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Ethereum Block Reward

Ethereum's Block Reward Might Be Reduced From 5 Eth To 1.5 Eth

Ethereum's Block Reward Might Be Reduced From 5 Eth To 1.5 Eth

Ethereum's Block Reward might be reduced from 5 ETH to 1.5 ETH EIP186 proposes to decrease ETH mining rewards. FREE 1,000 mBTC daily for LuckyJack winners 12+ exclusive games The Bitcoin Casino by Primedice Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here. Seems to me this would be an incentive to buy ETH now, and hoard them. If there is a coin vote, one could use the coins to vote for the reduction in block reward, thereby increasing the chance of supply constraint and an increase in the price. So developers and speculators will like this idea, but miners will get shafted. FREE 1,000 mBTC daily for LuckyJack winners Yeah basically the eth foundation is probably pissed off their ETH is worth less from the Summer and they are blaming it on the miners since probably 50% of all the eth mined daily is dumped daily. 1 Bitcoin$15,487,372,567$963.3816,076,162---- BTC$76,229,3001.02% 2Ethereum$720,712,570---$8.2487,474,566---- ETH$10,170,0003.68% 18 Zcash$16,729,309----$48.42345,506-------- ZEC$503,671-0.08% 87 million eth coins that = common 345 thousand Zcash coins that = rare so a block size reduction will not make eth rare Please support sidehack with his new miner project Send to : 1BURGERAXHH6Yi6LRybRJK7ybEm5m5HwTr I mine alt coins with I see BTC as the super highway and alt coins as taxis and trucks needed to move transactions. Looks like they changed EIP 186 again and made the Block reward 2 ETH instead of 5 ETH. Now it all boils down to a vote whether it gets accepted or not. Majority of ETH holders are NOT miners so there is a good chance this might pass since it will at least temporarily create a price pump. FREE 1,000 mBTC daily for LuckyJack winners Quote from: adaseb on Janu Continue reading >>

It Is No Longer Worth It To Build An Ethereum Mining Rig

It Is No Longer Worth It To Build An Ethereum Mining Rig

It Is No Longer Worth It To Build An Ethereum Mining Rig Building an Ethereum mining rig hasnt been worth it for months, and soon they will be completely obsolete. Goodnight, sweet prince. Image: Daniel Oberhaus/Motherboard Back in May I wrote a guide explaining how to build an Ethereum mining rig , a special type of computer that forms the backbone of the Ethereum network and earns ether, the digital currency native to the network, for its owner. Shortly thereafter, Motherboard also made a video documenting this process . Since then, Ive received countless emails from readers inquiring about my mining rig. Ive received three such emails this week. The most common question voiced by these readers is whether or not it is still worth it to build a mining rig. The answer to this question is no. Building an Ethereum mining rig hasnt been worth it for months and a few months from now, mining ether will be completely obsolete. Read More: An Idiot's Guide to Building an Ethereum Mining Rig Arguably, building an Ethereum mining rig wasnt even worth it when I built my machine in May, and many readers let me know this when the article and video first came out. This is somewhat true, but there is a necessary caveat here. Mining ether also wasnt worth it for about the first year and a half of the cryptocurrencys existence. The price of ether hovered around $10 from 2015 until early 2017, when it saw a spike to $25. This was important because it meant the value of the ether being mined was higher than the cost of the electricity that was needed to mine it. In other words, until that point small scale mines were operating at a loss in the belief that the tokens they were mining would someday be worth a lot more money. In hindsight, these early miners were rightthe price of ether has Continue reading >>

