Bitcoin Forum

EIPs to delay the difficulty bomb and reduce/maintain the block reward:

b. EIP-1234 - Delay bomb and reduce block reward to 2 ETH.

https://eips.ethereum.org/EIPS/eip-1234

Thoughts on the Ethereum Core Devs Meeting Constantinople Session #1 [08/31/18]

Meeting just ended.

All EIPs currently slated for Constantinople confirmed.

Next HF tentatively slated for 8 months after Constantinople.Difficulty Bomb delayed for 12mo(?).

There was a lot of discussion on Issuance Reduction and ProgPow/ASIC resistance.

In the end EIP-1234 prevailed(and thanks to Souptacular & Piper for recognizing the issue as time-sensitive and that while consensus on the issue hasn't coalesced around a specific EIP the broad intent of the community is clear in wanting a reduction).

It's expected that in the next two weeks or so EIP-1234 will be moved from Draft as Final and the be accepted to be included in the Constantinople HF (ETA is around Devcon4,possibly later).

​

What really surprised me was the absence of /u/ohgodagirl or someone else from the ProgPOW team to champion their proposal.

There seemed to be a very ambivalent attitude toward ProgPOW and that some core devs we're not that familiar with it.

I can understand the skepticism surrounding a fairly invasive change to the algo,some technical and the need to give the entire ecosystem some time to build mining tools/infrastructure to properly adopt it .It's also to be expected that some core devs are wary of devoting precious time working on altering the PoW stuff when PoS is the clear direction forward.

With that being said i think there should be no questions regarding the detrimental effect of having a large part of the network hashrate being provided by ASICS. ETH specifically adopted Ethash as the PoW algo to stave off asics for as long as possible.

Imho the the eth devs have a clear mandate to keep intact the original vision and to keep ETH ASIC-resilient.

I understand PoS is the holy grail and i do agree but since the timeline for Casper FFG has shifted significantly in the last year i think ProgPOW should be STRONGLY evaluated and, barring any technical showstopping issues , be adopted.

Gameover for GPU miners mining ETH then, Its borderline making any profit at all now anyway, Once this hits Gameover for you ETH  :-\

ETH block reward reduction to 2 ETH/Block confirmed and accepted for Constantinople.

FPGAs would be much less interesting to mine with, especially with the new gen of GPUs.

Even if Ethereum mining dies, just keep in mind that Monero is well alive and the profitability is almost the same if you exchange the coins in bitcoin or if you mine through mining software like Nicehash which pays you in bitcoin.

This is just a common meeting between the devs and I doubt it will have any game over effect on mining Ethereum.

You think it will profitable after a lot of hashing power moves from eth to xmr?

What about ETC?

I would think profits go down for everything.  What we need is a rally only way to stave off lower profits when eth craps on us.

One interesting point, well see to what extent the network is infested by ASICs and FPGAs.

if progpow was rejected then it only reinforces that changing the algo would only bring more problems to eth devs in the long term, a reduction to 2 eth from 3 currently is also conservative, so basically they chose to be conservative because probably eth could crash further if there was any damage from changing the algo. Anyway, my vote would go to reduce eth block reward to 1 and add progpow.

Also, fpgas are not a threat to ethash, asics like the f3 1.5 mhs and the incoming g3 7.5 mhs from bitmain are.

I agree with you exactly

What i find funny about this, is that they were very much for ProgPOW before they started selling FPGAs. I doubt they are much for ProgPOW anymore now that all they sell and advertise is FPGAs.

Well at least they didn't reduce it to 1 ETH.

In my opinion, reducing it is fine however they should of made this clear much earlier like a year ago. A lot of people are upset and its not only the miners but many think this is a stunt to raise the market value of ETH by reducing the supply.

The ETH devs have too much governance power unlike BTC. 

People will still mine the coin, just like they did when it was reduced from 5 ETH.

Don't think any Fpga has claimed to be effective on eth. Memory seems to be an issue.

