of squeezing out anyone with less than 20-30 graphics cards, it will be fruitless to mine Ethereum on even a 6-way GPU system. I've got friends who are either building, have just bought, or are upgrading their PCs for mining. I wouldn't recommend getting into Ethereum mining right now, as the ROI isn't there - and it won't be coming back.

 

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Everything is changing so quickly, with today being a day of red across the entire digital currency field. Give it another two weeks, and you're going to see Ethereum mining dead for anyone with less than ten cards, and another 4-6 weeks before the rest are squeezed out.

 

Many are already diving away from ETH mining and into either Zcash or alt-coins that might spike up with others jumping away from Ethereum. This will be a snowball effect, something that will continue to expand throughout the week.

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