Is mining in Europe no more profitable?

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Ultramining.com

12:17 Oct 03, 2022

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Is mining in Europe no more profitable?

The cryptocurrency market faced great difficulties. The problems also impact miners, for whom Ethereum used to be the main coin for mining.

However, after it transitioned to the PoS algorithm, it became clear that mining has moved into a phase where it is a business for professionals having powerful equipment.

The main difficulty is the rising cost of electricity, which makes mining unprofitable. For example, in Germany, you have to pay about 0.3 euros for 1 kWh. It leads to the fact that miners can not make a profit, even using powerful video cards Nvidia RTX 3090 Ti.

The transition of ETH to PoS has left miners with no choice but to switch to other currencies. The first choice is ETC and RVN. Nevertheless, this did not help to make mining effective, due to the energy crisis in the EU since early summer.

As for Ethereum Classic mining, in this case, experts agree that the complexity of ETC mining will gradually increase, which will lead to increased competition.


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