Hobby miners are now having to crunch some numbers on profitability as the “crypto winter” drags on. As prices have fallen in the 70% ranges from all time highs, the cost of electricity has jumped fueled by wars and and a energy crisis. It is getting harder and harder to justify the cost to run a miner.
Miners are usually GPUs rigs built on barebone hardware components used to solve complex algorithms to mine a block. The machines that participate in the mining of the block are rewarded with coins or tokens for their efforts. These GPUS are energy hogs and can usually cost more money to run then the output they provide. The real reward was the rocket trajectory the tokens took months or years after mining helping minors make a fortune down the road for their initial investments.
But as prices come down and cost go up, miners are having to get creating on making profit all the while hoping for a bull run on prices. Some have turned to cheaper electric plans, renewable energy but others are just plain abandoning the cause. Miners are showing up on ebay for as low as $300.
Ethereum is inching closer to proof of work with would also bring the need for miners way down. So if you are looking for a new gaming rig, now may be a good time to get 15 GPUS to play MineCraft on.
Written by: WarBiscuitNFT
