Ecip-1041 Remove Difficulty Bomb
ethereumproject/ECIPs/blob/98453d3a0a943388bf2b662f0ea7ded2e9a72529/ECIPs/ECIP-1041.md # ECIP 1041 - Remove Difficulty Bomb## Abstract This ECIP proposes removing Difficulty Bomb from Ethereum Classic Mainnet at block 5,900,000## MotivationAs Ethereum Classic Mainnet is not planed to migrate to PoS in near future there is no reason to have it and the Difficulty Bomb should be removed to avoid collapse of the network.## SpecificationDifficulty Bomb is an artificial increase of mining difficulty of Ethereum blockchain which was introduced to Ethereum protocol as a motivation for developers to migrate to Proof of Stake consensus algorithm. It was introduced in Ethereum Homestead by EIP-2.With that additional element, Minimum Mining Difficulty grows exponentially every 100,000 blocks by factor of 2. It was paused by ECIP-1010 from block 3,000,000 to block 5,000,000. With continued growth at the block 6,500,000, which is scheduled for September 2018, the mining of ETC chain will become unprofitable. There is a small chance that miners will quit mining ETC because of mining difficulty growth before that block. Removing that part of the formula is a trivial change, but because its a part of consensus rules it produces a Hardfork. To make it successfull it requires modifications to all of existing ETC peer implementations and providing time to upgrade for miners, exchanges and other critical parts of ETC ecosystem.It seems reasonable to allocate up to 6 weeks to update and release all critical software and up to 6 weeks to upgrade for miners and exchanges. Which gives up to 3 months for enabling this proposal. With that requirements the earliest safe block to enable new hardfork would be 5,700,000 which is expected at April 2018Growing Difficulty Bomb above 20% of standard dif Continue reading >>
Ethereum's Difficulty Bomb: All Smoke, No Fire? - Coindesk
Ethereum's Difficulty Bomb: All Smoke, No Fire? Sometimeinthe future(we can't be certain when), ethereum will likely switch from its proof-of-work consensus algorithm to Casper, a proof-of-stake system its developers are now in the throes of completing. While this may sound like a slight change to those who are unfamiliar, altering this one parameter will have an outsized effect.When the protocol change happens, the ethereum blockchain will hard fork, meaning that, for a short period of time, two networks the old and new will exist simultaneously. At that point, the goal for ethereum will be to persuade the majority of its users to upgrade to thenew proof-of-stake-powered blockchain. Otherwise, ethereum risks winding up creating another blockchain, as it did when a past technical update created ethereum classic . On the surface of things, getting the companies that use the ethereum network to switch should not be a problem. After all, proof of stake promises to be faster and more scalable, and to consume far less energy than proof of work. To most of the ethereum community, Casper sounds like a great deal. Unless, of course, you are a miner. That's because proof of stake doesnt rely on mining. Rather, it gives the job of creating the next block to those who own tokens on a blockchain a move that essentially puts miners out of a job . But, two things could go wrong with ethereum's big switch. One would be if Casper does not work as planned. In this case, ethereum could simply delay the switchover. The second is if miners continue mining the old chain. But ethereum has always had a plan for that something called the 'difficulty bomb'. Baked into ethereum shortly after the network launched, the difficulty bomb was created to make mining a block increasingly difficult over Continue reading >>
Difficulty Bomb Delay
A lot of us have been talking about ETH difficulty and estimating the Ice Age date. EIP #649 has been implemented for the Metropolis release. I expect that within the next 4 weeks. The summary specifically states they aim to get the average block time back below 15 seconds. It's now over 21 seconds. V.Buterin proposed the delay by 42 million seconds (or 1.4 years) so that it would trend to 30 second block times by the end of 2018. Part of the initial proposal also included a reduction in block rewards from 5 per block to 3. This was also a direct proposal by V.Buterin, who thinks even 2.5 ETH per block is OK. It looks to me like this issuance part of this EIP was removed. H 1)They need more time for POS (Serenity). They are not doing this for the benefit of miners. The developers do not seem to care in the least bit for miners. You need to keep that in mind at all times. To them, miners are purely profit motivated. They base their decisions off of that, and they are probably right for the most part. 2) The potential lifespan of mining will be extended until the end of 2018. This depends on the price of ETH and your specific cost structure. I think it still may be shorter. I don't think they liked being under the gun so much when the Ice Age was ramping up so quickly. They may just be giving themselves far longer than anticipate given that they have been behind schedule. End of 2018 should be the maximum of anything you consider. 3) You should not be building new miners. Quit guessing on paybacks. End of 2018 is looking like a pretty firm date, at the latest. You are probably not going to see a positive ROI on any new rigs over this period. Keep running what you have and sell your gear before this curve comes up next year. That is, as long as there are no alternates by Continue reading >>
Difficulty Bomb Activated?