Byzantium Hf Announcement

Byzantium Hf Announcement

The Ethereum network will be undergoing a planned hard fork atblock number 4.37mil (4,370,000), which will likely occur between 12:00 UTC and 13:00 UTC onMonday, October 16, 2017. The Ropsten test network underwent a hard fork on September 19th (UTC) at block number 1.7mil (1,700,000). A countdown timer can be seen at . Download the latest version of your Ethereum client: What if I am using a web or mobile Ethereum wallet like MyEtherWallet or Jaxx? Ethereum websites and mobile applications that allow you to store ether and/or make transactions are running their own Ethereum client infrastructure to facilitate their services. If you use a third-party web-based or mobile Ethereum wallet, your wallet provider may need to update for the hard fork. It is recommended that you check with them to see what actions they are taking to update for the hard fork and if they are asking their users to take other steps. A hard fork is a change to the underlying Ethereum protocol, creating new rules to improve the system. The protocol changes are activated at a specific block number. All Ethereum clients need to upgrade, otherwise they will be stuck on an incompatible chain following the old rules. What happens if I do not participate in the hard fork? If you are using an Ethereum client that is not updated for the upcoming hard fork, your client will sync to the pre-fork blockchain once the fork occurs. You will be stuck on an incompatible chain following the old rules, without replay protection against the main network. Old clients will be able to construct transactions, but will not be able to see the effects of those transactions. What is Metropolis, Byzantium, and Constantinople? Metropolis is a planned Ethereum development phase that includes two hard forks: Byzantium and Constan Continue reading >>

Cpp Ethereum - Eth Block Rewards? - Ethereum Stack Exchange

Cpp Ethereum - Eth Block Rewards? - Ethereum Stack Exchange

The block reward is the amount of ETH a miner is awarded as the prize for mining a block ahead of every other miner. The block reward is currently set at 3 ETH. (As defined in consensus.go .) ByzantiumBlockReward *big.Int = big.NewInt(3e+18) // Block reward in wei for successfully mining a block upward from Byzantium In addition to the block reward, the winning miner also gets the transactions fees from the transactions they include in their mined block. (To further add to this, they also get a reward for any uncle blocks they include.) If you are mining as part of a pool, you will likely only get a share of the reward commensurate to the proportion of hash power you contribute to the pool. It's also likely that the pool has a minimum payout, meaning you'll receive dividends only when your cumulative mining rewards reach a certain threashold. (e.g. There might be a 0.1 ETH minimum payout. Anything less than that will be held in the pool, and not payed out, until more rewards are added to it so it's over 0.1 ETH [or whatever threshold your pool uses].) Continue reading >>

On Ethereum Classic Mining Rewards With The New Monetarypolicy

On Ethereum Classic Mining Rewards With The New Monetarypolicy

My goal is to serve the Ethereum Classic, Ethereum and related blockchain communities with educational materials including writings, podcasts, talks and videos. On Ethereum Classic Mining Rewards With The New MonetaryPolicy Ethereum Classic (ETC) mining rewards changed with the new monetary policy. I will discuss these changes and their effects. ETC miners are rewarded for adding valid blocks to the ETC blockchain. These rewards consists of three parts: Base Rewards This part depends on the block numbers. It is paid with newly created funds. Every five million blocks (about 2.4 years) this part decreases by 20%. Initially it was 5 ETC. It changed to 4 ETC after block number five million. It will change again to 3.2 ETC after block number ten million around April 2020. Define the block era E as a function of the block number N as follows (// denotes integer division): Uncle Rewards This part depends on the number of uncle blocks included as well as the block numbers. It is also paid with newly created funds. Each block can include at most two uncle blocks. The reward for each uncle block is an additional 3.125% of the base reward. It is now 0.125 ETC per uncle block and will change to 0.1 ETC after block number ten million. For the block era E and number of uncles U, the total uncle reward is as follows: After block number five million, miners that create the uncle blocks also get this same reward per uncle block. Gas Rewards This part depends on the transactions included. It is paid from the originating accounts. Miners execute the transactions and receive payments for the gas required. Each transactions specifies a price paid per unit gas. For gas requirements G, G, G, and corresponding gas prices P, P, P,, the total gas reward is as follows: Therefore, the total rewa Continue reading >>

