Feb 2, 2019 02:30 UTC
Feb 2, 2019 at 02:30 UTC
Ethereum is currently the 3rd largest cryptocurrency by market capitalization after Bitcoin (BTC) and Ripple (XRP).
While the cryptocurrency has undergone cascading price dips since its all-time high in January 2018, this doesn’t end the benefits that come with mining Ethereum.
Before you embark on mining Ethereum, you need to consider the prevailing cost, since this could help in determining whether or not mining the asset would be a profitable venture.
In the case of Ethereum, cryptocurrency has increased in value several times since its inception. However, it is recommended to look at the current cost of the cryptocurrency.
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Level of Mining Difficulty
In order to earn the Ether (ETH) on the Ethereum network, you need to own a mining rig or hardware that solves complex mathematical issues.
The difficulty in mining determines the level of difficulty in solving the complex mathematical issues.
When the level of difficulty is higher, then you end up with less Ether. Joining the network by more and more miners could be the reason for this.
Hashrate refers to the speed at which a mining rig or hardware operates, which also helps it to solve the math equations.
In the end, a mining hardware takes more or less time for transaction confirmation. As more and more miners join the market, new mining machines join the market too.
However, the machines with high hashing power are equally expensive. Rather, such machines consume more energy, making it more difficult for everyone to afford.
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Each mining hardware or rig is different in the form of amount of energy it consumes and the efficiency level.
However, a standard mining rig can consume 100W at maximum load. Powerful miners with higher hashing power rates can go up to 1000W.
Proof of Stake Shift
With the shift to the Proof of Stake protocol, the Ethereum network is able to verify the transaction, which makes it easier for users on the network to stake coins.
Also, Ethereum network offers different mining options. In addition to using GPUs, users can similarly join a mining pool at reasonable prices.
Many reliable firms offer this service, and all a user has to do is sign up on the website. Once the account is up and running, then the user can start mining Ethereum.
The Proof of Stake comes with different advantages like reduced electricity as well as hardware cost.
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With all the stated facts, it is safe to say that Ethereum mining in 2019 is still profitable.
With some useful and unique features that sustain existing miners and attract new ones, the price of Ethereum is expected to go up, regardless of the correction experienced last year.
By using the blockchain to validate transactions on the network, the addition of PoS and the inclusion of blockchain smart contracts, Ethereum still remains profitable cryptocurrency to mine.
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