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Is Proof Of Stake Really The Solution?

Is Proof Of Stake Really The Solution?

Proof of Work is said to have the problem of 51% Attack. How better Proof of Stakeis? Theres been some heat going around the Ethereums decision to move from proof-of-work to proof-of-stake. With this, its natural to have hundreds of questions pop up everywhere. I will try to explain the fundamental difference between the two consensus methods. I will also tell why do some prefer proof-of-stake over proof-of-work and others dont. Then, itll be up to you to make up your mind. Ill keep using the term timestamping throughout the post. It means the network reaching to a consensus for a block. The majority of the network must be a consensus about a block for it to be appended to the chain. When a block is appended to the chain, it gets timestamped, thus, the term. I explained proof-of-work in the ultimate guide in plain English to understand Blockchain . If you havent read it yet, please do, because we will be carrying it forward from there in this blog post. By the way, I am the editor of a weekly newsletter, Unmade , which delivers one idea from the future to your inboxes. Work is much more fun than fun. NoelCoward In proof-of-work, nodes in the network work to put a block of transactions at the end of the ever growing chain. This work involves calculating a hash of the block with some specific requirements. Whoever completes the calculation first gets rewarded with some amount of the cryptocurrency. And thats where the catch of this method lies whoever does it first gets the reward. Thus, to get the reward, nodes tend to put heavy rigs at computational work so that they can be the first. It makes the overall network expensive to keep running. Also, there are laws of physics that govern the rate at which the computers can evolve and scale. Thats not enough as the average c Continue reading >>

Reddit News - Cointelegraph

Reddit News - Cointelegraph

The Cointelegraph covers Fintech, Blockchain and Bitcoin bringing you the latest news and analyses on the future of money. Authorized users can receive notifications 24 hours before an ICO starts / ends by clicking "Follow" on the respective ICO page Thank you for contacting us! We will reply to you as soon as possible. Thank you for your interest in our franchise program. We are considering your request and will contact you in due course. If you have any further queries, please contact: Continue reading >>

Important Information From Todays Ethereum Dev Call And What It Means For Miners : Ethermining

Important Information From Todays Ethereum Dev Call And What It Means For Miners : Ethermining

Ive been waiting to do this post until after the Dev meeting today as I wanted to give an update on Ethereum mining and what we are going to see over the coming weeks and months. Ive seen so many questions and so much mis-information about what is happening that I wanted to try and clear it up. Some of you may be aware that 3 main issues concerning mining are currently being actively discussed by the Ethereum dev team: 1. Casper (POS) will not be coming anytime soon For those of you not aware of what POS is, please go look it up in more detail but for the purpose of this post, it will be the Ethereum update that removes mining as it exists today. Once Casper goes live, we will not be able to mine ETH with GPUs (POW) anymore. Casper was planned to go live towards the end of this year but has been delayed. While no new date is set, my own personal estimate is it will come towards the very end of 2018. 2. Due to No. 1 above, the difficulty bomb needs to be pushed back to such a time that they are closer to implementing Casper For the Ethereum Homestead release in March 2016, code was added to create a difficulty bomb on the Ethereum network, often referred to as 'The Ice Age'. The purpose of this code was to increase the difficulty of Ethereum mining over time as it came to the end of POW and into POS with the difficulty increasing exponentially as we got closer to the expected POS implementation. The original planned date at that time for POS was the end of 2016 but when they realised this was not feasible, the bomb was delayed and given a more gradual initial impact. We are now coming towards the end of 2017 and as Casper has been delayed, we are in a situation were mining difficulty is increasing exponentially. To combat this, the devs are discussing another delay of t Continue reading >>

5tips For Finding The Next Bitcoin, Ethereum And Ripple

5tips For Finding The Next Bitcoin, Ethereum And Ripple

5Tips For Finding The Next Bitcoin, Ethereum And Ripple Opinions expressed by Forbes Contributors are their own. Bitcoin, Ehereum, Ripple, Litecoin and a few other high visible cryptocurrencies have made early investors very rich, very quickly. And they could make many more investors rich, provided that they continue to rise at the recent feverish pace that parallels big lottery Jackpots. But thats unlikely, as these investments cannot defy the numbers game. This means thatwould-berich investors must look for the next lucky coin elsewhere on the cryptocurrency list, while the hype for the digital currencies lasts. Source: Coinmarketcap.com, Saturday, January 13, 2018, 10:30 a.m. Still,picking up the next winners in the cryptocurrency space is a very difficult thing for a couple of reasons. One of them is that there are more than 1,000 cryptocurrencies to choose from 1,426 to be precise. Another reason is that there are no fundamental metrics to appraise the intrinsic value of each coin, as is the case with conventional assets.The only thing available isa site with a promise the coin holds to change the capitalist world, should itbeadopted to replace national currencies in day-to-day transactions. Heres a quote from Eric Pichet, a KEDGE professor, regarding the fundamentals of Bitcoin, which applies to other cryptocurrencies:Bitcoin has some of the attributes of a headless currency.Nevertheless, it has no intrinsic value not even as a collector's item because it is intangible,"emphasizes Eric Pichet."Nor is it a financial asset like a stock or bond because it has no returns. Its only investment value lies in the possibility of appreciation bestowed on it by those who hold it: it is an asset with no underlying." [Ed note: Investing in cryptocoins or tokens is highly spec Continue reading >>

