Metropolois likely to reduce ETH mining reward to 3 or less

[nerdralph]

I've been following the discussions around the ETH reward reduction EIP, and the latest is to reduce the reward to 3.  The reasoning is that a one-time fixed reduction is much easier to test, and with the progression of longer block times a reward of 3 combined with a return to 14-15 second block times is effectively no change.
I think a reduction to as low as 2 ETH is a distinct possibility given Vitalik's comments too much electricity being used to mine ETH.
I also think the Metropolis hard fork is still 2-3 months away.

[adaseb]

Yeah I already made 2 threads about this issue and it seems nobody really cares or they are way too new to mining and don't really understand what it means for them.

[crypticj]

all that means by reducing reward is price of Ethereum is about to spike. mark my word Ethereum is going to be at $500 because as soon as its announced in terms of reduction in rewards BOOM scarcity people will start hoarding Ether.

[Semuda]

What is exactly Metropolis, an update to Ethereum ? I remember that I red somewhere that an update in two or three months will stop totally Ethereum mining, isn't it that ?

[Tmdz]

Too many noobs don't comprehend or they parrot old inaccurate info from others.

The problem is we need the low block times and high reward NOW before the market becomes completely saturated, but the difficulty bomb is snatching away vital profit.  So by fork time we will probably be pushing the lower end of profit ~$1 a day per gpu then the fork that will be no net change.  Unless we can get nice gains in price.

So we will have free heating for winter and maybe something will boom in 2018, but who knows.  Im building a nice crypto portfolio till then and if mining sucks too much ill sell some hardware off and put it in crypto.

[jmigdlc99]

I also think the Metropolis hard fork is still 2-3 months away.

Do any of you have sources on when Metro's ETA is? Ive read around from this forum it should come by December 2017.
Actually looking to upgrade my mining investments now for ETH long term holding

[BeerMan81]

Maybe the reduction in rewards would be another opportunity for another ICO'er to dump 34600 ETHs all at once. Meaning, as less coins are mined, the price would go up right? So, at that point they could dump at planned intervals.

[Metroid]

I recommend to buy and hold, they will likely pump eth to 0.3 btc minimum and it might reach 0.6 btc. Whales have been buying quietly, they have billions of dollars to pump this again and hold the price just a bit lower than where they want eth to stay.

[adaseb]

Alot of wrong info in this thread.

The Metropolis release isn't Casper which ends mining revenue by GPU mining. Its most likely going to get released in mid August to mid September at the latest.

And too many people are making speculations about price. Yes it "should" cause price to go higher since rewards are less however rewards are already reduced by 20% currently due to ice-age. And keep in mind ETH still might need a larger correction before it advances higher.

[tommy5dollar]

I think what people are saying is that the difficulty bomb should make prices go higher, not that Metropolis should per se.

By my calculations we should hit block 4m around Sunday evening at which point we should see a spike to ~30 seconds per block, right?

[adaseb]

I think what people are saying is that the difficulty bomb should make prices go higher, not that Metropolis should per se.

By my calculations we should hit block 4m around Sunday evening at which point we should see a spike to ~30 seconds per block, right?

Yes it will change on block 4m but won't be ~30 seconds more like ~18 seconds.

~30 will be mid August or so.

[Metroid]

The fact here is that whales and manipulators will have many reasons to pump eth once again without fear any major dump, as eth is going through uncertainties and certainties, the fact remains that difficulty is catching up, soon your $2.70 profit per card today will become $0.80 in few weeks and then in few weeks $0.40 per card and then $0 hehe

[nerdralph]

I also think the Metropolis hard fork is still 2-3 months away.

Do any of you have sources on when Metro's ETA is? Ive read around from this forum it should come by December 2017.
Actually looking to upgrade my mining investments now for ETH long term holding

Ethereum developers.  You don't have to look very hard to find what they are saying.  http://blog.ethereum.org

[fmz89]

I recommend to buy and hold, they will likely pump eth to 0.3 btc minimum and it might reach 0.6 btc. Whales have been buying quietly, they have billions of dollars to pump this again and hold the price just a bit lower than where they want eth to stay.

if eth at 0.3btc, eth would pass btc cap, and it wont happen my boy

[adaseb]

I recommend to buy and hold, they will likely pump eth to 0.3 btc minimum and it might reach 0.6 btc. Whales have been buying quietly, they have billions of dollars to pump this again and hold the price just a bit lower than where they want eth to stay.

if eth at 0.3btc, eth would pass btc cap, and it wont happen my boy

Exactly. ETH were it stands right now is highly overvalued.

It can surpass BTC, just not anytime soon. But maybe sometime in the future.

They need to become less centralized and rely less and less on the ETH foundation.

For example, how the ETH foundation wants to reduce block rewards just so they can manipulate the ETH price on the markets.