With Ethereum 'ice Age' Incoming, Momentum Builds For Miner Pay Cut - Coindesk

With Ethereum 'ice Age' Incoming, Momentum Builds For Miner Pay Cut - Coindesk

With Ethereum 'Ice Age' Incoming, Momentum Builds for Miner Pay Cut Avote currently taking place on ethereum's mining rewards has motivated a big response from its community, despite the fact that its results are non-binding. Described simply as a 'show of preference' by organizers, the vote is designed to indicatesupport for Ethereum Improvement Proposal (EIP) #186 a change that, if implemented, would reduce the reward allocated to miners from the current level of 5 ethers per block to a lower figure. "A reduction in the issuance of ether is very likely to be price-supportive and lead to increasing investments in the platform and to help ward off speculative attacks on the value of ether by promoters of competing platforms who offer, or plan to offer, reduced token inflation rates." Besides the financial aspect, the proposal is also linked to the coming 'ice age', hard-coded into the technology. At this point, ethereum is set to incentivize its transition from 'proof-of-work' (PoW) to 'proof-of-stake' (PoS) consensus at which time an exponential rise in block difficulty will make blocks virtually impossible to solve by PoW. In a conversationwith CoinDesk, Matthew Light, software developerand author of EIP186, explained more of the logic behind his proposal. Though it's now receiving attention due to the vote currently underway, Light pointed out that the first version of the proposal appearedin December 2016, when ether was trading at a much lower value: around the $7$8 dollar mark. Since the low market value of ether equated to fewer funds for ethereum developers, Light said that original perception was that the ethereum project as a whole was being undervalued. "At that time, I felt that it would be advantageous for everyone for the technology to be priced higher, a Continue reading >>

Ethereum Community Vote On Miner Rewards

Ethereum Community Vote On Miner Rewards

The Ethereum community is taking a vote on whether to reduce miner rewards and, if the vote is yes, how much of a reduction should be implemented. Ethereum is following a roadmap that will see mining slowly phased out as the network moves to securing itself with a Proof-of-Stake (PoS) protocol. Vitalik Buterin has already outlined his multi-step plan to ease PoS into the network on top of Proof-of-Work (PoW), eventually leading to a hybridized PoS/PoW system, which will ultimately roll into pure PoS. A piece of code called the difficulty bomb is part of Ethereums protocol and its designed to exponentially slow the network (the Ice Age) in order to disincentivize mining and facilitate the transition to PoS. Though the switch to PoS has been taking some time, the difficulty bombs effects are close to being felt. The Ethereum community, however, is on top of the situation. Currently, the Ethereum community is partaking in avoting initiativebeing held at CarbonVote.com . Its an ongoing vote, with no specific timeline. If youre unfamiliar with the platform, CarbonVote was initiated during the DAO hard fork and conducted [a] vote in a secure web-page fashion with the feature that the voting conducted did not require coins to leave voters wallets. It had been a great source of reference when the community decided to go with the fork. Now, CarbonVote is being used again, as Ethereum stares down the approaching Ice Age. A message on the website reads: In the face of the approaching Ice Age, we are faced with problems: The prolonged block time in the Ice Age does serve a purpose for reducing incentives for miners and so as to facilitate the adaption [sic] to the PoS hardfork(s); however, it is at the expense of slower responsiveness in the system. Appeals for removing the diffic Continue reading >>

What Are Mining Rewards In Ethereum?

What Are Mining Rewards In Ethereum?

