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Morgan Stanley said on Monday that if Ethereum adopts a proof-of-stake (PoS) approach for network maintenance, it will eliminate the need for miners, slow demand for graphics processing units (GPUs), and drastically cut energy consumption.
Given recent delays, it would not be unusual if the shift away from proof-of-work was delayed until early next year, according to the article.
In the previous 18 months, crypto mining has significantly influenced the gaming graphics business, driving an expected 14 percent of revenue in 2021 while also "substantially contributing to a major graphic shortage, which boosted overall mix and pricing." The market for GPUs might decline, although Nvidia is less sensitive to bitcoin mining demand than in 2017-19, according to the report.
The bank also stated that demand from crypto mining, which led to a scarcity of graphics cards, began declining in the year’s first half.
Both Nvidia and AMD, another chip manufacturer, have argued that they have mitigated the risks associated with cryptocurrencies. However, Morgan Stanley anticipates a correction lower in gaming GPU in the first quarter of 2019, due in part to lower demand due to a reduction in working from home, the migration of cryptocurrencies to point-of-sale terminals, and “tough sequential comps after channel inventory rebuild in 2022.”
Ethereum miners will likely sell their used GPU equipment after the Merge because it is not profitable for all of those computers to mine other cryptocurrencies, the bank said, adding that net ether (ETH) supply is expected to fall after the Merge, and may even become contractionary, so it is unlikely that all the miners will become stakeholders.
Moving to PoS will not alleviate Ethereum’s scalability issues, such as the number of transactions per second, nor will it reduce transaction prices, according to the research.
