Joaquín Leal, an Ethereum miner, suggested acquiring crypto instead of mining right now. Ethereum mining difficulty is reaching 14.50 P.
The profitability of Ethereum (ETH) mining is going through hard times due to the impact of the red market in the last two weeks. Some miners are seriously considering turning off their rigs since they gain just over USD 15 per active day, which is not enough money to gather profits.
Joaquin Leal, a bitcoin alternative cryptocurrency (BTC) miner, has been active making the crypto business for over a year. He registered his experience in videos that he constantly uploads to his YouTube channel. In the most recent video explanation, he alerted that he was reaching the “endpoint” of his mining activities.
Leal, who has his rigs based in his garage, is currently achieving about $50 monthly from mining Ethereum.
If the electricity costs get subtracted from that income, there is a daily profit registered at USD 17 on average or about USD 527 monthly.
Leal highlights that the current situation of his operation is enough for him to “survive.” He started his current status as critical, too critical for him to continue this activity. He says $17 a day is nothing for him because of the electricity cost. Some are in the same situation or worse.
More Difficulty + Price Drop
Leal relies on the profitability crisis on the rise in difficulty and the low costs faced by all digital assets, which have already been in the red for several weeks.
According to data registered by 2Miners, the difficulty of Ethereum mining is 14.56. And the hash rate, which is the computing power of that platform, is at 1.06 PH/s, close to its all-time high. These numbers represent high participation in the chain.
On the other hand, the second most significant asset y by valuation is getting closer to its migration. Video card (GPU) mining will end this year on Ethereum as it will become part of the Proof-of-Stake (PoS) consensus algorithm.
While this situation is taking effect, ether, the native digital currency of that network, is struggling to stay alive and well, at USD 2,063, after a 1.60% rebound compared to CoinMarketCap reports.
But cryptocurrency mining today is terrible; the difficulty does not stop its expansion. Leal said that Ethereum threats keep coming to them.
Leal’s profit is reminiscent of what can be made mining altcoins in Chile, where an AMD RX 6600 XT graphics card (GPU) could drop $15 or $16 in daily profits.
How do we Get Rid of this Situation?
Although he shows disagreements with the current profitability of his mining activities, Leal stresses that he will not stop mining, even if profits fall to USD 1 per day. However, he recommends purchasing digital assets instead of mining them. He said It was time to gather support.
By: Jenson Nuñez
