Khai thác Ethereum vào năm 2025: Tại sao nó không còn là một lựa chọn (Và những gì cần làm thay thế)

Vẫn còn băn khoăn liệu khai thác Ethereum có còn sinh lời vào năm 2025 không? Câu trả lời trực tiếp đã thay đổi đáng kể kể từ khi mạng lưới trải qua sự chuyển đổi lớn nhất. Hãy cùng phân tích những gì đã xảy ra với khai thác, khám phá staking như cơ chế kiếm tiền hiện tại, thảo luận về các đồng coin thay thế phù hợp với phần cứng của bạn, và vạch ra con đường thực tế cho các cựu thợ mỏ.

The Merge Changed Everything: Understanding Ethereum’s Shift

Back in September 2022, Ethereum underwent a seismic transition called the Merge. The network abandoned its original proof-of-work (PoW) consensus mechanism—the one that relied on miners running expensive GPU and ASIC hardware to solve complex mathematical puzzles—and switched entirely to proof-of-stake (PoS).

This wasn’t a minor upgrade. It was a fundamental reimagining of how the network secures transactions and distributes rewards. The result? Ethereum mining, as it existed for years, simply ceased to exist.

Why Mining Is Technically Impossible Now

Here’s the reality: if you attempt to connect mining hardware to the Ethereum mainnet today, your efforts will fail. The blockchain no longer produces blocks through computational work. Instead, validators lock up ETH tokens to secure the network, and the system randomly selects them to propose new blocks in exchange for rewards.

This distinction matters because anyone claiming to offer legitimate Ethereum mining through an app, pool, or service post-Merge is either running a fork of Ethereum (a separate network) or operating a scam. Real Ethereum mining is not possible on the actual blockchain.

The shift also happened for compelling reasons: proof-of-stake uses roughly 99.95% less energy than proof-of-work, making Ethereum far more environmentally sustainable.

Staking: The New Passive Income Stream

Since mining is off the table, staking has become the primary way to earn passive rewards from Ethereum. Here’s how it works in practice.

The Mechanics of Ethereum Staking

Rather than solving puzzles with hardware, stakers lock up ETH tokens to participate in network validation. The protocol selects validators to create blocks and verify transactions, paying them in ETH rewards for honest participation.

To run a validator node yourself, you need to stake a minimum of 32 ETH. Rewards typically range from 3-5% annually, depending on how many validators are participating and total network stake. This is lower than peak mining returns, but it’s steadier, requires no hardware investment, and involves minimal electricity costs.

For most people, direct solo staking isn’t practical. Instead, staking pools and exchange platforms allow you to deposit any amount of ETH and receive a proportional share of rewards (minus a small service fee).

Current ETH Market Context

Ethereum (ETH) is trading at approximately $3,290 as of mid-January 2026, reflecting ongoing market dynamics. Staking returns scale with ETH’s price and your stake size, so a 4% annual yield on 10 ETH (~0.4 ETH/year) could be worth roughly $1,316 at current prices.

Many platforms offering staking services have introduced ethereum mining apps—digital tools that simplify deposit, tracking, and reward management for non-technical users.

Mining Alternatives: Coins Your Hardware Can Still Process

Your GPU or ASIC equipment doesn’t have to gather dust. Several coins still employ proof-of-work and remain mineable for those with the right setup. Here’s what’s available:

Ethereum Classic (ETC): The Familiar Choice

Current Price: ~$12.50

Ethereum Classic retained the original Ethereum code and continues using the Ethash algorithm. If you built a mining rig specifically for Ethereum pre-Merge, it can switch to ETC without major modifications. However, both network difficulty and coin prices are substantially lower than Ethereum’s historical peaks. Profitability margins are tighter.

Ravencoin (RVN): GPU-Friendly Alternative

Current Price: ~$0.01

Ravencoin employs the KawPow algorithm and remains popular among GPU miners. The active development community and regular block rewards make it reasonably accessible, though again, returns depend heavily on your electricity costs and current market sentiment.

Ergo (ERG): ASIC-Resistant Option

Current Price: ~$0.49

Ergo uses the Autolykos algorithm, designed to resist ASIC domination and favor more distributed mining. The project emphasizes decentralized finance and cryptographic research. It’s another option worth evaluating, depending on your hardware and risk tolerance.

The Reality Check

Mining calculators exist for all these coins. Before committing electricity and hardware, calculate your actual returns against your local power rates and equipment depreciation. Network difficulty and coin prices shift constantly, making yesterday’s profitable setup potentially unprofitable today.