ETH  is busy with hardforking
https://www.coindesk.com/ethereum-is-testing-code-for-its-next-hard-fork/

Reducing the block reward will help solve inflation problem in the ETH blockchain. However, this will NOT be friendly to miners at all and may backfire.

No need to be related emotionally with a spesific coin.
We miners (specially GPU), always will found a way to make some profit, less or more, but It will be.
ETH goes, HTE comes, LTC goes, CTL comes.
It doesnt matter, Important is to making profit.

We should drop ETH.
Since ETH dev don't give a shit about GPU miners we should leave them with ASIC miners and find new coins.
It seems Vitalik doesn't care anymore about decentralization

just a few ideas / facts

1º Constantinople will be applied in winter 2019. So still 1 year and 2 months away more or less. Many things can happen

2º Reward per block reduced to 2 ETH. If in 1 year ETH is at the same price, it will be an absolute NO GO for miners (although it's already a NO GO).

3º i don't think ETH will survive that long. Technical analysis shows that it's the worst top 10 performing coin. Huge resistances to break 20 day EMA. Many investors are dropping support on ETH and there is a very big lack of investment on ETH right now.

4º this can actually be good news for actual miners. Since this news will discourage people from investing on mining ETH. We have already seen the hashrate reduction from 268.000 GH/s to 252.000GH/s average. In the actual conditions, you have to be really mad, silly and stupid to invest a lot of money in mining a coin that will go unprofitable in 1 year. You´ll not even ROI at current conditions.

5º They obviously want to reduce the amount of coins generated, and begin to take away from the coin those miners, so that the migration to total PoS is done without many people complaining too much.

6º it's to be seen how PoS will reward people. Vitalik has never given numbers of how much money ETH is making out of Smart contracts. If ETH cap is around 20 billion $ and smart contracts have 30 billion, would be the migration to PoS a good idea?? My guess is that the money ETH is getting over smart contracts does not even get close to the value of the coin in the current manipulated market.

7º the real question: will it be worth to stock ETH so that, when PoS is implemented, you get a % of the money in smart contracts?? I think it will be a total NO. Specially when people begin to realise the huge problems ETH has with Scalability and amount of operations per second. Visa can do around 1700 operations per second. ETH only 20 and BTC only 4. If we want crypto to force real money away, ETH and BTC cannot do it.



Someone said, what about other coins?? When ETH goes PoS, a huge amount of GPU will have to search a place to go. There is currently NO PLACE TO GO THAT IS PROFITABLE. And if there is a profitable coin, it will go un profitable once those GPU collapse the pool, or even ASICS and FPGA collapse the market.

Tough days are coming.

Miners will just find another coin to mine.

they are plenty of them, also most miners do eth because is the most ez one.

@asdb its difftent from when they moved from 5 to 3 eth since they also dropped the block time from 30 sec to 15 sec so it was a wash.  This is the first true reduction of issuance.


honestly I feel this is a good thing , my hope is gpu miners stay on the old fork similar to how etc was formed, then at a later date implement the constantinople changes along with a progpow or cn7 v 2 fork and let the asics have eth.

We need to reduce the dependence of mining profit on ethereum asap anyways, let asics have it.

I think this will show all those who say there is too much hash out there for other algos not to get destoyed when eth becomes unprofitable which i may well be with a 30 percent drop in block reward unless price rises by 30 percent.

When you all see that the majority of hash in etherum is asic based anyways , I have a feeling 70 percent of the the eth hashrate is Asic, vitalk and them i bet know this.

Thing for *3 is that people realize they really want developers to provide what they promise (ASIC resistance) , 2nd almost all ASIC turned coins are turning shit except BTC so only way to do is a hard fork and drop out all kind of ASIC/FPGA for sometime..

The reduction of mining reward to 2Eth should have been done earlier,I know it is bad news for miners, but in the end, it may benefit all,  it was once said that the total supply will not exceed 100m,now we have crossed that

The reduction go into effect only in 14 months?

