Ether Mining No Longer Profitable, Says Semiconductor Analyst

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Mining ether at home is not lucrative any longer, particularly, when using kits with graphics processing units (GPUs). The latter is Nvidia's top graphics cards. A recent analysis by a trading firm has shown that the monthly profit for this type of mining dropped from $150 to $0 within over a year.

Crypto-Generating is Not the Same Any Longer

According to CNBC, in 2017 cyber-money mining turned into lucrative activity for those who knew how to make high-powered computers work for them. However, the situation has changed. Within a period between last year summer and this Fall, the monthly earning for ether mining with GPUs dropped from $150 to $0. This is the data presented by Susquehanna, a quantitative trading firm.

How Does Mining Work and What Has Changed?

Computers around the globe rival against each other to resolve complicated math problems. Those, which do it faster, gain a certain quantity of cryptos. The speed at which they operate is called «hashrate.» For ether this year, the «hashrate» plummeted.

In the meantime, ether’s value decreased by over 70% in 2018. As of writing, ether is traded at $178, according to Coinmarketcap.com. Moreover, this coin is no longer the second most valuable digital coin but the third after Ripple’s XRP.

This week Christopher Rolland, Susquehanna semiconductor analyst, let its clients know that mining ether with GPU given the factors is not profitable anymore.

Nvidia Faces Problems?

Rolland also singled out that consequently, Nvidia loses sales. Susquehanna’s expert added that with time the chipmaker loses around $100 million in crypto-related earnings. He also foretold that in the third quarter Nvidia’s crypto-revenues will be nearly zero.

Image Source: Flickr

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