Ethereum Mining Set to Become Cheaper Against the Bitcoin Mining
Without a doubt, the year 2020 has been the cruelest as compared to any past year in the 21st century. The entire world powered-out due to the pandemic that resulted in 1 million people dead and 33 million infected at the hands of the Coronavirus outbreak.
The global economy has taken a huge blow and millions of people have ended up losing their jobs. During this chaos, the Crypto-Blockchain industry has observed huge growth in its users and investments. This surge has resulted in more people joining the crypto by-blockchain platform with every passing day.
Now that the current year is close to an end and the holidays closing in, the electronic hardware manufacturing giants have started expediting their developments to introduce their new products expecting to outmatch the competing brands.
With the ever-growing cryptocurrency industry and more users becoming a part of the community, the GPU hardware manufacturers are also expecting a surge in demand.
Although, there have been no changes in the methods of mining for the major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH), still there are some complexities that have started to emerge with the Bitcoin (BTC) mining that has led Ethereum (ETH) in stealing the spotlight.
For Bitcoin (BTC), it became evident in recent years that Bitcoin mining is no longer in reach of an ordinary person. This is because it requires a hefty amount of investment to set up the entire operating system for mining.
At present, there are only big companies or mining pro(s) that have the serious amount of investments, equipment and access to cheap electricity resources. On top of this, the Bitcoin mining rewards have also halved.This has left many of the Bitcoin mining hardware obsolete, resulting in many Bitcoin miners to lose interest in mining.
However,Ethereum (ETH) mining is growing because of two main reasons.The first reason is that Ethereum (ETH) mining is graphics-card based and can even be mined with old graphics cards such as 1050Ti released by NVidia in 2016 and RX 580 released by Radeon in the following year.
The second reason is that in the past couple of years, the Ethereum (ETH) blockchain has worked really hard in improving their network, latency and transaction flow.This has resulted in Ethereum (ETH) decreasing their hash rate by 15%, which it currently has it at 256.221 Th/sec. This improvement has made Ethereum (ETH) mining easier for the miners.
Great news for the Ethereum (ETH) miners is that with the new graphics coming in, the prices of the old graphics cards have started to decrease. This opens up a great opportunity for the ETH miners to buy these cards and start their Ethereum mining.