My rig is 192.5Mh/s and the rewards went from like .97 to .84 overnight. This is no good. I had read before that the difficulty will drop to previous level(yesterday's), block reward reduced, time reduced until the late 2018 PoS update which kills mining. IF TRUE then we'd expect to see a "wash" and after this update happens in a couple weeks we'd get same exact payout(nearly) as we were yesterday. I get conflicting info from different people though and beginning to think it's time to move on very shortly. It's still profitable but taking a big hit I have hasrate about 700mh/s till this year end will be about litle bit over 1Gh/s. Do you think it will be rentable to mine ETH ?Better qustion do it be real mining after 5 month when difficulty will be 100% ,we dont need hit PoS imo to wast just money for ETH. Obv still think in future it prise will be sky rocketing but at this point after today ,maybi its time to just buy it and start maining other altcoin ..... What's you're rig(s) like? That's some SERIOUS hash power man. I guess like 13 of those new AMD Vega cards could hit 700MH/s but the power consumption would be absolutely through the roof. Do you have all that going on on one mobo like the h110 or that TB250? I'm very curious. Thanks. Oh, and i agree that if this difficulty goes up another bit it's still worth it but not by much. I'm pulling 620 watts total for my 192MH/s and that's just under $40 a month in electricity costs. I don't need money, i'd like to acquire more eth and let it grow. Right now it's shit though. Nicehash will select what to mine for you and convert to btc automatically. That may be the best bet. Decred, Ubiq, Eth Classic(that could be a great one), and many more you can point your miner at as well. I'm sure if you're using a 700Mh's rig you Continue reading >>
Bitcoin Image Copyright - Ethereum Difficulty Bomb 2018, Bitcoin Armory Location, Bitcoin Forum Indonesia
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Ethereum Mining Difficulty Bomb Steemcreated With Sketch.
in cryptocurrency 2 years ago (edited) The Ethereum Difficulty Time Bomb was planted on the Ethereum Blockchain almost two years ago on 7th of September 2015. The effects of the difficulty bomb would been felt since late 2016 if it wasnt for the implementation of the Hardfork to Homestead version of Ethereum which slowed it down and made it almost unnoticeable until recently. The Time Bomb is designed to increase the difficulty growth rate exponentially with each tick, making it impossible for the miners to keep up. It tick every 1000 blocks mined, adjusting the difficulty acceleration which raises block time and eventually making the Ethereum Blockchain freeze, hence the name Ice Age. Currently it takes about 15 seconds to generate a block. It is expected that by 2025 it will take up to 15 minutes. The effects of the time bomb should be felt at the end of 2017 / early 2018, giving us a few more months of profitable ETH mining. The scope of this difficulty algorithm is to force a transition from proof-of-work (POW) to proof-of-stake (POS) as ETH mining will become less and less profitable. This means that, instead of contributing hashing power to the Ethereum Blockchain and being rewarded for it, you will now require to hold a set number of ETH in a masternode and passively earn ETH. A majority of the ETH supply will be taken out of circulation by the masternode holders which can have a positive impact on the price of ETH. The Metropolis update will add, besides increased security and anonymity for the users with easier Smart Contract programing for the developers, the Casper protocol. This protocol will add the proof-of-stake system, forking the Ethereum Blockchain once again. POW and POS will run hand in hand on the new Blockchain until eventually mining will become Continue reading >>
When Will Ethereum Mining End?
