Ethereum mining became profitable for a while and here are the reasons. This year, the price for the Ethereum grew as on steroids. When the rate of the cryptocurrency reached a record level of over $ 400, many cryptocurrency enthusiasts purchased AMD and Nvidia graphics cards to join the Ethereum mining, which suddenly became so profitable.
The demand was so high that it led to a deficit of video cards and sky-high prices for them. However, today many US miners massively sell their farms, no longer finding the Ethereum mining profitable.
The growing market of the mining industry led to sales of Nvidia GPUs with a total of $ 100 million in just 11 days. These sales, in turn, awakened interest in companies from investors, and the share prices of Nvidia and AMD began to grow rapidly.
Fluctuation of price and Ethereum mining
At that time, for once Ethereum token cost about $ 334.79. Then, the value of the token fell to a low of $ 134.21. At the current moment, the price of the Ethereum is around 203 $. However, many small amateur Ethereum mining enthusiasts literally rushed to sell their farms in the last couple of weeks. Probably, other factors played the important role, making the amateur Ethereum mining disadvantageous. In particular, we mean the future transition of the network to the “PoS” algorithm.
The number of sales of mining equipment on eBay is growing rapidly. In June, there were 57 completed sales out of 125, and in July there are almost 300 of them. On July 22, search results for “Ethereum Mining Rig” dropped from 534 to 409.
This year, the Ethereum Token rose from about $ 8 to $ 400. This caused so huge tide of mining enthusiasts that the complexity of Ethereum mining increased enormously. On July 21, the recorded highest average production complexity was – 1304,917 TH. While in early June the average difficulty was 561,001 TH.