Mining vs. Staking: A Realistic Comparison

Historical Returns: Then and Now

During the 2020-2021 bull market, a typical home GPU miner operating at 1 GH/s could generate roughly $250-$400 monthly (before electricity). Peak conditions inflated these numbers even higher.

Staking Ethereum today at 4% APR delivers more modest but more predictable returns. Annual yields are steady—no hardware degradation, no electricity spikes, no sudden difficulty jumps wiping out profitability overnight.

The Risk Profiles

Mining Risks: Hardware failures, rising electricity bills, unexpected network shifts (like forks), volatile coin prices, cooling system problems.

Staking Risks: Slashing penalties if your validator misbehaves, lock-up periods before withdrawal (depending on the platform), regulatory uncertainty, and ETH price volatility affecting your returns’ real-world value.

Staking tends to present lower operational risk once you’ve chosen a reliable platform with strong security practices and transparent reserve audits.

What to Do With Your Mining Hardware

Sitting on idle GPUs or ASIC miners? Several paths forward exist:

Selling or Repurposing

Marketplaces like eBay and specialized mining forums still see activity, though demand has declined since the Merge. GPUs with high VRAM (8GB or more) retain value for AI model training, video encoding, and 3D rendering—fields where parallel processing power commands premium prices.

Before listing hardware for sale, research:

• Current GPU market prices in your region
• Remaining lifespan and condition
• Whether alternative mining remains viable with your setup

Ethereum Forks: Proceed With Caution

Networks like ETHW attempted to preserve proof-of-work after the Merge. However, these forks are severely fragmented, poorly maintained, and face constant security threats. Liquidity is thin, development is stalled on most, and some have attracted outright scams. The vast majority of developers and community members abandoned these forks in favor of the official Ethereum network.

If you experiment with fork mining, treat it as speculative with hardware and capital you can afford to lose entirely.

Frequently Asked Questions

Is Ethereum mining still profitable?

No. The Merge terminated Ethereum mining permanently. The network now operates on proof-of-stake, making GPU and ASIC mining impossible on the actual blockchain.

Can you mine Ethereum with an app?

Any ethereum mining app claiming to mine real ETH is either referencing a fork (not real Ethereum) or is fraudulent. Real Ethereum cannot be mined. Apps offering staking services or alternative coin mining do exist, but they’re different from traditional mining.

What’s the most profitable alternative coin to mine right now?

That depends on your hardware, electricity rates, and current market conditions. Ethereum Classic, Ravencoin, and Ergo are the primary options for former Ethereum miners. Run the numbers through online calculators specific to each coin.

How much can I earn staking Ethereum?

Returns typically range from 3-5% annually. At $3,290 per ETH, staking 10 ETH for one year at 4% yields approximately 0.4 ETH (~$1,316). Actual returns depend on your platform, lock-up terms, and network participation rates.

Is staking riskier than mining?

Staking introduces slashing risk (penalties for validator misconduct) and lock-up periods. Mining exposed you to hardware failure and electricity cost spikes. Both have distinct risk profiles—staking is generally more predictable operationally, though regulatory uncertainty affects both.

The Path Forward

Ethereum mining is definitively over. The industry has moved on. But opportunities remain: staking offers steady, low-friction passive income; alternative coins provide options for those keeping hardware operational; and selling equipment lets you recycle capital into other ventures.

Key takeaways:

• ETH mining is impossible post-Merge—focus instead on staking or alternative coin mining.
• Staking delivers predictable 3-5% annual returns with minimal operational overhead.
• Ethereum Classic, Ravencoin, and Ergo remain mineable for GPU/ASIC operators.
• Evaluate your hardware’s resale value and electricity costs before committing to any path.
• Ethereum forks are risky, fragmented, and should be approached with extreme caution.

Sự chuyển đổi từ khai thác sang staking thể hiện sự trưởng thành của ngành công nghiệp tiền điện tử. Nó ít hào nhoáng hơn đợt bùng nổ khai thác, nhưng bền vững hơn và ngày càng dễ tiếp cận với mọi người, bất kể kỹ năng kỹ thuật hay đầu tư phần cứng.

Lưu ý rủi ro: Việc staking, khai thác và giao dịch tiền điện tử tiềm ẩn rủi ro đáng kể, bao gồm biến động thị trường, mất vốn gốc, hỏng phần cứng, và thay đổi quy định. Nên nghiên cứu kỹ lưỡng và thực hiện các biện pháp bảo mật vững chắc trước khi tham gia.