In August of this year (2017), Vitalik Buterin, creator of Ethereum , released the implementation guide for the first version of Casper. As a hybrid proof-of-stake (PoS)/proof-of-work (PoW) algorithm, Casper v1 is going to decrease (and eventually end) the profitability for Ethereum miners . The release date is estimated to be sometime in 2018 as part of the Constantinople hard fork and theres a lot to learn before this happens: Casper is a PoS algorithm thats projected to be released on the Ethereum network sometime in 2018. Beginning as a hybrid with the current PoW algorithm, the first version of Casper will only use a PoS consensus to validate every 100th block, called checkpoints. Once a checkpoint is validated, theres no way to go back and use a chain without it. Even if 99% of miners support a chain that doesnt include a checkpoint block, all clients in the network will still continue to use the one with the checkpoints. This removes a lot of the power that miners currently have. The Ethereum community hypothesizes that the switch to PoS will help with the scaling issues that the network is currently facing. The algorithm should enable new blocks to be created more quickly while allowing the network to scale more efficiently through sharding. Sharding is a horizontal partitioning of a large database into smaller and more easily managed parts. Beyond that, PoS algorithms also use less energy to run the network, reduce centralization, and make 51% attacks more difficult. With the upcoming hard fork, there could potentially be three forks of Ethereum: And, if youre a miner, you may be thinking, No big deal, Ill just continue to mine and give support to the Ethereum PoW fork. The Ethereum developers have stated that theyll be releasing what they call the difficulty Continue reading >>
Ethereum 'difficulty Bomb' May Not Happen For Another Year Or Two - Bitsonline
Ethereum Difficulty Bomb May Not Happen for Another Year or Two There will be another delay for Ethereum minings difficulty bomb and switch to a proof-of-stake (POS) network, developers say. The decision could affect miners economic decisions in the near future, such as how much to invest in equipment and how much hashing power to devote to ETH. Also read: Shanghai Authorities Halt Blockchain Event, but No Fears of Wider Crackdown Increased Difficulty Means Leaner Times for ETH Miners There will likely be a squeeze on Ethereum blocks and block rewards from now until a new update arrives in late September. Reports from an Ethereum developers conference call last week said the long-proposed POS implementation, called Casper, will still not be ready soon. Originally planned for late 2017, the roadmap could push Casper back to the end of 2018 or later. Moving to POS has long been part of Ethereums roadmap, though the exact timing is unknown. It would fundamentally change the network, removing all ETH mining activity as it currently exists. Ethereum currently mines using proof-of-work (POW) like Bitcoin, where powerful machines race to solve a complex math problem and receive block rewards. Ethereum blocks are mined roughly every 12 seconds (depending on difficulty) and the block reward is 5 ETH. The rapid rise in ETH value from around $8 USD at the start of 2017 to around $400 in June has seen a rush to mine the token . It has also created a worldwide shortage of GPU cards. Under a POS model, Ethereum would require no GPUs at all. The difficulty bomb is code inserted into Ethereum that increases POW mining difficulty exponentially in preparation for POS introduction. The period where it gets too difficult to mine at all is called the Ice Age and its already beginning. The Continue reading >>
Hi, on Novemer 16 I see the ETH difficulty dropped significantly. Will it drop again or it will rise hyperbolic like right now? It was not in November, it was October 16 and no, it will not. It did because it lowered the reward to 3 eth, so in turn the profit was the same as when the difficulty was before the fork, now the profits halved again and soon eth will not be profitable unless eth rises in price again, eth difficulty is rising cause noobs are buying rx 580 for $800 for 5% return but soon will be 2% and then 0%. BTC Address: 1DH4ok85VdFAe47fSVXNVctxkFhUv4ujbR Don't listen to Metroid, he is an depressive man who is around here (mining forum) to tell everyone that "soon mining will not be profitable" i think he just want new miners stop mining. Don't listen to Metroid, he is an depressive man who is around here (mining forum) to tell everyone that "soon mining will not be profitable" i think he just want new miners stop mining. )) My question was, will the difficulty drop again and answer was no. Clear. So how is that "difficulty bomb"? What is that exactly? I thought it is some kind of correction to difficulty to be not so high to allow still miners to mine. Or? The next change will likely be hybrid pos and pow and nothing will change about difficulty. So this is it, the end of mining eth is closer. BTC Address: 1DH4ok85VdFAe47fSVXNVctxkFhUv4ujbR Quote from: Metroid on January 26, 2018, 08:59:28 AM The next change will likely be hybrid pos and pow and nothing will change about difficulty. So this is it, the end of mining eth is closer. Well the end of ETH mining will not be the end of the world. What do you think it will do to the price of ETH when mining will not be possible anymore? In the end is supply and demand and eth pos will offer from 3 to 15% return to Continue reading >>
Why Ethereum Classic Matters In 2018
Despite its low price, Ethereum Classic remains an important digital asset with a strong community. Ethereum Classic remains underpriced compared to the leading ETH asset, which has flown above $1,000. But ETC may still matter in 2018, both as a platform and a source of mining revenues. Right now, ETC does not look too good: its price has not recovered against Bitcoin, despite the nominal gains in dollar value. But there may be hidden upward potential in this coin, and perspectives for long-term growth. The fate of ETC in 2018 is contained in the recently released roadmap, featuring updates and the philosophy for the coin. The ETC project counts the building of a larger team as one of the milestones achieved in 2017: "The main accomplishment was that the team was established, that was a very challenging task, with very limited funding, under constant pressure from all sides and toxic environment, but by end of the year we grew up to 8 full time members in the ETCDEV team. The team got established development processes, working full time on core ETC projects, and will continue to grow." The ETC project has diffused the "difficulty time bomb" that it inherited from the Ethereum codebase. The blockchain, which contains the unaltered history of losses from the DAO hack, is taking on a different path, with an alternative policy of new coin creation. Ethereum Classic (@eth_classic) January 9, 2018 For 2018, the Ethereum Classic project has the main objective of scaling through side chains. Even at the moment, ETC is not as loaded by transactions as the Ethereum network. However, building a scaling solution in advance may be a benefit to the project. The other major area of development is an attempt to connect Ethereum Classic to the Internet of Things. The capability of work Continue reading >>
What Is The Ethereum Casper Protocol?