Monero Vs Ethereum: Which Should I Use?

Monero Vs Ethereum: Which Should I Use?

Monero and Ethereum are two very different cryptocurrencies. Now Ill talk about the main differences, and what I recommend to use in which situations. Ethereumis adecentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference. It is a quite fast, programmable platform cryptocurrency. The currency on the platform is the ether token, but anyone can create a new one (the standard is named erc20). There is a built-in function which why Ethereum is called the world computer: the smart contracts. The programming language is called Solidity, which is a C++ variant. The most famous smart contract was the DAO (Decentralized Autonomous Organization). It was a whole company, running automatically on the Ethereum blockchain. The most-hyped smart contract based business branch are the ICOs. In an ICO, a founders distribute erc20 tokens to financially support the idea. A smart contract sends the tokens to the Ethereum addresses, as soon as the payment arrived. The low block time is good because your transaction gets verified very soon and the fees are very low, but have a con for the miners: there are a lot of simultaneous blocks, which means two miner mines the same number block at the same time. On the Ethereum blockchain these are called uncle blocks, and the correction is that the network pays the block reward for the uncle blocks, too. Ethereum has a very fast difficulty retarget, as well as the most altcoins. The algorithm is called ethash, a gpu, asic-proof algorithm. Algorithm: ethash/ (was dagger hashimoto) Programming languages: Solidity, Serpent, LLL, Viper and Mutan Monero is a decentralized cryptocurrency, focusing on scalability, privacy and security. Its d Continue reading >>

Ethereum's Difficulty Bomb: All Smoke, No Fire? - Coindesk

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 >>

Ethereum Difficulty, What Is Happening - Ethermining

Ethereum Difficulty, What Is Happening - Ethermining

It's the windows update from last night. It took 30% off my claymore hashrate. Just dont say it, keep it quiet for the mining dudes who follow this things and make profit of it. Wait, can I trade my reddit Karma for ether!? Shh! Don't bring these things to light, quiet and mine... Alt coins are recovering in price making it more profitable to mine than ETH Chinese New Years taking a break from mining. Correlation doesn't equal causation, but god damn I cannot agree with this more. The company I work for relies heavily in certain areas of Chinese manufacturing and we are SOL for this week and next. That's just one farm having a temporary shutdown or power failure or something. That drop is equal to about 500 rigs. Not a big deal. has to be more than 500 rigs. my back-of-the-envelope math shows that there would only be 12-13,000 rigs for 500 to create a 4% drop like that. There is more than 13,000 rigs mining ETH. Considering these guys have 16,000 rigs to themselves, I'd say you're right. This drop is significantly more than 500 rigs. 4% of 236,293 GH/s is about 9,451,720 MH/s. Or somewhere around 315,000 rx580s. Definitely more than 500 rigs. Who/how does the difficulty get set? Last weekend ETH difficulty went up 5% in one day. Could that have been too high of an increase and this is a correction today? I guess difficulty is a function of the hash rate and time between mined blocks. Where D = difficulty, H = network hash rate, and T = time between blocks: It would make sense that it scales linearly. So, a 5% increase in hash rate might result in a 5% increase in difficulty. And vice-versa should the hash rate go down. That being said, I'm not sure it would take days before the difficulty corrected itself. As I understand it, the difficulty is pretty fluid and changes Continue reading >>

