Ethereum's "The Merge": The End of GPU Mining
On September 15, 2022, the Ethereum network completed its historic "The Merge" upgrade, successfully transitioning from the traditional GPU-based Proof-of-Work (PoW) consensus mechanism to the Proof-of-Stake (PoS) mechanism. This significant upgrade marked the official end of Ethereum GPU mining, meaning miners can no longer earn ETH block rewards through GPU mining.
This transition has had a profound impact on the Ethereum network, drastically reducing its energy consumption by approximately 99.95% to 99.98%, making it a more environmentally friendly and efficient blockchain network. However, for millions of miners worldwide who relied on GPU mining, this was undoubtedly a massive blow.
GPU Miners' Transition and Profitability Challenges
With the end of Ethereum GPU mining, former GPU miners have had to shift their hash power to other cryptocurrencies that still support the PoW mechanism, such as Ethereum Classic (ETC), Ravencoin (RVN), Ergo (ERG), Flux (FLUX), and Kaspa (KAS). While these coins offer new options for GPU miners, overall, the profitability of GPU mining has significantly declined.
According to data from October 2026, after deducting electricity costs, the daily profit for an average GPU (e.g., RTX 3080 level) typically ranges between $0.20 and $1.40. Compared to before the Merge, profit margins have become very thin, highly dependent on electricity costs and the market price of the mined coin. For new GPU mining equipment investments, the Return on Investment (ROI) period can extend for several years, such as 2-3 years or even longer, especially in regions with higher electricity costs.
Mainstream Graphics Card Performance and Market Outlook
In the current GPU mining market, some newer graphics cards can still offer relatively high daily profits, but their high costs must also be considered. For example, the NVIDIA GeForce RTX 5090, when mining Pearl in October 2026, could achieve a daily profit of approximately $10.67, but its initial investment cost is also the highest. The NVIDIA GeForce RTX 5070 Ti, on the other hand, strikes a good balance between price, output, and power consumption. Additionally, the AMD RX 7900 XTX offers performance close to the RTX 4090 at a lower cost, potentially leading to a faster ROI.
Cryptocurrency analysts generally agree that "The Merge" has fundamentally changed the landscape of GPU mining. While GPU mining has not completely died out, it has become more niche and less profitable. Future GPU mining will focus more on extreme efficiency and strict control over electricity costs, in stark contrast to the dominance of ASIC miners in major PoW coins like Bitcoin and Litecoin, where GPUs are no longer competitive.
