Mining - What Is The Total Supply Of Ether? - Ethereum Stack Exchange
In Bitcoin, the total supply is capped at 21 million BTC. Is the total supply of Ether capped? How much will be mined before the Proof of Stake (POS) transition, and how will POS affect the issuance model? I'm not sure anyone really knows the answer, as it hasn't been decided, AFAIK. Tjaden Hess Jan 25 '16 at 20:42 Thanks. Was afraid of that. Hope that gets decided soon - would vastly prefer a fixed money supply at time of Proof of Stake with mining paid for by transaction fees only. Matthew Light Jan 25 '16 at 21:02 To clarify, homestead and PoS start are not necessarily the same milestone. Makes things a little close, but in my mind that means these are not the same question. Jeff Coleman Jan 26 '16 at 5:39 60 million + 12 million + 18million = ~90million60 million - is the Pre-sale.12 million - is the dev fund, 0.2coins per 1 coin sold in the crowdsale.~18 million - 1 million coins mined per month for 18 months prior to going from POW to POS. Update #1: 91,018,773.78 (April 25, 2017). After a while, 15,626,576 ether won't represent much of the total ether available, making the system dis-inflationary (i.e., inflation perpetually trending towards 0 but never reaching it). is there inflation after all coins are mined? Patoshi Feb 2 '16 at 20:55 @duckx i dont think, because the value will be high and it will keep increasing hopefully niksmac Feb 3 '16 at 2:34 @NikhilM we've seen this story before: if it doesn't take much Ether to actually create a contract then absent other drivers for demand the value will plummet. The rallies are driven purely by the low float, which is great for perception, but one must look at the risk factors for both the economics and their associated investment. Cryptocurrencies make this difficult due to the need to own them as an asset thereby Continue reading >>
How Ethereum Mining Works
Today, miners play an important role in making sure ethereum works. This role isn't immediately obvious, though. Many new users think that the sole purpose of mining is to generate ethers in a way that doesn't require a central issuer (seeour guide" What is Ether? "). This is true. Ethereum's tokens are created through the process of mining at a rate of 5 ether per mined block. But mining also has another at least asimportant role. Usually, banks are in charge of keeping accurate records of transactions. They ensure that money isn't created out of thin air, and that users don't cheat and spend their money more than once. Blockchains, though, introduce an entirely new way of record-keeping, one where the entire network, rather than an intermediary, verifies transactions and adds them to the public ledger. Although a 'trustless' or 'trust-minimizing' monetary system is the goal, someone still needs to securethe financial records, ensuring that no one cheats. Mining is one innovation that makes decentralized record-keeping possible. Miners come to consensus about the transaction history while preventing fraud (notably the double spending of ethers) an interesting problem that hadnt been solved in decentralized currencies before proof-of-work blockchains. Although ethereum is looking into other methods of coming to consensus about the validity of transactions, mining currently holds the platform together. Today, ethereum's mining process is almost the same as bitcoins . For each block of transactions, miners use computers to repeatedly and very quickly guess answers to a puzzle until one of them wins. More specifically, the miners will run the blocks unique header metadata (including timestamp and software version) through a hash function (which will return a fixed-length, Continue reading >>
Amd Shares Are Soaring: Ethereum Miners Are Renting Boeing 747s To Ship Graphics Cards To Mines Quartz
Advanced Micro Devices (AMD) share price jumped after it beat revenue estimates thanks to cryptocurrency miners snapping up the firms graphics cards. Shares rose 11% after the chip company announced earnings on July 25, but the firms stock is up 152% over the last 12 months, making it the fourth best performer on the S&P 500, CNBC reported . Lisa Su, AMDs chief executive, said the firm saw elevated demand from cryptocurrency miners during the quarter. This need for graphics cards helped AMD give a solid beat to analyst estimates, said Kevin Cassidy of Stifel , who covers AMDs stock at Stifel Financial Corp.While management wasnt specific on how much, the [graphics processor unit] revenue upside was driven by cryptocurrency applications. Crypto minersin particular those mining ethereum, the second largest cryptocurrency by market valuation behind bitcoinhave been in the crypto equivalent of a gold rush since early this year. They are racing to take advantage of ethereums exploding price by adding more processing power to their mines. Some of them are even resorting to leasing Boeing 747s to fly the increasingly scarce graphics processors from AMD and Nvidia directly to their ethereum mines so they can be plugged in to the network as quickly as possible. Time is critical, very critical, in mining, Marco Streng, chief executive of Genesis Mining, a major ethereum miner, told Quartz. For example, we are renting entire airplanes, Boeing 747s, to ship on time. Anything else, like shipping by sea, loses so much opportunity. Up for grabs is a supply of roughly 36,000 units of new ether, the digital token associated with ethereum, per day. At current prices of around $200 per ether, that translates to $7.2 million worth of ether that miners compete for each day. When building o 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 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 >>
How Are Ether Currency Units Issued In Ethereum?