Fork Watch: The Chain With Less Hashrate Could Come To A Screeching Halt

Fork Watch: The Chain With Less Hashrate Could Come To A Screeching Halt

Fork Watch: The Chain With Less Hashrate Could Come to a Screeching Halt Over the next two weeks, bitcoin proponents from both sides of the scaling debate will be preparing for a possible hard fork. A lot of people believe the Segwit2x fork will be entirely different than Augusts bitcoin cash fork, and for good reason. Also read: Satoshi Revolution Chapter 2: Technology Meets Anarchy. Both Profit (Part 2) The Forking: 21 Million Ways to Die Choose One One of the biggest reasons for Segwit2x uncertainty is the amount of hashrate indicating support towards upgrading the block size to 2MB. Right now over 84.9 percent of the Bitcoin networks miners are signaling their intentions to support Segwit2x. The question many people are asking is what will happen to a minority network with very little hashrate and no emergency difficulty adjustment? There are quite a bit of bitcoiners that are enthralled by the drama between Core supporters and Segwit2x supporters. Theres the fighting about replay protection, and calling Segwit2x a corporate takeover or an attack by Core developers , some whose businesses are also ironically funded by venture capitalists and corporations. Then theres the biggest question of all Which is more powerful? Miners or those of us running full nodes. The topic often revolves around game theory and discussions about what could happen when the hard fork takes place. If over 80 percent of the hashrate decides to fork away from the rules implemented by Core software, then it might leave the minority chain with very little hashrate. A minority chain with a minuscule amount of hashrate that goes up against bitcoins current difficulty will have a tough time surviving. It means that the hashrate minority will have to wait for 2016 blocks until the difficulty can b Continue reading >>

To All The People With 2-3 Month Roi (difficulty Discussion) - Ethermining

To All The People With 2-3 Month Roi (difficulty Discussion) - Ethermining

To all the people with 2-3 month ROI (difficulty discussion) editing this for clarification: I got into mining for fun not profit, I'm just musing and contemplating here, not complaining. I'm a long holder of ETH and not looking to make a quick buck. I calculated a 2-3 month in December when I went to get my 6 cards. This influenced my decision to mine vs. buy but mostly I got into it for fun. My concern here is there seems to be a collective thought in this sub that you will get "x month ROI buy buying cards at y price" and with difficulty so volatile this assumption seems invalid. However now I'm suspecting that while ROI will certainly be had, it may be longer than anticipated and nearly impossible to predict until it happens. I've gone from making 0.018 ETH/day to 0.016 ETH/day in the very short time I've had these cards mining which has essentially been this month. According to the online calculator difficulty has increased about 17% so far this month already. It seems like from Oct - Dec difficulty was pretty constant. But with the recent Dec/Jan influx of miners like me the difficulty has just been getting out of hand. As GPU's continue to be selling out daily at any insane prices, I wonder if the difficulty could continue to increase up until the end of February / March. I imagine the 2-3 month ROI calculated in December is likely to become a 4-6 month ROI? My estimated date is getting pushed out every day as my average ETH/day keeps sinking and sinking at a fairly substantial rate. Continue reading >>

What Is Ethereum Metropolis: The Ultimate Guide

What Is Ethereum Metropolis: The Ultimate Guide

What is Ethereum Metropolis: The Ultimate Guide Angel Investors, Startups & Blockchain developers... Metropolis is upon us! Or at least its the first iteration. After a lot of deliberations and updates, the time has finally arrived for the next big jump. There is a lot of buzz going on right now and for good reason. The last time Ethereum did a network shift i.e. from Frontier to Homestead, the price jumped more than 100% from $12 to $30. What are the features that metropolis is going to bring into Ethereum? Since Ethereum needs to do a hard-fork to get into Metropolis, will it create another new coin? Will we have 3 Ethereum coins (along with ETC and ETH)? What is Ethereum Metropolis? The 4 Stages of Ethereum. This, not the first time Ethereum has upgraded of course and it wont be the last time. Ethereum was not designed to be just a mode of currency. It was designed to be a platform for decentralized applications. However, before it can do so, it needs to go through various stages of growth. With each stage, Ethereum levels up by incorporating more and more properties making its system more robust and seamless. The complete launch process of Ethereum was divided into 4 stages. This was done to make sure that various phases got their own developmental time and that every stage was developed as efficiently and optimally as possible. Frontier: This was what everyone got when Ethereum was first launched. Homestead: The stage that we are on as of writing. Metropolis is the 3rd stage in the 4-stage process and there are a lot of interesting features that are coming as and when it gets implemented. Here are some of the main ones which are going to have plenty of repercussions. Lets go through each and every one of them one-by-one. One of the biggest and most important featu Continue reading >>

Ethereum

Ethereum

use the following search parameters to narrow your results: include (or exclude) results marked as NSFW Welcome to r/Ethereum , the front page of the Web 3. No inappropriate behavior. This includes, but is not limited to: personal attacks, threats of violence, gossip, slurs of any kind, posting people's private information. Keep price discussion and market talk, memes & exchanges to subreddits such as /r/ethtrader Keep plain ICO advertisements to subreddits such as r/ethinvestor . Keep mining discussion to subreddits such as /r/EtherMining . No creating multiple accounts to get around Reddit rules. English language only. Please provide accurate translations where appropriate. Posts and comments must be made from an account at least 10 days old with a minimum of 20 comment karma. Exceptions may be made on a discretionary basis. Continue reading >>

