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Cryptocurrency Ethereum: Graphics card mining collapses

The drop in the price of Ethereum is now also affecting the cryptocurrency’s computer network. While computing power first rose above the 1 petahash per second threshold in February 2022, Ethereum has now dropped below it again. Ethereum’s computing network reached nearly 962 terahashs per second on June 15, 2022. In other words: mainly graphics cards computed nearly 962,000,000,000,000 hashes per second.

The crash came suddenly with the Ethereum price dropping to less than 1000 euros at times. This is how large mining companies are gradually getting into trouble, for example in Asia or North America, as digging is becoming less and less useful in the wake of rising electricity prices.



Computing Power Development in the Ethereum Network: As the price of cryptocurrencies falls, fewer and fewer GPUs are mining Ethereum.

(Image: etherscan.io)

Anyone who plays graphics-intensive games on the desktop PC can be happy, because the demand for more computing power among miners has practically stopped with current development. Ethereum is the most popular cryptocurrency for GPU mining. As the entire cryptocurrency market is affected by falling prices, mining farms don’t switch to other cryptocurrencies. More and more graphics cards are therefore entering the retail market, causing prices to drop.

Notably, Nvidia’s upper class has gotten cheaper in recent days. For example, the GeForce RTX 3080 Ti is currently available for $ 1,100, the $ 860 GeForce RTX 3080 and the $ 600 GeForce RTX 3070. If you want more memory than the 8GB of the RTX 3070 models, you can get AMD’s Radeon RX 6700 XT with 12GB for $ 500.

Bitcoin, meanwhile, is less affected by price falls. Computing power is higher than ever, but PC gamers needn’t worry – mining farms use specialized ASICs for mining Bitcoin and not graphics cards. However, according to the Financial Times, ASIC manufacturers are reducing their production.

Listed Bitcoin mining farm operators are feeling the price plummet with force. In the case of Hive Blockchain and Marathon Digital, for example, stock values ​​fell more than 75% in a half-yearly comparison.


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