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Grin has experienced a huge growth in hash rate, and price in the past week.
I did some analysis on Grin hash rate vs other GPU mined networks (ETH, XMR, Beam)
Source: docs.google.com/spreadsheets/d…
I did some analysis on Grin hash rate vs other GPU mined networks (ETH, XMR, Beam)
Source: docs.google.com/spreadsheets/d…
Important note - these are some *very* rough numbers - this is not meant to be a definitive analysis.
My key assumptions:
- The 1070 represents a standard GPU and is a good benchmark.
- ETH, XMR, and Grin are the main GPU chains. ZEC is mostly ASICs.
My key assumptions:
- The 1070 represents a standard GPU and is a good benchmark.
- ETH, XMR, and Grin are the main GPU chains. ZEC is mostly ASICs.
Overall, it seems to confirm the hypothesis that most hash rate from Grin is coming from existing ETH miners, *not* new hardware.
This is in line with the recent NVDA and AMD Q4/Q1 guidances showing a lack of crypto sales.
This is in line with the recent NVDA and AMD Q4/Q1 guidances showing a lack of crypto sales.
ETH price dropped from $116 to $105 from 1/15 - 1/31, a decrease of 9.4%. In the same timeframe, Eth hash rate dropped almost 25%.
ETH hash rate could continue to suffer - the block reward adjustment from 3 --> 2 still has to occur (Feb 27 - Constantinople).
ETH hash rate could continue to suffer - the block reward adjustment from 3 --> 2 still has to occur (Feb 27 - Constantinople).
As expected, volume is extremely weak on exchanges and OTC desks - a genuine Grin price will take a few more weeks/months. Most miners are technically mining 'below cost', but I expect more to go online as they move away from ETH.
The most important takeaway is that GPU hash rate ain't loyal to a single chain.
Switching costs are low - and any analysis for GPU mining should encompass a blended analysis of global hash rate.
Switching costs are low - and any analysis for GPU mining should encompass a blended analysis of global hash rate.
