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Ethereum Mining is Dead: Price Drops, Difficulty Booms (Page 5)

By Anthony Garreffa | Jul 11, 2017 07:33 am CDT

New Lows

The last month has shown us the peaks of Ethereum, but for many thousands of people, it has devastated them with new lows. Hitting under $200 was a hard punch to your mining guts, especially those who have sunk thousands of dollars into new hardware or many mining rigs worth of hardware, for a quick return on investment. This isn't going to happen quickly, and you might be months and maybe even years away from profit if you've spent tens of thousands like some.


I'm no cryptocurrency expert, but I can provide some theory based on my six-week deep dive into cryptocurrency, the financial market beside it, the technology driving it, and the consumer-driven side of things from the GPU market. First thing, global GPU shortages are unheard of at this scale, and this is mostly due to the massive demand that Ethereum and subsequent altcoins like Zcash, Siacoin, etc. We are in a new world of 'you can make money at home!' ads that appear all over the internet, but this time it's for real, and you can use your gaming PC! Say what?!

This led to a huge surge in GPU sales, leading to massive price rises on many different series of cards, even spreading into the second-hand market. Ethereum rode this massive wave of interest, with many people getting in high - but now the price is so low that if you bought at this price a few months ago and let the new surge of interest drive up to $393, you've doubled your money. All of the miners who made money in the last six weeks just saw their profits disappear in a poof of imaginary cryptocurrency thin air.

Could we see below $150 in the next few days? At this rate, yes... but what about below $100? These are the questions burning the ears of Ethereum miners and ETH holders right now. What about $50? Is this the great crash of Ethereum? Possibly. Will it rebound? That's something I have much more confidence in.

Wherever the end is, I think we'll hit it and begin bouncing back up shortly. We might not skyrocket to $393 again right away, but over the next few months, and even the long-term outlook, we could see big gains. Ethereum is much more than 'just a cryptocurrency,' remember.

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