Next Difficulty Bomb Lands In ~2 Days! : Ethermining

Next Difficulty Bomb Lands In ~2 Days! : Ethermining

Just a reminder that the next Ethereum Difficulty Bomb will land at block 4,300,000 or around midnight GMT on 21st September at current block times. At this point, we will see block times spike to 30 seconds from the current average of about 23.6 - This will directly impact your ETH mining rewards, reducing them by approximately 22% from what you are seeing right now. However, this will all be reversed when Byzantium goes live which is slated for October 9th (we should get an official date on Fridays Core Dev call). After this goes live, we will return to block times of around 14.1s with a reduced reward of 3 ETH per block which will roughly equate to what we see today at 23.6s and 5 ETH. It also seems the CAHF has picked up some speed - They have released a testnet for their fork and a version of Geth and Mining Pool for testing. Their github ( ) has also seen significant activity over the last few days If this goes live as they expect around the time of Byzantium, we may see a shift of some ETH hashing power over to this chain which would positively impact the difficulty of ETH and mining rewards further. Continue reading >>

Can And Will Eth Difficulty Drop? Low Eth Value Could Be Good For Us In The Short Term. : Ethermining

Can And Will Eth Difficulty Drop? Low Eth Value Could Be Good For Us In The Short Term. : Ethermining

As I am sure many of us have, I have been giving serious thoughts as to the feasibility of continuing mining vs. cashing in my hardware now and investing that straight into ETH. Long term I am a believer that we can see ETH hit $2k or maybe $3k, but right now with difficulty sky rocketing, things aren't looking so rosy in terms of getting ROI for my new rigs. What I am wondering is can ETH difficulty actually drop signifcantly? I don't understand the mechanics of how it works so I am hoping someone can enlighten me. Looking at the charts on CoinWarz I can see small dips, so I assume it is possible. Is it possible for it to go backwards significantly, in theory? Assuming it can go backwards, I am thinking that a drop in the value of ETH is actually the best thing for us. All the hashpower that services like Nicehash have directed at ETH can suddenly be redirected elsewhere as other coins appear to be more profitable in the short term. This in turn may actually decrease the difficulty, allowing those of us with goals of holding long term ETH to generate coins at a faster rate again. So, I am thinking... seeing ETH drop down in value for 6 months or so may actually be the best thing for those of us who believe in it long term and plan to hold till it hits $2k+. Continue reading >>

Ethermining

Ethermining

This is our official in-depth guide to mining across Windows, Linux, and ethOS. Please take a glance if you are new and have basic mining questions. Use of this site constitutes acceptance of our User Agreement and Privacy Policy . 2017 reddit inc. All rights reserved. REDDIT and the ALIEN Logo are registered trademarks of reddit inc. Rendered by PID 113022 on app-239 at 2017-12-14 09:04:44.521872+00:00 running 23f3124 country code: US. Continue reading >>

How Can Ethereum Systematically Scale Better? | Hacker News

How Can Ethereum Systematically Scale Better? | Hacker News

I have hard time believing that a knowledgeable person would have numbers on the scaling improvement column on the scaling efforts list."3-10x" for ditching EVM for WASM which is at a concept phase,"2-8x" for parallel processing of transactions Even Vlad would laugh at that column. The whole thing feels like a desperate "don't panic sell" when people realize the state of Ethereum's scaling since today its blockchain is increasing at a rate of 1GB/day. I personally hope Ethereum's fans start to be more honest with themselves and do some critical thinking. There are some horrible echo-chambers (/r/ethereum /r/ethtrader) that are traps for newcomers. The closer scaling solution is Raiden (funnily one of the core devs is the one made the infamous hacked DAO contract) which is quite the challenge unless they intend to support a limited subset of Ethereum's capabilities, but they are working on it and looks alive. Apart from that which is a year or so away, Sharding is way off like the list says and will be a huge challenge. Also what is certainly interesting is ethereums difficulty bomb, which should activate later this year. Certainly gives interesting image on ethereums development style, this was implemented to "force" the ethereum devs to implent PoS before it activates. However as far as I understand, the only thing that this forces ethereum devs to do is a hard fork that removes the difficulty bomb somewhere this year. There is only one type of difficult bomb for Ethereum (the ice age), and that is already underway. As linked to in that article, block times would reach about 30 s mid-August ( ). The difficulty bomb/ice age is _not_ to force the devs to implement PoS. The reason the ice age(s) exist is to make sure minority chains eventually die. Bitcoin does not have Continue reading >>

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