Mining Ether will start with the release of the Frontier platform. The Olympics test beforehand had no value attributed to the Ether which was mined and all balances at the Ether launch were set back to the close of the Fundraising so even if you had transferred our Ether on the testnet after contributing to your fundraise you will keep the Ether on the launch of the Frontier platform. The proof of work in Ethereum is run through Ethash . The successful PoW miner will receive a static block reward that is equal to 5 Ether. The successful miner will also receive all the gas in fees that it generates from the transactions in the block that it verifies. As time goes on and the amount of Ether created grows it is expected that gas rewards will take the lions share of mining rewards. The miner will also receive an award of 1/32 per Uncle block included. Uncles are stale blocks with parents that are a maximum of six blocks back from the present block. Valid Uncle blocks are rewarded to halt network lag (time to propagate a valid block to the whole network). Uncles included in a block receive 7/8 of the static block reward or 4.375 Ether- with a maximum of 2 Uncles allowed per block. After you have mined some ether you will need somewhere to store it and you can choose the best place here with our ethereum wallet comparison page. Continue reading >>

A Gentle Introduction To Ethereum

A Gentle Introduction To Ethereum

Ethereum builds on blockchain and cryptocurrency concepts, so if you are not familiar with these, its worth reading a gentle introduction to bitcoin and a gentle introduction to blockchain technology first. This article assumes the reader has a basic familiarity with how Bitcoin works. Ethereum is software running on a network of computers that ensures that data and small computer programs called smart contracts are replicated and processed on all the computers on the network, without a central coordinator. The vision is to create an unstoppable censorship-resistant self-sustaining decentralised world computer. The officialwebsite is Itextends the blockchain concepts from Bitcoin which validates, stores, and replicates transaction data on many computers around the world (hence the term distributed ledger). Ethereum takes this one step further, and also runs computer code equivalently on many computers around the world. What Bitcoin does for distributed data storage, Ethereum does for distributed data storage plus computations. The small computer programsbeing run are called smart contracts, and the contractsare run by participants on their machines using asort ofoperating system called a Ethereum Virtual Machine. To run Ethereum, you can download (or write yourself if you have the patience) some software called an Ethereum client. Just like BitTorrent or Bitcoin, the Ethereum client will connect over the internet to other peoples computers running similar client softwareand start downloading the Ethereum blockchain from them to catch up. It will also independently validate that each block conforms to the Ethereum rules. What does the Ethereum client software do? You can use itto: Create new transactions and smart contracts Your computer becomes a node on the network, r Continue reading >>

Ethereum Community Votes On Mining Reward Cut

Ethereum Community Votes On Mining Reward Cut

The Ethereum blockchain currently uses a Proof-of-Work consensus mechanism to verify transactions and to produce new ether coins. That means that ether miners require large amounts of computational power to process and verify transactions to receive new coins. Running a blockchain using a Proof-of-Work consensus mechanism, however, creates the problem of scalability as can currently be witnessed by the Bitcoin block size debate. Circumventing scalability issues and the potential centralization of mining operations, the Ethereum development community has decided to switch the Ethereum blockchain to a Proof-of-Stake (PoS) consensus mechanism in the future. By switching to a PoS protocol, substantially less computational power is required, and miners will be rewarded in relation to the amount of ether they hold. Ethereums PoS protocol, called Casper , is still in development. To prevent a hard fork that splits the Ethereum blockchain in two (for the second time), developers have implemented a difficulty time bomb also known as an ice age. The Ethereum ice age is a mining difficulty adjustment scheme that was created to incentivize miners to switch to the new PoS blockchain. Once the fork is executed, the mining difficulty rises exponentially to a point where it would be impossible for miners to keep up with the difficulty increase that would hike block time and make the blockchain effectively freeze. Hence, the term ice age. Ethereum Community Votes on (EIB) #186 Proposal Currently, the Ethereum community is voting on a proposal brought forth by developer Matthew Light who recommends reducing mining rewards to reduce the current level of ether issuance, which would most likely boost ethers price and lead to increasing investments in the platform. A reduction in the mining Continue reading >>

