The latest news of the Ethereum transition from PoW* to PoS* has badly affected the market, especially since it is really bad for miners who have been mining Ethereum, even after the financial turmoil and Bitcoin crashing, Ethereum was able to gain sustainable growth.
What to mine if Ethereum moves from PoW to PoS? [Valid Answer]
For those who have been searching for this answer, well, there are two possible scenarios.
- The Price of Ethereum after this transition will either drop suddenly where Big Whales are ready to buy this
- The Price may go up and then drop
In both cases, either it goes up or down, the miners will have to wait, all mining pools and Crptoexchanges have sent emails and alerts to their users not to do any transaction.
What to mine after Ethereum?
Ethereum will not be mineable on Graphics Cards if this happens now, therefore, miners have to do some work on other mineable coins, but the problem of electricity consumption is huge. You can mine other coins but the profitability will be hit and electricity costs will increase, don’t worry, there is a list of mineable coins you can still mine on your mining rig.
RTX3090 Hashrate for the following coins that are mineable on GPUs.
While PoW and PoS are both valid forms of consensus algorithms, there are two important points to consider when choosing which one to use. First, you should make sure that the consensus algorithm you choose can support the throughput you need. For example, if you are trying to achieve very high transaction throughput, then you will need to choose a consensus algorithm that supports that.
In addition, you should make sure that you can easily migrate to another consensus algorithm should your current algorithm fail. The reason for this is that the consensus algorithm you choose will likely have a profound impact on the entire Ethereum ecosystem. You should choose a consensus algorithm that allows you to build on top of it.
*PoW= Proof of Work
*PoS= Proof of Stake