Profitability of Ethereum mining using GPUs has fallen

New data released by international trading and technology firm Susquehanna showed that Ethereum GPU mining profitability dropped to zero in November. Back in the summer of 2017, Ether miners received $150 per month.

This data indicates that GPU mining of ETH and other cryptocurrencies is showing low profitability due to the prolonged decline in the cryptocurrency market.

In August, CCN reported that the company Nvidia abandoned the services of the cryptocurrency department as a result of declining profits from production GPU miners. According to Susquehanna analyst Christopher Roland, the company's revenue generated in the digital asset market in the third quarter of 2018 is close to zero.

Despite the announced exit from the cryptocurrency market, Nvidia still continues to incur losses. Over the past month, the company's shares have fallen by 23%, as their price was heavily dependent on increased demand for equipment for mining digital currencies.

Susquehanna's report indicated that this situation was caused by a unique combination of risk factors - the general decline of the cryptocurrency market and a 70% drop in the price of Ethereum, as well as a decrease in the competitiveness of GPU miners against the background of growth ASIC efficiency. 

The report said:

We expect the company to generate very little revenue from the sale of cryptocurrency GPUs this quarter. This follows Nvidia management's previous statement that they do not expect to make a profit from the cryptocurrency business in the third quarter of 2018. Mining profitability continued to fall in the third quarter as the price of Ethereum fell more than 70% year-to-date. 

According to ccn.com