Arrogant miners are buying LHR NVIDIA cards to the chagrin of gamers. Efforts to circumvent the LHR has ongoing by almost every mining interest. In trading Bitcoin has fallen to around $47,000 while ETH has fallen to under $4000. Selling pressure seems to be related mostly to COVID-19 omicron reports. The week US employment numbers were also of concern. Omicron has been discovered in 38 countries and its spreading incredibly fast.
Bitcoin is now off some 30% from its highs so it is considered to be in a bear market.Bear markets are typically defined as a decline of 20% or more from recent highs. The market will likely be rather choppy as omicron domininates traders minds.
Sooner or later the next generation RTX cards will be hitting the market. Most likely NVIDIA will make the logic even more unpalatable for mining. The existing LHR cards are not very effectively nerfed so its likely that NVIDIA will consider this with the next round of cards.
On August 5, 2021, Ethereum’s hard fork called London introduced fee burning. ETH miners weren’t enthusiastic about the update, considering that in theory it could cut their profit. In reality, it turned out the other way around. However, as their profits grew, other problems arose.
ETH mining is nearing the end as next year the mining will be impossible to do with a video card.Some part of ETH that used to go to miners is being burnt now disappearing from the network forever. Another change is that pools can no longer include any transactions they want in their block. Before the update, pools could issue payouts to their miners while paying the minimum fee, but this is not an option anymore.
Trades are uncommon as the blockchains need to be updated. This can take a substantial amount of time and it also costs a fairly high fee. The outlook for ETH is likely to see the migration to hardware similar to bitcoin mining machines in use now. The leaves less well known mining with varying logic that will be hard to block by nature.
Many reports of mining problems with DCH drivers are piling up as well. DCH is the new driver API for Windows 10 and 11. The real problem is that mining software has not been updated for years.