written by Jonnie Emsley February 7, 2018 The term Casper has been popping up lately in the Ethereum community like a whack-a-mole. Youll even see it hitting headlines alongside ETHs recent 30% spike in value , with punters explaining the upwards explosion as sheer anticipation of what Casper will do for Ethereum. With the successful launch of the Casper Testnet on the last day of 2017, excitement in the Ethereum community is gathering the momentum of a runaway freight train. Still, while everyone revs up for a Casper-supercharged world computer, its release date is as elusive and mysterious as a poltergeist, with Ethereums developers loosely announcing it will occur some time this year. But before we get ahead of ourselves, lets break it down and have a look at Ethereums ghostly counterpart. Casper is a hard fork of Ethereum that solves many of the underlying issues holding the cryptocurrency back from mass adoption. At its core, Casper aims to enhance Ethereums security and reduce the risk of centralization, while eliminating the financially and environmentally unsustainable practice of mining. Casper marks a shift to the Proof-of-Stake protocol, but it will start out as a hybrid with the current Proof-of-Work . In practice, this means that the PoS will only be used every 100th block. All details are exceedingly vague at this stage, but the eventual outcome of Casper could result in three versions (forks) of Ethereum: PoS, PoW, and Classic. As we count down to the Casper fork, Ethereum miners are starting to bite their nails. Why? It is highly probable that the transition to PoS will mark the end of Ethereum mining, as ETHs developers plan to detonate a difficulty bomb on the PoW fork when they release Casper. The bomb is a piece of Ethereum code that by design makes Continue reading >>
Ethereum Classic (etc) Review (updated 2018): A Beginners Guide | Vkool
There are two Ethereums. One is Ethereum, the familiar ETH that's trading on the markets, and the other is Ethereum Classic, or ETC. The split was over the principles that started Ethereum, with two different development teams taking these different blockchains in different directions. They have their similarities, but there are some significant departures that make these two different versions of Ethereum quite different, so don't confuse the two. Feel free to use our little guide as a way of getting acquainted with Ethereum Classic, how it works, and how it can help you. And don't forget to check our newly-released list of the best altcoins of 2018, and see which ones made the cut. How Did Ethereum and Ethereum Classic Split? Back in the day (2016) there was one Ethereum. A group was founded called the Decentralized Autonomous Organization, and they started a venture fund that would be run and directed by the investors. It was a bit hit, getting $150 million worth of Ether in funding. A hacker found a security flaw, and 3.6 million Ether was stolen. The creator of Ethereum, Vitalik Buterin, along with the majority of the Ethereum userbase wanted to do what was called a hard fork, in essence calling for a do-over. They would reverse the blockchain to just before the hack, so that people's money could be returned. There are those who didn't like that this was done, believing that it violated the principle of the blockchain's inviolability. The losses during the hack should have been accepted, these purists said. They didn't believe in changing the rules to suit themselves: they wanted the chain to be sacred. These purists continued to support the original blockchain, which became known as Ethereum Classic. Ethereum, as we know it, is actually a new fork off of the orig Continue reading >>
Ethereum Asic Miner Soon
There are rumours that Bitmain has set its sights on ETH and will be releasing an ASIC in Q2 or Q3 of this year! Nope - ETH is asic resistant, further ETH is moving to POS vs POS w the implementation of Casper. It has a built in difficulty bomb which is set to go off just prior, or just after the implementation of Casper. Nope - ETH is asic resistant, further ETH is moving to POS vs POS w the implementation of Casper. It has a built in difficulty bomb which is set to go off just prior, or just after the implementation of Casper. They say that once they turn to PoS in order to stake ETH you will need to have 1000 ETH in your wallet, so almost 1 million USD... They say that once they turn to PoS in order to stake ETH you will need to have 1000 ETH in your wallet, so almost 1 million USD... Hrmmmm, I too heard that, but from what I understand there might be pools in which we'll be able to