Will Crypto Mining Become Obsolete?

News reports have come out stating that crypto mining is phasing out and graphics card sales are proving that to be true. When bitcoin was booming, graphics cards were being bought like they were going out of style. Companies such as Nvidia and AMD were raking in higher profits with higher prices on graphics cards due to the demand. ARS Technica reported:

Nvidia reported its financial results for its second fiscal quarter, which ended on July 29. The results were pretty good overall, with strong demands for Nvidia products for AI and data center applications. However, cryptocurrency-related demand has cratered.



'Our revenue outlook had anticipated cryptocurrency-specific products declining to approximately $100 million,' said Nvidia CFO Colette Kress. 'Actual crypto-specific product revenue was $18 million.'



The company isn't counting on any more cryptocurrency-related sales in the future, either. 'We now expect a negligible contribution going forward,' Kress added.



Nvidia CEO Jensen Huang echoed that sentiment. 'We're projecting no crypto mining going forward,' he said.

The same has been reported for AMD as they have seen their sales decrease. On a good note, graphics cards will now be more reasonably priced.

Clearly, we can see two things happening here:

Bitcoin prices have plummeted and people are pulling out

Mining is declining

Mining is extremely inefficient and does not even go with the Paris Agreement standards [see our article on that here]. It looks as though many people who were in it to win it has thrown in the towel as we are seeing these latest results. Although, not everyone has thrown in their towel. Others have been finding better and efficient ways to stay in it for the long haul. GODcoin is one of those amazing options on the blockchain because it will be backed by gold and silver, so it is not as volatile as bitcoin, as well as it alleviates the need to mine so frivolously. From GODcoin's white paper, here is how it will work:

GODcoin will use the Proof-of-stake consensus algorithm for the minting process. This presents a couple significant advantages, transactions will be processed quickly and energy efficiency is drastically improved over the commonly used Proof-of-Work. Minters will be able to run a node on resource-constrained systems provided there is adequate disk space.

Essentially put, GODcoin will altogether eliminate the need for the costly and exorbitant mining process. It seems mining is still holding on, but it will eventually become obsolete with newer and better technology. GODcoin is going to be the currency of the New Kingdom, so it will evolve to become more efficient and remain when the global economy hits rock bottom and other currencies begin to plummet.

This article was authored by Judith Monte, @belovebelight