How are Ether currency units issued in Ethereum? Ether is not issued by any specific single manner a compromise between funding to get the project off the ground and future mining to secure the network has been taken. If you were lucky enough to have bought into the crowd funding of Ethereum you would have helped fund the project as well as got yourself some currency on one of the most exciting financial/technological advances ever. The fundraising was taken in mid 2014, and roughly 60 million (60,102,216 ETH) Ether units were issued at a rate of between 1000-2000 Ether per Bitcoin or BTC. Of the total amount sold another 9.9% were released to allocated to the Ethereum Foundation to compensate early contributors and pay for ETH denominated expenses prior to the genesis block on the 30th July 2015. Another 9.9% was maintained as a long term reserve for Ethereum meaning the total number of coins released prior to the launch was 72 million. The Ether currency units to be released per year after the Genesis block will be 26% of the initial 60 million raised in the funding phase. The amount of coins released per year will stay constant at 15.6 million Ether Units. In year five, or July 2020, over 50% of the coins will have been mined by miners. Ether is issued at a rate of 5 ETH per block on a block time target of 12 seconds. In this way the inflation takes precedence in the first few years and deflation further down the path very similar to Bitcoin . The difference being that Bitcoin rewards stop after the year 2140 with Ethereum there will still be 15.6 million Ether units issued a marginal increase in the money supply. Continue reading >>
How To Mine Ethereum In 5min
Surprisingly, all you need is an AWS EC2 instance to start mining Ethereum. Im sure youve already heard of the cryptocurrency craze way before reading this post. Cryptocurrencies are slowly and quietly revolutionizing the way financial systems and transactions work (and should work in my opinion). With Bitcoin hitting its $6K mark not awhile ago, a current total of $158B in market cap and hundreds of ICOs (Initial Coin Offering) conducted since August, its sure to say theres a bubble in the cryptocurrency space. Whats more, is that it doesnt seem this bubble is going anywhere, anytime soon. As you can see in the graph below, the total market cap of cryptocurrencies has grown from under $50B to over $150 in under a year! So what would be the best way to enter this space and enjoy the growth? Im not a cryptocurrency expert, however, from my research Ive found that the answer is pretty clear across all opinions: If youre looking for quick earnings, just invest incoins. However, due to this ever-growing crypto market, mining in the short term could lead to significant earnings in the long term. Personally, Im very interested in Ethereum , and have found an effortless way to start mining it quickly on AWS! This post will walk you through the process. But before we start, lets go over some basics. If youre already familiar with them, just scroll down. Ethereum is an open software platform based on the blockchain technology that enables developers to build and deploy decentralized applications. The advantage of Ethereum over Bitcoin, is that it can support many different types of decentralized applications. Ethereum has the second largest market cap after Bitcoin, and has gained massive growth in the last year with over 230% as you can see below: However, increasing growth in Continue reading >>
What Is Ether?
