PoW to PoS - questions

[cryptokangaroo]

Is Proof of Work is going to lose popularity compared to Proof of Stake? Ethereum is going to PoS.
Is there going to be a lot of hash (computational) power idle because of shifting to PoS?
Where that power be used then? Will it address such decentralized computing projects as Golem, Storj, Sia, etc?

[judypug1956]

Is Proof of Work is going to lose popularity compared to Proof of Stake? Ethereum is going to PoS.
Is there going to be a lot of hash (computational) power idle because of shifting to PoS?
Where that power be used then? Will it address such decentralized computing projects as Golem, Storj, Sia, etc?

this is an alt coin question does not belong here

I asked mods to move it.

[adaseb]

Is Proof of Work is going to lose popularity compared to Proof of Stake? Ethereum is going to PoS.
Is there going to be a lot of hash (computational) power idle because of shifting to PoS?
Where that power be used then? Will it address such decentralized computing projects as Golem, Storj, Sia, etc?

This question has been getting asked since 2016 when ETH was suppose to go POS in Summer 2016 and we are still waiting for the transistion.

Basically, if it goes fully POS then you can't mine ETH anymore. So all that hash will need to shift to other mineable coins like XMR. The problem is that ETH has a large daily miner reward that no GPU mineable coin at the moment can reach, so most likely every non-ETH GPU mineable coin will have huge difficulty increases and nothing will be profitable to mine and everybody will just turn off their rigs and sell their GPUs in eBay.

[jasta more]

Don't worry eth will never go pos,their devs forgot about diff bomb when they had hard fork a month ago.Eth is going pos from 2016 and still nothing

[mindrust]

PoS is as the name suggests, a piece of shit. A crippled system.

With PoW, by looking at the hashrate chart, you can have an idea of the strength of your network. You can see how eager people to keep the system secure.

As you see on btc hashrate chart, it is always going up, means either there are better hardware or more of the existing hardware. Either way it says one thing, the demand is going up. Shows how lively the network is.

[Lafu]

Guess ETH dont goes full to POS , maybe its possible that they come up with something like Hybrid mode so you can stake it and mine it .
But yeah they say that now for years and nothing realy happens about it.

And yes the thread should be moved to the Token Board

[jasta more]

PoS is as the name suggests, a piece of shit. A crippled system.

With PoW, by looking at the hashrate chart, you can have an idea of the strength of your network. You can see how eager people to keep the system secure.

As you see on btc hashrate chart, it is always going up, means either there are better hardware or more of the existing hardware. Either way it says one thing, the demand is going up. Shows how lively the network is.

It's not just that,pos as a system can be attacked in many ways unlike only 51% attack on pow.So far every pos coin was hacked in some way and that's one of main reasons why eth still have no plan how to switch to it

[sxemini]

Don't worry eth will never go pos,their devs forgot about diff bomb when they had hard fork a month ago.Eth is going pos from 2016 and still nothing

lol diff bomb is defused XD at the beginning of the year with the Muir Glacier fork.
POS will come slowly this year. it is not a hart change from pow to pos, it will take a while.

[Novatech8]

Is Proof of Work is going to lose popularity compared to Proof of Stake? Ethereum is going to PoS.
Is there going to be a lot of hash (computational) power idle because of shifting to PoS?
Where that power be used then? Will it address such decentralized computing projects as Golem, Storj, Sia, etc?

Many miners will have no choice but to move hashing power to other coins when ETH switched to POS but it's really a shame because ETH till this day is the most profitable coin to mine, the only option left is monero because it's the second most profitable coin to mine

[vvnbt520]

ETH announced that it plans to switch from PoW to POS. Everyone wants to know what’s next for GPU miners.
ETH mining revenue keeps falling, let alone there are electricity bills.
Currently, there are around 12,000 GPU machines mining BFC. As ETH plan to change from PoW to PoS, there will be around 3 million machines idle.
BFC full mortgaged revenue holds absolute leadership in the market. The mortgage mechanism scared away many traditional miners at first, but under high profit and growing confidence, more and more miners start to accept mortgage mode. F2pool shows that BFC daily produced ranking is set to surpass XMR and DASH.

[miner29]

ETH announced that it plans to switch from PoW to POS. Everyone wants to know what’s next for GPU miners.
ETH mining revenue keeps falling, let alone there are electricity bills.
Currently, there are around 12,000 GPU machines mining BFC. As ETH plan to change from PoW to PoS, there will be around 3 million machines idle.
BFC full mortgaged revenue holds absolute leadership in the market. The mortgage mechanism scared away many traditional miners at first, but under high profit and growing confidence, more and more miners start to accept mortgage mode. F2pool shows that BFC daily produced ranking is set to surpass XMR and DASH.

1 exchange that is questionable at best....doesnt look real promising.

[adaseb]

We discussed this BFC coin in the Phillipama1957 thread and from some of the comments it might be a ponzi scheme so you need to becareful. No idea if BFC is but there was a similar coin that was and avoid it.

I think the reason why they make it required is to raise the price of the coin. They know that miners are desperate these days to mine anything so they started to charge miners just to mine a coin. In my opinion I don't think its really fair, especially with electricity costs and equipment costs.

Only hope that right now to get ETH at $500 or maybe a ProgPOW algo which. Both are possible sometime within the next year or so.

[badbart]

ETH announced that it plans to switch from PoW to POS. Everyone wants to know what’s next for GPU miners.
ETH mining revenue keeps falling, let alone there are electricity bills.
Currently, there are around 12,000 GPU machines mining BFC. As ETH plan to change from PoW to PoS, there will be around 3 million machines idle.
BFC full mortgaged revenue holds absolute leadership in the market. The mortgage mechanism scared away many traditional miners at first, but under high profit and growing confidence, more and more miners start to accept mortgage mode. F2pool shows that BFC daily produced ranking is set to surpass XMR and DASH.

1 exchange that is questionable at best....doesnt look real promising.

Lol, wait until your investment in the coin tanks and the mining revenue falls.  It takes days to release your mortgaged coins so you can't sell quickly.  If the coin tanks 10% it will take 30 days to make up the diffidence with mining revenue.

I looked at the coin around $10 and now its $8.  With my machines i had to mortgage 2,250 coins to make $110 a day, that was $22,500 worth of coins.  Now the coin is at $8 I would be down $4,500 and my mining revenue would be $99 a day.  If the coin stayed at $8 I wold need 45 days to break even excluding electrical cost.  I would be looking at least a $3,000 loss so far.

[badbart]

Is Proof of Work is going to lose popularity compared to Proof of Stake? Ethereum is going to PoS.
Is there going to be a lot of hash (computational) power idle because of shifting to PoS?
Where that power be used then? Will it address such decentralized computing projects as Golem, Storj, Sia, etc?

Many miners will have no choice but to move hashing power to other coins when ETH switched to POS but it's really a shame because ETH till this day is the most profitable coin to mine, the only option left is monero because it's the second most profitable coin to mine

Most eth miners will have nothing to mine if eth goes pos.  AMD gpus aren't good for anything else, the gpus will be sold or trashed.

[Herry Toms]

Why did you think PoW is losing its popularity just because ETH is moving to PoS, what do you think about Bitcoin which is the most popular and big coin and still using Proof of Work?