Аccording to an analysis from U.S.-based global trading and technology firm Susquehanna, mining Ethereum (ETH) using a graphics processing unit (GPU) is no longer profitable, Cointelegraph reported.

In Susquehanna’s analysis, profit per month for ETH miners using GPU-based setups hit a round $0 as of November 1 this year, down from almost $150 in July 2017.

Susquehanna notes the decline in Ethereum’s price as a major factor, with the altcoin currently trading at $178, down almost 85% from its record-high of around $1,350 in mid-January 2018.

However, on July 17, 2017, when Susquehanna’s figures indicate a $147 profit for GPU-reliant miners, the asset was trading at around $175.

To explain this pattern, Susquehanna analyzed a second factor: the Ethereum network’s hashrate, which fell substantially in 2018. A higher hashrate is more advantageous for miners, as it increases their opportunity of computing the next block and being remunerated in ETH.

According to Susquehanna semiconductor analyst Christopher Rolland, in this context, using chipmaker Nvidia’s flagship GPU card is no longer profitable, noting that the company’s crypto-derived revenue is down around $100 million quarter over quarter. He forecast this revenue would likely be “close to zero” in the forthcoming Nvidia 3Q report, set to be released this week.

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