One Land Rover a day! It is said that Ethereum miners are making a fortune...

Recently, Ethereum miners are very excited, not only because they are making money, but also because they have been marginalized for too long. Now they can finally stand up straight in front of Bitcoin miners and feel proud!

An Ethereum miner joked: One Land Rover a day, and I feel great.

▲Data source: QKL123

In the past week, after more than two months of sideways trading, Ethereum has risen strongly, with an increase of more than 30%. Some analysts believe that Ethereum has broken through the downward trend line and may lead a number of cryptocurrencies.

In addition, more news about Ethereum 2.0 has been gradually revealed recently, and the gas fee has begun to approach the peak in 2018 after the explosion of DeFi. The popularity of Ethereum has reached an unprecedented level. Taking the funding rate of perpetual contracts as an example, it has reached 0.102%, and the annualized interest rate has reached 111%, which shows that the bullish sentiment is strong.

In the Bitcoin world, after the price of the currency soars, the demand for mining machines will also increase. The same is true for Ethereum. Yao Binbin, the founder of Jiangyu Mine , believes that miners are rushing to buy graphics cards and add machines.

However, GPU chips seem to be insufficient... Today, the price of GPU chips has increased dramatically.

Zhang Li, founder of Shenlang Miner , said that the price increase of GPUs was mainly due to the two chip suppliers who reduced their order plans due to the epidemic and limited their production capacity. In addition, they also consciously restricted over-purchases in the mining industry to avoid impacting the subsequent consumer market. Zhang Li predicted that new products might be available after September.

According to media reports, NVIDIA will gradually stop producing RTX 20 series GPU chips. From the data, since July, the supply has been only about 2/3 of the normal scale in June, and there is a serious shortage of RTX 2070 and RTX 2080 series graphics cards. The reason for the suspension is said to be that NVIDIA is about to launch a new generation of RTX 30 series graphics cards.

As the number of graphics cards sold in the market decreases, the price naturally goes up. However, as a senior miner of Ethereum, Yao Binbin believes that the increase in chip prices is actually not as high as the increase in the price of the coin.

Yao Binbin said that the difficulty of Ethereum mining has not skyrocketed, and the income of Ethereum miners has been good during this period. There are several reasons for this.

For example, the current mainstream Ethereum mining graphics cards are still 4G graphics cards. Due to the continuous increase in DAG files, these graphics cards will be out of the market by the end of 2020 if they are not upgraded. In fact, these graphics cards are slowly having problems.

For example, after the popularity of DeFi, the transaction fees on the chain also skyrocketed. Taking a recent block as an example, the block reward is about 3.1 ETH, and the miner fee is 1.18 ETH, which means that the transaction fee accounts for 1/3 of the block revenue .

An interesting point is that Yao Binbin believes that many of the miners who have recently flocked to Ethereum are Bitcoin miners. According to his calculations, if the payback period of Bitcoin mining machines is 600 days, then Ethereum has only more than 200 days.

Take the mining machine ranked first in Ethereum’s profit ranking as an example, its net daily profit is about $18. What about Bitcoin? $4.5. The former is 4 times the latter.

▲Data source: Fishpond

From the F2Pool, we can see that the miner with the highest daily net income for Bitcoin is Antminer S19Pro, which has $4.62, and electricity costs account for 46%. What about Ethereum? There are 28 miners with a daily net income of more than $5, and 7 miners with a daily net income of more than $10. For the above 28 miners, electricity costs account for less than 30%.

Zhang Li is very excited about this booming scene. He said that the Shenlang Miner B1, a GPU mining machine, has a payback period of 250 days. "If the price goes up further, it will take 100 days to pay back." Currently, their sales are good, and the production capacity in August is being released in an orderly manner.

Today, most of the Ethereum mining machines are GPU mining machines. In the top 10 of the Ethereum mining rankings of Yuchi, only the A10 series Asic mining machine of Xindong is on the list. On July 25, Wang Shenglin, sales director of Xindong Technology, said that the A10 Pro is hard to find, and the tiered price of this mining machine has been increased by 400 yuan per unit. " Ethereum continues to lead the hot market of cryptocurrencies. The current price adjustment is small. If the subsequent supply continues to be tight, the price may be further adjusted. " He said.

According to Gao Fei, co-founder of Jiangsu Duomi Technology , in the past two days, the price of graphics card mining machines has generally increased by 1,500-2,000 yuan, and all levels of graphics card agents are in serious shortage. He said in his circle of friends: "Our core competitiveness is that we can get cards!"

It is not difficult to imagine that today’s Ethereum miners are really happy, and the miners who planned ahead have made huge profits.

“ The future market will definitely be led by ETH. ETH does not give much time for all miners and those who want to participate in mining, so you should participate as soon as possible. ” Zhang Li said.

Yao Binbin was also very excited. He said that Ethereum has been accumulating strength for a long time this time, and DeFi and Ethereum 2.0 are the main reasons. He is very optimistic about the market in the first quarter of 2021, because, at that time, Phase 0 of Ethereum 2.0 may really be launched.