Ether is a necessary element a fuel for operating the distributed application platform Ethereum. It is a form of payment made by the clients of the platform to the machines executing the requested operations. To put it another way, ether is the incentive ensuring that developers write quality applications (wasteful code costs more), and that the network remains healthy (people are compensated for their contributed resources). If you just want to test the technology, you probably don't need real ether. Download the latest Wallet app and switch to the Test Network Check your ether presale balance safely here: The total supply of ether and its rate of issuance was decided by the donations gathered on the 2014 presale. The results were roughly: 60 million ether created to contributors of the presale 12 Million (20% of the above) were created to the development fund, most of it going to early contributors and developers and the remaining to the Ethereum Foundation 5 ethers are created every block (roughly 15 seconds) to the miner of the block 2-3 ethers are sometimes sent to another miner if they were also able to find a solution but his block wasn't included (called uncle/aunt reward) Note that after the Byzantium update is implemented, the mining and uncle reward is reduced to 3 ethers and 0.625-2.625 ethers, respectively. No. According to the terms agreed by all parties on the 2014 presale, issuance of ether is capped at 18 million ether per year (this number equals 25% of the initial supply). This means that while the absolute issuance is fixed, the relative inflation is decreased every year. In theory if this issuance was kept indefinitely then at some point the rate of new tokens created every year would reach the average amount lost yearly (by misuse, accidental key Continue reading >>
Ethereum - Wikipedia
This article has multiple issues. Please help improve it or discuss these issues on the talk page . This article relies too much on references to primary sources . Please improve this by adding secondary or tertiary sources . Some of this article's listed sources may not be reliable . Please help this article by looking for better, more reliable sources. Unreliable citations may be challenged or deleted. The Ethereum Project's logo, first used in 2014 Ethereum is an open-source , public, blockchain -based distributed computing platform featuring smart contract (scripting) functionality.  It provides a decentralized Turing-complete virtual machine , the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes. Ethereum also provides a cryptocurrency token called "ether", which can be transferred between accounts and used to compensate participant nodes for computations performed.  "Gas", an internal transaction pricing mechanism, is used to mitigate spam and allocate resources on the network.   Ethereum was proposed in late 2013 by Vitalik Buterin , a cryptocurrency researcher and programmer. Development was funded by an online crowdsale between July and August 2014.  The system went live on 30 July 2015, with 11.9 million coins "premined" for the crowdsale.  This accounts for approximately 13 percent of the total circulating supply. In 2016, as a result of the collapse of The DAO project, Ethereum was forked into two separate blockchains - the new forked version became Ethereum (ETH), and the original continued as Ethereum Classic (ETC).    Ethereum was initially described in a white paper by Vitalik Buterin ,  a programmer involved with Bitcoin Magazine , in late 2013 with a goal of buildin Continue reading >>
80% Of All Bitcoins Already Mined, Only 4.2 Million Coins Left Until Supply Cap
80% Of All Bitcoins Already Mined, Only 4.2 Million Coins Left Until Supply Cap 80% of the total supply of Bitcoin has now been mined, driving up the difficulty and cost of mining. Jan. 13 marked an important milestone for Bitcoin when 16.8 million bitcoins (BTC), or 80 percent of the entire Bitcoin supply, were mined . This means only 4.2 million bitcoins, or 20 percent, are left to mine until Bitcoins 21 million supply cap is reached. BTC contains the 21 mln cap built into its protocol by Satoshi Nakamoto, first mentioned in their 2008 White Paper , as a way to introduce digital scarcity to cryptocurrency. With such a cap in place, the more bitcoins are mined, the more scarcity is produced on the market. Scarcity arguably creates demand, which in turns makes the coins more valuable. Once 21 million bitcoins have been mined, it will become even harder to obtain them, also potentially making each coin more valuable. Miners currently receive a 12.5 BTC reward for every block that they mine, but Nakamotos protocol also requires that the mining reward is halved every 210,000 blocks , or approximately four years. The next miner halving will take place within two years, approximately in early June 2020 depending on hashrate, bringing the rewards down to 6.25 BTC per mined block. Not every digital currency is mineable like BTC. Some cryptocurrencies are created with the entire supply released all at once, in which case the total supply is either held or in circulation and there is no way to mine or mint new coins. Continue reading >>
How Many Bitcoins Are Yet To Be Mined?
