In the past period, I noticed the difficulty of making a good profit from mining some altcoins. If we ignore LTC and Doge, the return from mining a lot of altcoins has become more difficult than in the past. I have about (850MH 690W) *3 , which is about 2550 MH, and I used to get a return of about $6 per day from mining some altcoins. But now it has become difficult to get $2, so what do you think about the future of altcoin mining?
With new altcoin avoiding PoW and there aren't many existing PoW altcoin with strong community or uniqueness, i'd assume altcoin mining would be less attractive in the future. If we look at https://www.coingecko.com/en/categories/proof-of-work-pow (https://www.coingecko.com/en/categories/proof-of-work-pow), there are only 9 PoW coins in top 100 and 37 PoW coins in top 1000.Many of them are bitcoinForks and the rest have low hashrates that make renting nicehash a good amount of money to perform a 51% double spend attack.
The future of POW altcoin miningI have e known PoW for bitcoin while PoS for altcoins. It is a matter of time and every altcoins will migrate to PoS. It was same with BTC where 50BTC was the reward with a lesser energy and what about it today. Solo miners are no longer profitable. Altcoins cannot withstand this but will soon change protocols to PoS.
I have e known PoW for bitcoin while PoS for altcoins. It is a matter of time and every altcoins will migrate to PoS. It was same with BTC where 50BTC was the reward with a lesser energy and what about it today. Solo miners are no longer profitable. Altcoins cannot withstand this but will soon change protocols to PoS.I don't think ALTS will switch to POS anytime soon because we still have ETC/ETHW - blockchains that are thriving based on POW. My friends are still mining ETC/ETHW and making a decent profit. Other POW coins are also very popular like DOGE, LTC, XMR - I believe thay they will not switch to POS.
I have e known PoW for bitcoin while PoS for altcoins. It is a matter of time and every altcoins will migrate to PoS. It was same with BTC where 50BTC was the reward with a lesser energy and what about it today. Solo miners are no longer profitable. Altcoins cannot withstand this but will soon change protocols to PoS.I don't think ALTS will switch to POS anytime soon because we still have ETC/ETHW - blockchains that are thriving based on POW. My friends are still mining ETC/ETHW and making a decent profit. Other POW coins are also very popular like DOGE, LTC, XMR - I believe thay they will not switch to POS.
A new POW project called Kaspa has seen an impressive price increase for the KAS token, confirming the strong presence of POW in the crypto market. POS has an energy advantage, but decentralization is a complex issue, and even the Ethereum Foundation is looking to address this issue as LSD and LRD become more popular.