Mining rigs will become obsolete when we move from PoW to PoS?
I am trying to gather the parts needed for a mining rig but I was wondering if it will become obsolete in the next couple years when Ethereum releases Metropolis and Casper?
Is it worth setting up a rig now and paying premium prices for graphics cards since they are all sold out now?
"One of the most anticipated events in the Ethereum ecosystem is the switch from Proof-of-Work to Proof-of-Stake. Both of these systems are used to achieve consensus and maintain the security of a blockchain-based network.
Proof-of-Work uses mining, requiring vast amounts of computing effort and electrical power. Proof-of-Stake is meant to move away from a system that demands such a high expenditure of resources and instead secure consensus through network participants putting up a “stake” of their virtual currency in return for proportional (to the amount staked vs. all coins available across the network) rewards for their “virtual mining.” No PoW-style mining actually takes place in PoS; the deposit is more about incentivizing honest actions. A validator’s deposit is burned (automatically forfeited and destroyed) if they make a malicious move, as defined by the minimal slashing conditions."
Read more: https://www.ethnews.com/proof-of-stake-vitalik-buterin-shares-casper-contract-code
Remember that there are several different alt coins that will continue to be profitable mining wise and if there is a specific community you want to contribute to down the line, a mining rig is a great support mechanism to these types of coins/communities/technologies.
Please upvote,reply,resteem and follow me @victorvazco, thank you for being awesome!
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https://www.ethnews.com/proof-of-stake-vitalik-buterin-shares-casper-contract-code
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I have the same question as you. Upvoted and resteemed.
No use smart switching mining software to utilize you hash power based on what coin is "hot" at the moment. Nicehash does this a bit but a better way is to take something like awesome miner and switch in between multiple multi pools like nicehash, zpool. I use two only because minimum payouts are usually like 0.1 btc and if you have too many pools that might take a while. The concept is cool since if a new coin comes into fruition and people need blake2 like crazy in one hour that because really profitable to mine. Also ZEC, BTG are very miner friendly for mid term.