The galloping growth of price of Bitcoin and Ethereum increases the hype around digital currencies. There is a growth of both money supply and investments in both BTC and ETH. More and more often we see questions on how much bitcoins and ether have been mined and can the supply meet everybodys demands. Bitnewstoday aims to answer these questions in the following article. Cryptocurrencies with limited and unlimited supply Digital currencies can be divided into two types: with fixed supply, when a limit of coins emission is pre-installed in their structure, and with uncontrolled supply, when coins, contrariwise, can be mined forever. Among the 25 most capitalized cryptocurrencies, 17 (or 68%) of them have a limited supply. These are: Bitcoin (BTC), Bitcoin Cash (BCH), Ripple (XRP), Litecoin (LTC) etc. Remaining 8 cryptocurrencies of the list have no emission limits for example, Ethereum (ETH), Monero (XMR), NEM (XEM) etc. You can check out the chart below to see the distribution of mined coins which have a limited supply. Table 1 Emission of 25 most capitalized cryptocurrencies Source: Bitnewstodays calculations based on Coinmarketcap data At the press time, more than 16.7 mln of bitcoin already circulate on the digital currency market, which makes 79% of established bitcoin supply limit. In other words, only 4.3 mln of bitcoins remain to be mined. Bitcoin supply speed is written in its code and is strictly limited. Every 4 years, the mining halves. Apart from this, as the stats below show, every new block is harder to mine every new month. Somewhere around 2140 the last 21 millionth bitcoin will emerge, and it is hard to predict what happens next. Some experts believe that at that time the price of Bitcoin will be more than a thousand times larger than the current one d Continue reading >>
Newbie Question : How Many Ether Units Have Been Mined, How Many Will There Be ? : Ethereum
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 >>
Were Mining Ethereum Again This Is How Much We Are Making
Were mining Ethereum again This is how much we are making Toward the end of 2017, we switched the software on our GPU mining rig from Claymore mining Ethereum to NiceHash. Our returns with Ethereum had been dropping rapidly , and the amount of time it took to mine 1 ETH had grown from just over 200 hours to 800 hours in three months. With the price of Bitcoin rising as our Ethereum returns dropped, we switched to NiceHash which let us mine altcoins which were then exchanged for Bitcoin. All was grand from there, until the massive NiceHash hack in December 2017. NiceHash was taken offline while the hack was investigated and our 6x RX580 rig was left idle. This proved fortuitous, however, as the start of our Ethereum mining coincided with a sharp rise in the cryptocurrencys price. When we started mining Ethereum in June 2017, it was worth around $360 and we made 1 ETH in under 10 days. This slowed to 1 ETH every 33 days around the middle of September 2017 when Ethereum had dropped to $260. With the returns dropping both in terms of Ethereum and US dollars and therefore rand we switched to NiceHash to bring in Bitcoin. After the NiceHash hack in December where we lost around $50 worth of Bitcoin at the time, as it was in the NiceHash wallet we downloaded the latest version of Claymore. The plan was to mine Ethereum in the interim while NiceHash was secured and brought back online. NiceHash has since come back online, but our rig is still humming to the sound of Ethereum mining thanks to its rise in price. Our Ethereum returns are still low, and we currently average a bit under 0.5 ETH per month with the rig performing at 120Mh/s. However, as Ethereum is sitting above the $1,200 mark (at the time of writing), our US dollar returns and by extension, our rand returns are muc Continue reading >>
History Of Ethereum: How It's Set To Overtake Bitcoin By 2018
History of Ethereum: How it's set to overtake Bitcoin by 2018 PeopleMine Facebook LinkedIn Twitter Email Print Ethereum has been characterised by a lot of volatility in recent times. At the moment this guide is being written this cryptocurrency has just suffered one more 'shock' that saw its price fall sharply and rise again in a short period of time (less than 24 hours). But what is ethereum? Why is it that we need to start paying attention to it? And why is it set to overtake bitcoin by 2018? In this guide we will answer these questions and more. We need to start in the beginning. The infographic below traces the history of Ethereum and identifies the key events that lead it to emerge as one of the most important cryptocurrencies. Starting in 2013, the infrastructure started to be built that would allow this new coin to