The extraction of Ethereum is no longer profitable, says Susquehanna International Group. The global trading and technology company announced in a report that profits from Ethereum extraction from GPUs (Graphics Processing Unit) fell to around zero. The company's analyst said that due to the collapse of the price of ethereum, mining is no longer profitable and instead is an expense.
According to the Susquehanna International Group report, ETH extraction through GPUs came to $ 65 at the beginning of 2017, when the price of Eth rose dramatically. When the price started to register a bullish momentum, profits dropped to $ 30 a month in April. But now, as the price of Ethereum has fallen below $ 200, ETH's extraction is no longer profitable and could also prove to be an expense rather than an income if the price continues to fall.
Jihan Wu blames Craig Wright
Jihan Wu, founder and CEO of Bitmain, one of the biggest bitcoin mining companies, accuses Craig Wright of attempting to destroy the entire BCH community by force. According to Wu, Wright attempted a 51% attack on the BCH blockchain. Wu also accused the mining industry of Proof of Stake of non-profitability because according to him the extraction of Proof of Stake is risky and has unresolved problems.
Nvidia Falling Down
Nvidia, the chip maker for mining cryptocurrency equipment, has been in the news of last year for having achieved a fairly high turnover due to the increased demand from cryptocurrency miners. Now, as prices have declined and people are backtracking in the mining sector, the company's sales have fallen to more than $ 100 million dollars per quarter. It is expected that revenues from the company's cryptocurrency may drop to zero in the coming days due to the decline in Etherum's price. The price of Ethereum has fallen by over 70% since January of this year.