The profitability of Ethereum cryptocurrency mining has halved in a week
There’s good news and bad news for gamers this week as the price of Ethereum has plunged, sending the profitability of the cryptocurrency favoured by GPU miners sharply down. The bad news is that even with a significant reduction in value, Ethereum remains a highly profitable crypto to hold onto and continue to mine.
The value of Ether, the actual currency of the Ethereum blockchain, is creeping back up and over $1,600 USD at the time of writing, a little bounce from a plunge under $1,400, and still down on February highs of over $2,000—a recent peak in the crypto’s value.
Ether price in USD vs. Ethereum mining profitability (Image credit: BitInfoCharts)
The value of Ether is likely to change considerably over the course of the next few hours, weeks, months, however—you really never know with most cryptocurrencies where they’re going to be in a week’s time, and they remain as volatile an investment as ever.
That plunge has seemingly had a larger impact on the profitability of the coin, however. More so than its value, too. That could be due to an increase in difficulty, an artificial limit on hash generation tied to the current overall hashrate of active miners.
The profitability of Ethereum mining, while on the rise slightly, has halved between February 23 and March 3 (via BitInfoCharts ).
Although even while shaving of all that value in just a few days, there’s still money to be made. And just like the value of Ether, profitability is gradually on the rise once more.
We’ve no idea where Ether will end up by 2022, but for now, it’s still profitable enough to keep GPUs in high demand.
The ongoing surge in cryptocurrency pricing has seen a resurgence of GPU mining activity in 2021, which has further exacerbated a shortage of graphics cards.
SushiSwap, Fleeing Ethereum Fees, Is Now Live on Binance Smart Chain, Fantom, Others
The Guardian
Duke University neuroscientist urges international community to challenge Brazilian government over its failure to contain Brazil is experiencing the worst moment of the coronavirus pandemic, with an explosion of cases. Photograph: Raphael Alves/EPA Brazil’s rampant coronavirus outbreak has become a global threat that risks spawning new and even more lethal variants, one of the South American country’s top scientists has warned as it suffered its deadliest day of the pandemic. Speaking to the Guardian, Miguel Nicolelis, a Duke University neuroscientist who is tracking the crisis, urged the international community to challenge the Brazilian government over its failure to contain an epidemic that has killed more than a quarter of a million Brazilians – about 10% of the global total. “The world must vehemently speak out over the risks Brazil is posing to the fight against the pandemic,” said Nicolelis, who has spent most of the last year confined to his flat on the west side of São Paulo. “What’s the point in sorting the pandemic out in Europe or the United States, if Brazil continues to be a breeding ground for this virus?” Nicolelis said the problem was not simply Brazil – whose far-right president, Jair Bolsonaro, has repeatedly spurned efforts to combat a disease he calls a “little flu” – being “the worst country in the world in its handling of the pandemic”. He said: “It’s that if you allow the virus to proliferate at the levels it is currently proliferating here, you open the door to the occurrence of new mutations and the appearance of even more lethal variants.” Already, one particularly worrying variant (P1) has been traced to Manaus, the largest city in the Brazilian Amazon, which suffered a devastating healthcare breakdown in January after a surge in infections. Six cases of that variant have so far been detected in the UK. “Brazil is an open-air laboratory for the virus to proliferate and eventually create more lethal mutations,” warned Nicolelis. “This is about the world. It’s global.” The alert came as Brazil entered the most deadly chapter of its year-long Covid crisis, with hospitals around the country collapsing or on the verge of collapse and the average weekly death toll hitting new heights. A record 1,726 deaths were reported on Tuesday, the highest number since the pandemic began. “It’s a battlefield,” a doctor in the southern city of Porto Alegre told local television after his hospital’s intensive care unit and mortuary ran out of space. Nicolelis said Bolsonaro’s failure to halt the outbreak and launch an adequate vaccination campaign had created a domestic tragedy from which Latin America’s most populous nation was unlikely to emerge until late 2022. “We’ve now gone past 250,000 deaths, and my expectation is that if nothing is done we could have lost 500,000 people here in Brazil by next March. It’s a horrifying and tragic prospect, but at this point it’s perfectly possible,” he said, predicting a traumatic month as public and private hospitals buckled. “My forecast is that if the world was appalled by what happened in Bergamo in Italy and what happened in Manaus a few weeks ago, it’s going to be even more shocked by the rest of Brazil if nothing is done.” The scientist, who has been advising state governments on their Covid response, called for the creation of a special Covid commission to fill the leadership vacuum left by Bolsonaro and an immediate 21-day nationwide lockdown. That, however, seems virtually unthinkable given Bolsonaro’s position. On Wednesday, the Brazilian president will reportedly deliver an address to the nation in which he is expected to again denounce lockdown measures. Nicolelis claimed Brazil’s crisis now posed an international risk as well as a domestic one and claimed Bolsonaro – who has sabotaged social distancing, promoted unproven remedies such as hydroxychloroquine and belittled masks – had become “the pandemic’s global public enemy No 1”. He said: “The policies that he is failing to put into practice jeopardize the fight against the pandemic in the entire planet.” Bolsonaro, a former army captain who swept to power in 2018 on a wave of anti-establishment rage, has defended his performance, claiming his opposition to Covid restrictions is about protecting Brazil’s economy. “I haven’t gotten a single thing wrong since March last year,” the 65-year-old told supporters this week. José Gomes Temporão, Brazil’s health minister during the 2009 swine flu pandemic, said Bolsonaro’s response had been so lacking that he and other senior administration figures would eventually “have to be held accountable”. “To this day, Brazil doesn’t have a national plan to combat Covid-19,” Temporão complained, attacking Bolsonaro’s failure to secure sufficient vaccines by striking deals to buy shots made by companies such as Pfizer, Moderna and Johnson & Johnson. Just 3.3% of Brazil’s population has so far been vaccinated, compared to 15.2% in the US, 18% in Chile and 29.9% in the UK. “I don’t think there is any other leader who is so obtuse, so backward, who has such a mistaken and warped vision of reality as the president of Brazil,” Temporão said. “History will condemn these people.”
Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – March 3rd, 2021
Ethereum
Ethereum slid by 5.31% on Tuesday. Partially reversing a 10.55% rally from Monday, Ethereum ended the day at $1,488.34.
A mixed start to the day saw Ethereum rise to an early morning intraday high $1,605.89 before hitting reverse.
While falling short of the first major resistance level at $1,627, Ethereum broke through the 23.6% FIB of $1,579.
The reversal saw Ethereum slide to a late intraday low $1,455.86.
The sell-off saw Ethereum fall through the 23.6% FIB and the first major support level at $1,465.
Finding late support, Ethereum moved back through the first major support level to reduce the deficit on the day.
At the time of writing, Ethereum was down by 0.44% to $1,481.85. A mixed start to the day saw Ethereum rise to an early morning high $1,489.04 before falling to a low $1,480.27.
Ethereum left the major support and resistance levels untested early on.
For the day ahead
Ethereum would need to move through the pivot level at $1,517 to support a run at the first major resistance level at $1,578 and the 23.6% FIB of $1,579.
Support from the broader market would be needed, however, for Ethereum to break back through to $1,570 levels.
Barring an extended crypto rally, the first major resistance level and the 23.6% FIB would likely cap any upside.
In the event of another breakout, Ethereum could test the second major resistance level at $1,667 and resistance at $1,700.
Failure to move through the $1,517 pivot would bring the first major support level at $1,428 into play.
Barring an extended sell-off, however, Ethereum should steer clear of sub-$1,400 levels. The second major support level sits at $1,367.
Looking at the Technical Indicators
First Major Support Level: $1,428
Pivot Level: $1,517
First Major Resistance Level: $1,578
23.6% FIB Retracement Level: $1,579
38.2% FIB Retracement Level: $1,292
62% FIB Retracement Level: $830
Litecoin
Litecoin rose by 1.80% on Tuesday. Following on from a 6.30% rally on Monday, Litecoin ended the day at $179.25.
Story continues
It was a mixed start to the day. Litecoin fell to a mid-morning low $171.13 before making a move.
Steering clear of the first major support level at $167, Litecoin rallied to an early afternoon intraday high $185.48.
Litecoin broke through the first major resistance level at $180.71 before hitting reverse.
Coming up against the second major resistance level at $185.40, Litecoin slid to a late intraday low $170.70.
Continuing to steer clear of the first major support level at $167, however, Litecoin moved back through to $179 to end the day in the green.
At the time of writing, Litecoin was down by 0.79% to $177.84. A bearish start to the day saw Litecoin fall from an early morning high $179.29 to a low $177.62.
Litecoin left the major support and resistance levels untested early on.
For the day ahead
Litecoin would need to move back through the $179 pivot level to support a run at the first major resistance level at $186.
Support from the broader market would be needed, however, for Litecoin to break back through to $180 levels.
Barring an extended crypto rally, the first major resistance level and Tuesday’s high $185.48 would likely cap any upside.
In the event of an extended breakout, Litecoin could test resistance at the 23.6% FIB of $195. The second major resistance level sits at $193.
Failure to move back through the $179 pivot level would bring the first major support level at $172 into play.
Barring an extended sell-off, Litecoin should steer clear of sub-$160 levels. The second major support level at $164 and the 38.2% FIB of $163 should limit the downside.
Looking at the Technical Indicators
First Major Support Level: $172
Pivot Level: $179
First Major Resistance Level: $186
23.6% FIB Retracement Level: $195
38.2% FIB Retracement Level: $163
62% FIB Retracement Level: $110
Ripple’s XRP
Ripple’s XRP fell by 2.24% on Tuesday. Partially reversing a 7.04% rally from Monday, Ripple’s XRP ended the day at $0.43624.
A bullish start to the day saw Ripple’s XRP rise to an early morning intraday high $0.45574 before hitting reverse.
Falling short of the first major resistance level at $0.4624, Ripple’s XRP slid to a late afternoon intraday low $0.42228.
Steering clear of the first major support level at $0.4213, Ripple’s XRP moved back through to $0.436 levels to reduce the deficit.
At the time of writing, Ripple’s XRP was down by 0.80% to $0.43277. A bearish start to the day saw Ripple’s XRP fall from an early morning high $0.43638 to a low $0.43277.
Ripple’s XRP left the major support and resistance levels untested early on.
For the day ahead
Ripple’s XRP will need to move through the $0.4381 pivot level to bring the first major resistance level at $0.4539 into play.
Support from the broader market would be needed, however, for Ripple’s XRP to break back through to $0.45 levels.
Barring an extended crypto rally, the first major resistance level and Tuesday’s high $0.45574 would cap any upside.
In the event of an extended rally, Ripple’s XRP could test resistance at the 38.2% FIB of $0.4632 and resistance at $0.47. The second major resistance level sits at $0.4715.
Failure to move through the $0.4381 pivot would bring the first major support level at $0.4204 into play.
Barring another extended sell-off, however, Ripple’s XRP should steer clear of sub-$0.40 levels. The second major support level at $0.4046 should limit the downside.
Looking at the Technical Indicators
First Major Support Level: $0.4204
Pivot Level: $0.4381
First Major resistance Level: $0.4539
23.6% FIB Retracement Level: $0.5320
38.2% FIB Retracement Level: $0.4632
62% FIB Retracement Level: $0.3521
Please let us know what you think in the comments below.
Thanks, Bob
This article was originally posted on FX Empire
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