pose a major threat to the main 'rival': bitcoin. Let's then trace the origins and evolution of Ethereum and lay the foundations for why, in our opinion, Ethereum is set to overtake bitcoin by 2018. How Ethereum is Set to Overtake Bitcoin in 2018 In order to understand how ethereum is set to overtake bitcoin we will introduce key ethereum concepts first. Once this is done we will address the core issue of concern in this guide: why we think ethereum will be the most important cryptocurrency in 2018. Ethereum' a term that often works the tongue while pronouncing it. But yet, it is a word that we must become accustomed to in the new found world of blockchain technology. By definition, Ethereum is a decentralized platform that runs smart contracts. The platform was developed by Ethereum Foundation, a Swiss non-profit, with some expert advice from great minds across the globe. The platform dawns us to a new found world of blockchain technology where all a Continue reading >>
Ethereum Mining Is Profitable, But Not For Long
Ethereum mining is profitable, but not for long Venture Capital | Investment Analysis | Deal sourcing + Execution. Previously founded and exited a profitable tech company in India You can also reach me at @shekhartee You can create a community post just like Shekhar here . This is a constant question, especially now that the price of Ethereum is rising. This year, Ethereum has seen an almost 20x jump in price. This increase has led people, who hadnt considered cryptocurrency, to sit down and become suddenly extremely interested. When this happens, I believe that most of the biggest profits have already been made. People have been mining the coin for months or years, and they have probably seen some tremendous gains, especially if they have a decent-sized operation. OK, lets get back to the question: Is it worth it to start mining? If you are just hearing about Ethereum and interested in maybe jumping onboard, this can be a very difficult question and the answer depends on a lot of factors. Well, hopefully, this article will help you get an idea of whether it is good to mine Ethereum. In elementary terms, Ethereum is an open software platform based on the blockchain technology that enables developers to build and deploy decentralized applications. I remember a friend once came up to me and asked, Is bitcoin and Ethereumsimilar? Well, sort of, but not really. Like bitcoin, Ethereum is a distributed public blockchain network. There are, of course, some significant technical differences, but the most important is that they differ substantially in purpose and capability. Bitcoin offers one application a peer-to-peer electronic cash system that enables bitcoin payments. The Ethereum blockchain can support many different types of decentralized applications. Wait, if it is a n Continue reading >>
How Much Can You Make Mining Ether And How Much Does It Cost To Run?
I'll break it down for you, show youhow much it costs to get up and running, how much you'll make and how much you can expect to pay for electricity, but first I want you to know that You're probably asking the wrong question. You shouldn't be asking "How much do I make in one day of mining Ether?"... Here's why: Asking that, demonstrates that you might be getting into mining for the wrong reasons. If you're setting up a rig thinking you're going to strike it rich with a couple of GPUs in your parents basement and you've run up your credit card on 'case fans' like a hardware junkie, you might need to reconsider your goal. There is NO Ether mining 'get rich quick' scheme, nor is Ether day-trading a smooth route to a quick buck. It takes some work to get the basics working for you, but what it really takes to make it work, is Time. If you are setting up a rig for any other reason, then you might be a long haul believer, like me. As I explained in one of my first articles' How I Learned to Mine Ether... , Bitcoin never felt that exciting to me, but Ethereum held promise of a new "form" of internet, the fuel of the new web, its' technological background is fundamentally different, and better. That alone is worth it for me, but then you add to that, the fact that some of the most valuable AltCoins are based on Ethreum as well. - that's why I voted for Ethereum with my dollars. But not just buying in, I got GPUs and dedicated my PC to be a mining rig because I wanted to be a part of the support for Ethereum and learn first hand how it all fits together, I really only 'invest' in things if I can understand and see how it works - I don't buy black box anything. So, as much as I would have to pay for new GPUs, I also put some money directly into buying ETH coins with smaller pu Continue reading >>