Mining Ethereum/wiki Wiki Github

Mining Ethereum/wiki Wiki Github

The word mining originates in the context of the gold analogy for crypto currencies. Gold or precious metals are scarce, so are digital tokens, and the only way to increase the total volume is through mining it. This is appropriate to the extent that in Ethereum too, the only mode of issuance post launch is via the mining. Unlike these examples however, mining is also the way to secure the network by creating, verifying, publishing and propagating blocks in the blockchain. Mining Ether = Securing the network = verify computation Ethereum Frontier like all blockchain technologies uses an incentive-driven model of security. Consensus is based on choosing the block with the highest total difficulty.Miners produce blocks which the others check for validity. Among other well-formedness criteria, a block is only valid if it contains proof of work (PoW) of a given difficulty.Note that in Ethereum 1.1, this is likely going to be replaced by a proof of stake model. The proof of work algorithm used is called Ethash (a modified version of Dagger-Hashimoto ) involves finding a nonce input to the algorithm so that the result is below a certain threshold depending on the difficulty. The point in PoW algorithms is that there is no better strategy to find such a nonce than enumerating the possibilities while verification of a solution is trivial and cheap. If outputs have a uniform distribution, then we can guarantee that on average the time needed to find a nonce depends on the difficulty threshold, making it possible to control the time of finding a new block just by manipulating difficulty. The difficulty dynamically adjusts so that on average one block is produced by the entire network every 12 seconds (ie., 12 s block time). This heartbeat basically punctuates the synchronisation Continue reading >>

Ethereum Price Analysis - Buterin Reinvents The Ico

Ethereum Price Analysis - Buterin Reinvents The Ico

Ethereum Price Analysis - Buterin reinvents the ICO Josh Olszewicz , 18 Jan 2018 - Ethereum , Opinion , Price Analysis Having gained over 11,000% last year and making a new all time high, Ethereum ( ETH ) dropped sharply this week. The market cap currently stands at US$97.1 billion, with US$7.1 billion traded over the past 24 hours. The number of transactions per day on the networks continues to rise, with Initial Coin Offerings (ICOs) and Decentralized Applications (dapps) continuing to bloom. Over US$1.35 billion was raised by ICOs last year, accounting for ~83% of all ICO funding ever raised. While ETH continues to hold a relatively low Network Value to Transaction ratio, suggesting the coin is undervalued, it seems doubtful the current pace can be sustained. In an effort to create more responsible ICOs, Ethereum founder Vitalik Buterin discussed a new ICO fundraising model which borrows properties from the DAO and is dubbed a Decentralized Autonomous Initial Coin Offering (DAICO). This new model allows users to determine how much the team receives over time, by voting on the tap. The team is therefore rewarded for their performance, and not immediately given access to millions of dollars before a project is worked on or completed. The Ethereum network Hash rate and difficulty continue to rise. The most recent hard fork decreased the block reward to 3 ETH from 5 ETH, and the difficulty was lowered accordingly. Block times are up slightly, at 15 seconds. With the lowered block reward and difficulty rising, mining profitability will begin to decrease substantially, should the price remain stagnant or decrease. Rising prices generally mean rising mining profitability, but also attracts more hashing power to the network. These protocol level changes are an attempt to re Continue reading >>

What Are Ethereum Uncles?

What Are Ethereum Uncles?

In Ethereum, we often come across some very strange terms. For example, there is often a discussion about uncles, and how they impact the overall blockchain. Very few people seem to be aware of what these uncles are and represent. It is interesting to see incorrect network blocks still lead to some form of a reward. Letsexplore this uncle concept a bit further. Ethereum has Many Uncles and They all Matter These havenothing to do with family ties in the traditional sense. Instead, an uncle is a referred to as a network block which would normally be considered an orphan. Bitcoin users are well aware of how some blocks are orphaned because they were mined just after someone found the correct block header. Uncles work in a similar way, but there is a major difference. Miners on the Ethereum network are incentivized to include a number of uncles every time a block is mined. This may sound very strange at first, as it allows orphaned blocks to still yield a reward for miners. This is another example of how Ethereum is very different from Bitcoin. In Bitcoin mining, an uncle would yield nothing. Some people may wonder why the Ethereum network is set up in such a way they would incentivize miners to include uncles. There are two main reasons for this. First of all, it decreases decentralization in Ethereum mining. Like it or not, but cryptocurrency mining is often a very centralized activity. Even though there are many different mining pools to choose from, centralization is still present Rewarding miners for producing uncles is an interesting incentive. Not everyone wants to mine at a large pool, and this move effectively promotes solo mining to a certain degree. It is also an incentive to join smaller mining pools, as uncles will still yield some form of reward. Any miner wh Continue reading >>

