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Ethereum , the latest up coming cryptocurrency to grip in the market, has seen its value cut nearly in half since hitting an all-time high of just south of $400 about a month ago. With the mining rally seemingly over, some are taking to eBay to hock their GPUs.
While bad for mining that haven’t yet broken even, it is welcomed news for gamers as demand for GPUs to use in dedicated mining rigs has caused graphics cards to spike in cost in recent months.
At some point, mining at home no longer becomes valuble as you’re spending more on electricity than you’re able to generate in coins. Mix in a sudden decline in coin values and you’ve got an environment that’s ripe for a mass exodus . That appears to be what’s taking place now.
This is actually a very big red flag, thanks for bringing it to our attention! When people stop mining, they may begin to abandon certain coins altogether and sell off their stash. When it no longer becomes profitable to mine a coin then the only way to make money on it is by trading and speculating on its prices. I wonder if these GPUs would be useful in mining other cryptos instead of ETH/ETC??? Also the difficulty of ETH mining will go back down once they go into the next phase - Metropolis
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