> Many folks in crypto expected those Ethereum-mining GPU farms to just switch to some other GPU-minable cryptocurrencies.
This was a pretty common take but if you did the math Ethereum had about 90% of the GPU-mining market (by hashrate) so it was obvious the profitability was going to tank on those other currencies as soon as Ethereum switched.
In the long run yes, there will probably be another big spike in another cryptocurrency that starts another GPU boom. But it's not magic where one instantly springs up to absorb all the ethereum hardware at equivalent profitability.
A GPU crash was inevitable regardless of the interest rate drop hitting at the same time.
This was a pretty common take but if you did the math Ethereum had about 90% of the GPU-mining market (by hashrate) so it was obvious the profitability was going to tank on those other currencies as soon as Ethereum switched.
In the long run yes, there will probably be another big spike in another cryptocurrency that starts another GPU boom. But it's not magic where one instantly springs up to absorb all the ethereum hardware at equivalent profitability.
A GPU crash was inevitable regardless of the interest rate drop hitting at the same time.