Is Ethereum mining a waste?
Mining is a great way to earn some money and if you go big scale it can really be a good business but expense at first!!
Etherem works on a proof of work (PoW) at the moment and this means that there are miners with rigs that work together to process and accept transaction on the blockchain. For their effort and work they get paid in ether! Now the rigs to mine can be expense and the electricity cost and the fans to keep every thing cool as a cucumber( the energy to process and accept the transactions produces a lot of heat) can really pile up on the electricity bill...
This can take time and alot of effort and the problem is that with the demand for ethereum and the growing network the system can be overwhelmed. Ethereum's transaction is much faster than Bitcoin but they have a plan to make it even faster😀😀
Ethereum is going over to proof of stake(PoS) with this the miners can no longer mine and get ether. This means that you have paid thousands of dollars for the rig and then over a few months that rig is basically useless,, so if you are thinking in buying a rig to mine.... well dont haha
Proof of stake will make that the transactions take place much faster and thus improve on the whole network! This is the future for ethereum and will replace the old system. So my advice for someone who wants to start mining is rather mine other cryptocurrencies !
Thanks for taking the time to read this article an show some love and upvote this post please!! Love you guys and thanks for the support😁
Mine as many Ethers as you can before the Ethereum adapts to proof of stake. Because in the future, price of an Ether is going to appreciate exponentially!!
Yes and the amount of ether will thrn be limited and then the price will increase drastically. On proof of work new ether can be mined
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