This Ocotber.
OP is clueless.
Also block time will be reduced from 10 to 7 minutes, so drop in profitability will not be 30%.
Somebody please correct me with relevant links.

I think they are still merging all the EIP and haven't decided on a block number yet for the hard-fork. From what I heard from the Reddit/Youtube comments is that it will most likely happen sometime during the Devcon 4 conference.

Which is in about 2 months or so, no idea why the guy said Winter 2019, most likely a typo and Winter 2018 which makes sense.

Per a GitHub post, the developers decided to accept the EIP-1234 scenario. It was proposed to delay the “Difficulty Bomb” for about 12 months, so the chain would be back at 30 second block times in winter 2019, and reduce the block rewards with the Constantinople fork

sorry , but you are the one clueless

https://cointelegraph.com/news/ethereum-core-devs-delay-difficulty-bomb-reduce-block-rewards-to-2-eth

if you think it carefully, would you go PoS on a coin that has lost 80% of value??Which incentives are investors going to have. It makes total sense to delay the difficulty bomb at least 12 months to see if this market recovers, and there is more hype. ETH devs needs ETH to be very valuable. Because, it can happen that huge exchanges could stock this coins and have a big % of the company when this coin goes PoS.

reward reduction is only good for investors which have thousands to millions of eth coins, I myself like the reduction but would have liked even more if it was less than that. The good thing is that they did something about it and the next fork means, price will rise, my guess is to $600 - $850 or so and bitcoin will follow, i guess to 10k or so.

no
OCTOBER 2018 2 ETH per block

lol wtf, its set for this october are u drunk? 2019 refers to the next fork, Constantinople is this year genius

learn to read please, don't make me laugh.

they have misread,  Istanbul October 2018 and eth blok per 2 eth Octaber 2018.

please, can you tell me where it says 2ETH fork will be applied in October 2018???

https://www.youtube.com/watch?v=mAs3JZHroKM  -----  core Devs stream 31 Augost 2018

https://www.reddit.com/r/ethereum/comments/9bua1y/eth_block_reward_reduction_to_2_ethblock/ --- reddit post talking about it.


it's been delayed. Stop talking bullshit and stick to reality.

delayed at casper pos,
October 2018 Istanbul hardfork, watch and see at october
and now I am writing from Istanbul :)

https://eips.ethereum.org/EIPS/eip-1234

I've just been able to catch up on ETH news after a few weeks and from what i've read i'm now confused as to when the block reward reduction is going to be implemented. Is it October 2018 or during the Constantinople upgrade in 2019?

That being said, it indeed seems like ETH mining is guaranteed to end for GPU miners when that happens (i don't see ETH price recovering anytime soon). I wonder if Bitmain knew that ETH was not going to go POS this year, thus the ASIC developments.

Ignore the troll, the fork to reduce block reward, delay difficulty bomb and a few other network updates is called
constantinople, and its this year october 2018

this...

Constantinople fork reducing block reward HAS NOT BEEN OFFICIALLY ANNOUNCED. What has been announced is the block reward reduction consensus NOT THE DATE OF THAT REDUCTION. And if it has been, PLEASE QUOTE IT, source, and official statement. If not, shut the fuck up.

PoW + PoS hybrid model "in terms of issuance  have been trashed (Casper FFG) read more here: https://www.mangoresearch.co/ethereum-roadmap-update/

2020 is the date "expected" for ETH to go PoS.

it's funny, because i'm the only one here that has been giving info , links and all this, and i'm the troll. Dammit , stupid people.

All sounds very familiar, I remember them saying 2017 for POS, Then delayed to 2018, now 2020.. Yeah POS isn't ever coming (in my opinion)

Simple, the reduction as it's not mind blogging like others things is on any next update, whichever, whenever it is. ETH as per the hasrate, is still the altcoin king, so people as it stands pay more for eth, i guess that even if it was reduced to one per block, profitability would not change x other altcoins cause price will also be adjusted in the market.

Vitalik has lots of ETH. PoS suits him very well.

this