Abandoning The Mines

I decided to shut down my ETH mining operations a few hours before the Merge last night. It was getting close to midnight, and I didn’t want my mining rigs grinding away at “nothing” in the middle of the night. So, with all due pomp and circumstance, I began an orderly, ceremonious abandonment of my mining operations.

I’m a little sad about it. With only a few GPUs, mining ETH has been (at best) break-even for the past couple of years… but that’s not the point. I began mining ETH in the fall of 2015; it was really fun. I got an up-close-and-personal view of the way the Ethereum consensus mechanism worked, got deep into the economics of mining, learned about mempools and MEV (maximal extractable value), learned how bad actors front run blocks, and was exposed to all kinds of interesting blockchain tech issues. Then, when it became more efficient to join a mining pool, I threw in with Ethermine.

It was a nice run. I learned a lot and I mined some ETH in the process.

If you’re wondering what ceremony was performed as I ceremoniously abandoned my mining rigs… I offered a simple nod to the crypto gods as I asked Alexa to ask Spotify to play the Doobie Brothers version of “What a Fool Believes” at volume 10. Then, with a click of the mouse, it was the end of an era.

A new era of Ethereum has begun. DeFi, Web3, and the metaverse (whatever that turns out to be) will be better for it.

Author’s note: This is not a sponsored post. I am the author of this article and it expresses my own opinions. I am not, nor is my company, receiving compensation for it.

About Shelly Palmer

Shelly Palmer is the Professor of Advanced Media in Residence at Syracuse University’s S.I. Newhouse School of Public Communications and CEO of The Palmer Group, a consulting practice that helps Fortune 500 companies with technology, media and marketing. Named LinkedIn’s “Top Voice in Technology,” he covers tech and business for Good Day New York, is a regular commentator on CNN and writes a popular daily business blog. He's a bestselling author, and the creator of the popular, free online course, Generative AI for Execs. Follow @shellypalmer or visit shellypalmer.com.



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