The first time I set up my Ethereum rig I was enjoying decent profits from just my GTX 1070. It was enough to make a profit considering the price of electricity. But things have changed. The Ethereum network difficulty isn’t stable, as it is with Bitcoin – in the beginning you could mine with your old GPU, but now Bitcoin requires potentially a multi hundred thousand dollar rig to be worth it.
A Change in the Ethereum Network
The earnings were cut in more than a half due to the difficulty change. And the reason for the difficulty change is in the design of the Ethereum blockchain. The network is going to move away from the “proof of work” design to a “proof of stake” setup. This has resulted in a sharp rise in block difficulty that will continue to increase until blocks are almost impossible to solve. The difficulty spike has started in Ethereum since block 200,000. Ethereum’s development team did this to encourage work towards the proof-of-stake solution.
Does this mean it’s over for Ethereum? Will the coin lose it’s value, and the transition be uneventful? Nope, it’s far from over for the miners. The network has not frozen yet, and the future is brighter than ever. Why?
NiceHash to the Rescue!
Due to NiceHash! A service where you can sell your computing power for others to use it. And it doesn’t have to be Ethereum. Bitcoin, ZCash, Dash, and many other coins are also supported.
Quoting the website:
Hashing power buyers select the cryptocurrency they want to mine, a pool on which they want to mine, set the price that they are willing to pay for it, and place the order.
The hashrate sellers connect their mining hardware to the NiceHash servers, using an unique BTC address pointed on the dashboard after registration.
You get paid for each valid share you submit, in Bitcoin, for the price that is determined by a weighted average. If you lack mining software, NiceHash can provide it for you for completely free.
It automatically maximizes your earnings, and if you wish to use it for purposes other than using NiceHash services, it’s anonymous, and doesn’t require registration.
All in all, NiceHash is a nice alternative for those who cannot profitably mine with what used to be their modern mining rig.