join with as little as 10 - Vitalik said 1k, but said in the future it should scale down to as low as 10. Not sure how pool staking could/does/would work, but I'm interested. They say that once they turn to PoS in order to stake ETH you will need to have 1000 ETH in your wallet, so almost 1 million USD... Didn't they announce they will switch to POS soon? Also I'm pretty sure every algorithm can be implemented in ASICs, it's just that companies like Bitmain don't start developing them because Ethereum wanted to switch away from mining for like two years now Mining pools seems like the route it will go. There are already a ton of mining pool platforms out there for other cryptocurrencies. POS is the future Getting close... I started mining 3 weeks ago with one GPU so you do quick mafs... Getting close... I started mining 3 weeks ago with one GPU so you do quick mafs... It will be hard for Continue reading >>
What Is The Ethereum Ice Age?
Ethereum is currently a Proof of Work cryptocurrency, meaning that computational power is needed, not only to produce new coinsbut to process transactions and to keep the entire ecosystem moving. In order to ensure the system is scalable and decentralized, Ethereum plans to move to a Proof of Stake protocol where a lot lesscomputational power is required and miners can earn rewards according to their balance. The Ethereum Foundation is still working on the Proof of Stake protocol, Casper. Since Casper is not finished and it's not contained in the release version of Ethereum a hard-fork might be required to implement this change. An hard-fork creates an incompatibility between the previous version and the latest, there is always the possibility to create a "split" that result in two blockchains, like Ethereum Classic , did on the 1920000th block, after the hard-fork to refund The DAO token holders took place . In order to ensure such event doesn't take place (although it did already) and to give themselves a time-frame to finish Casper (making the community aware of the introduction of a hard fork within that time-frame), a Difficulty Time Bomb, is also known as Ice Age was implemented in Ethereum. The Ethereum Ice Age is a difficulty adjustment scheme that was put in place to ensure that everyone has an incentive to move to the new blockchain once the hard-fork is implemented. It was introduced on the 7th of September (2015-09-07), about 11 months ago and it's programmed to raise difficulty exponentially. It's impossible for miners to keep up with the increase of difficulty which would raise block time and it would make the blockchain freeze, hencethe name Ice Age. The key part is the calculation for the increase in difficulty is Math.pow(2,Math.floor(block.number / 10 Continue reading >>
Reasons Behind Delay In Crucial Ethereum Update
Reasons Behind Delay in Crucial Ethereum Update The second part of the Metropolis upgrade, code-named Constantinople, is scheduled to take effect in 2018 with no hard estimates available for now. The most prominent improvement that Constantinople is planning to bring to Ethereum is that its going to lay down the foundation of Casper, the Proof of Stake implementation of Ethereum. With Constantinople, Ethereum will still primarily remain Proof of Work, but 1 out of every 100 blocks will be validated using Proof of Stake. This is a crucial transitionary step as it gives Ethereum more time to test Proof of Stake in practice before it is fully deployed with Casper. Casper, Ethereums implementation of Proof of Stake, is a little different from other Proof of Stake implementations because it has a mechanism to reprimand bad actors on the network. In Casper, miners will be replaced by validators which will have to stake their Ether to validate blocks. If their block is appended to the blockchain, then they will receive a reward proportional to their bet. In case there is malicious intent in the validators actions, they can immediately be punished by deleting their stake. By moving to Proof of Stake, Ethereum is expected to save millions of dollars every year as nodes would not have to compete with each other constantly to maintain the security of the network. Since theres no need for expensive, high energy consuming hardware to run constantly, this move is also beneficial for the environment in the long run. In addition to all these benefits, proponents of Proof of Stake have argued that since Proof of Stake does not rely on expensive hardware known as an application-specific integrated circuit (ASIC), it promotes decentralization. With Proof of Stake, smaller nodes can also Continue reading >>