The History Of Ethereum Cryptocurrency Ethereum

The History Of Ethereum Cryptocurrency Ethereum

The history of ethereum is definitely something any crypto enthusiast would be interested in. Even those who arent familiar with blockchain technology have heard of Bitcoin and the payment process that uses the technology. There is mention from experts that, cryptocurrency Ethereum will rocket past Bitcoin in 2018. Cryptocurrency Ethereum is a public service that uses blockchain technology to process smart contracts and trading safely without intermediary. Cryptocurrency Ethereum has two types of accounts: externally owned accounts and contract accounts. Ethereum enables developers to build different types of decentralized apps. Since Ethereum seems to be gaining steady momentum, experts are predicting it would soon surpass Bitcoin usage. Bitcoin and Ethereum are similar in many ways. There are however key differences between the two: Bitcoin trades only in crypto. Ethereum has several methods such as cryptocurrency, smart contracts and Ethereum virtual machine. Bitcoin uses proof of work security protocol. Ethereum uses proof of stake. Bitcoin only allows public transactions to be processed. Ethereum allows both permissioned and permissionless transactions. Ethereums averaged block time is a lot less than Bitcoins at 12 seconds vs 10 minutes. Because of this, there are more block confirmations which enables miners to mine more and receive more reward. By 2021 it is calculated that only half of the Ether will be mined ( more than 90 million tokens) but the majority have been mined (21 million supply cap) With Bitcoin, miners run the platform and verify transactions and are rewarded. The first computer to solve each new block gets bitcoins as a reward. Ethereum doesnt offer block rewards, but allows miners a transaction fee. One of the advantages of Ethereum is that it Continue reading >>

Ethereum May Reduce Mining Reward And Inflation By 40%

Ethereum May Reduce Mining Reward And Inflation By 40%

Ethereum May Reduce Mining Reward and Inflation by 40% Ethereum developers are considering splitting the next big upgrade, Metropolis, into two hardforks, with the first hardfork expected sometime in September. That hardfork may reduce mining reward, and thus inflation, by around 40%, from 5 eth per block to 3 eth per block, while at the same time delaying what is called a difficulty bomb as Casper is not yet quite ready. The difficulty bomb is an automatic increase of ethereums mining difficult which has the effect of increasing block times withHudson Jameson, an ethereum developer, estimating they would rise to 45 second per block by November from what used to be around 15 seconds. That difficulty/time bomb was place in there to give miners no choice during the Proof of Stake upgrade known as Casper, but that has apparently been delayed. As such, the developers are proposing that the difficult bomb is delayed too, but to keep mining reward somewhat in line with what it would have been had the difficulty bomb proceeded, they are proposing to reduce block rewards from 5 to 3. The proposal appears popular, not least because if demand remains the same then a reduced supply may lead to a price increase, but some are concerned about the interference with fundamental parameters. Moreover, miners will need to upgrade and if they fail to do so it may lead to another chain-split. But if the proposal is indeed popular, then most eth users will probably value the reduced block reward chain higher. In any event, as a price rise to compensate for the reduced supply should be expected, it may be the case that miners are not actually affected by the change. Which raises the question of why do it at all, with the main reason appearing to be concerns over an increased miners power due Continue reading >>

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