I had been planning on mining with Radeon 470s, with 8GB of memory. Saw an article online that had stated that Radeon 470 GPUs would no longer be usable after Ethereum 2.0, but then it listed 480s as being ok. I understand that if you have a 4GB card you might have issues coming up, but unless I am wrong, the 470 8GB GPU should be able to mine for the forseeable future, right?
They may have meant the 470 4GB models, as they produced those as well as ones with 8 GB or memory.
I am mining now on the 4 gb versions I have no idea what is going to happen in the future
Maybe what they meant was the there are no cards that will mine Ethereum 2.0 because once it is fully implemented there is no mining - it is all POS and no POW.
As soon as Ethereum 1.0 is fully subsumed by the new Eth2 blockchain, Eth2 will become known as Ethereum and there will be no mining at all (i.e. Ethereum 2 is never going to be mineable and Ethereum 1 will have disappeared). The only way to make money out of Ethereum 2 is through staking and the minimum investment for 1 stake is about US$7,500 (it’s actually 32 ETH). On that, you can expect to make about 4%pa (US$300), but with the risk that you will actually lose money if the machine on which you are staking goes offline - at any time!!!
That said, it is all dependant on Eth2.0 actually getting up and happening and I’m pretty certain that is going to take longer than anyone expects. I’m mining ethereum and feel confident I will be able to continue doing so with plenty of time to pay off the investment in equipment and make a decent profit. Also, I’ve invested way less than 32 Eth and am making way more than $300 a year.
So, 8Gb cards will still be useful for a year or three and then there will be other things to mine apart from ethereum.
Soon your 4gb cards will become obsolete for Ethash due to DAG issue
we shall see ill let you know all i know is for $600 i got a rig that makes $3.50 a day and I got free electric so wont be long before I make all my money back and then I still have equipment with value
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I saw the talk about penalties, and they didn’t seem to be too severe, but certainly enough to hurt your profits. But worst case you lose profits, it sounded like you would never lose the ether you staked.
Sure the penalties aren’t too severe, they are about the same as the profits if you measure them on an hourly basis. And no you can never lose all the Eth you staked as the system will turn off your validator and kick you off when you get down to 16 Eth. So you can only lose half of your stake or about US$3,750. If you are an early adopter and stake when Mainnet commences (whenever that turns out to be), it is clear that it will be at least a year (but most likely more) before you can withdraw any of your money, including your stake.
So those are the risks - and for a reward of about 4% minus electricity costs (which where I am from would be about $310 per year for a machine running 24/7 that uses 250w) and I’m wondering whether there are many people that really understand this?
I thought you couldn’t lose your stake? Just see your profits drop to zero at some point. Maybe I am wrong.
A month or so ago when I went through setting up a Validator, including the local ETH1 node, the beaconnode and the validator, the rules were that whenever your validator failed to perform properly (i.e. offline or glitching for some reason) you lost ETH2 at just a little less than you made when all was going to plan. And you certainly could lose some of your initial 32ETH stake.
IIRC the white paper details that you can lose up to half of your stake (or about US$3,750) and then the system will close down your stake leaving you with 50% of what you started with.
Not a characteristic of staking that should be taken lightly.
Add to that the fact that most staking pays peanuts and consumes power and it’s not something I’m interested in.
his is true. it was talk in other forum about eth. after miner will be kicked out it will be no more profit on staking, example 32eth will give you 300usd if full year you device runing non stop in reality it not possible as time to time no internet or power, like one member say ritch people become more ritch poor going to 0 profit. for example i spend 4eth for rig profit moth 200usd, so 32eth=8 rig= 1600usd mont is completely bulshit to staking and get 300 per year let say price increase and you get 1000usd per year it still not worst as 32eth you can spend to build generator in your home and get profit per year 10x or more of staking i dont understand why people not investing money for free energy? . i see mot people dont thinking how it work proof of stake whey thing i stak 32eth and i get milions it not working like his it similar thing as mining hardware stop no money same it will be with staking hardware stop no profit plus you lost money or you must to pay claud servers to keep runing your node also it will cut your profit down as need to pay for rent hardware.
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Sorry with Ether 2.0 when you stake 32 coins, youu get 300 us / montly rewards or daily?
Finally Staking sounds pretty awesome…It is kind of contract where you need to PAY…PAY…PAY AGAIN…PAY…PAY ONCE AGAIN…and when end of year is coming, node drops…You ve lost your mining reward…But dont forget to keep on Paying…!!!