Jump in Ethereum difficulty (+20%)

[zenmining]

Hi!

What happens with Ethereum difficulty today?

https://etherscan.io/chart/difficulty

Hashrate is the same, difficulty rise and reward of course down.

Anybody understand why it happened?

[1715147641]

1715147641

[hwgeek]

its planed, +20% 30 days ago, this week and another +20% next moth :-(.

[varusisog]

That is the result of difficult time bomb.

[Brokerstar]

Fingers crossed for the price to go to the moon then 👌

[adaseb]

We have been getting these jumps for a few months already and I am surprised there are many who have no idea what these are.

[Za1n]

We have been getting these jumps for a few months already and I am surprised there are many who have no idea what these are.

Why bother with researching details and informing yourself about what you are mining when instead you can continue to buy rigs at 150% normal retail prices and hope for the moon!  /s

[Vann]

The Byzantium fork planned for the second week of October will roll back the ICE AGE difficulty ramp ups and return to the network difficulty predicated on the total hash rate along with a return to 15 second block times and a reward reduction to ~3 ETH. That should make the ETH mining payouts more than they have been in the last couple of months.

https://www.youtube.com/watch?v=gxtftZB7_jA&feature=youtu.be&t=1458

[Jdope]

Its the difficulty bomb, mining eth is sure going to be very unprofitable soon and looks like the prices aren't getting any better, hopefully we can mine other stuff, check out monero if you're on amd and vtc if nvidia

[Vann]

Its the difficulty bomb, mining eth is sure going to be very unprofitable soon and looks like the prices aren't getting any better, hopefully we can mine other stuff, check out monero if you're on amd and vtc if nvidia

Right now the block reward is 5 ETH with 30 second block times, which is 10 ETH generated per minute at an artificially high difficulty from the ICE AGE ramp up's. After the Byzantium fork the block reward will be ~3 ETH every 15 seconds, or 12 ETH generated per minute and a return to a lower network difficulty predicated on the total hash rate. Assuming the price stays the same, can you explain how mining ETH will be less profitable after the fork in three weeks than it has been in the last couple of months with the ICE AGE?

[xxcsu]

Hi!

What happens with Ethereum difficulty today?

https://etherscan.io/chart/difficulty

Hashrate is the same, difficulty rise and reward of course down.

Anybody understand why it happened?

Detailed info about Ethereum Difficulty Bomb here

Another topic about Etherum difficulty jump

[dotachin]

Wait. Difficulty reflects reward share of single miner to overall emission. If we have 20% difficulty increase each month over last 5 months, now miners get only 48% of emissed eth.

WHO TAKES THE REST 52% OF MINED ETH NOW? VITALICK?

[Tmdz]

Wait. Difficulty reflects reward share of single miner to overall emission. If we have 20% difficulty increase each month over last 5 months, now miners get only 48% of emissed eth.

WHO TAKES THE REST 52% OF MINED ETH NOW? VITALICK?

Jesus dude, no one gets those "secret coins"  as they do not exist.

[dotachin]

Jesus dude, no one gets those "secret coins"  as they do not exist.

Are you saying that emission just slows down by same 52% ?

[Tmdz]

Jesus dude, no one gets those "secret coins"  as they do not exist.

Are you saying that emission just slows down by same 52% ?

That is indeed the reason the block time has increased.

less blocks = less coins.

[Mattthev]

Byzantium update coming

• Byzantium releasing October 17th at block 4,370,000
• Mining rewards to increase ~23% from current levels at that time due to difficulty bomb delay
• 3GB Mining cards good on ETH until ~12-13th November 2018 (13.5months)

https://www.reddit.com/r/EtherMining/comments/71xfvi/byzantium_update_from_dev_call_and_3gb_mining/

[dotachin]

That is indeed the reason the block time has increased.

Already figured that out: https://etherchain.org/charts/blockTime Probably it was most reliable solution to keep exchange rates, despite its slowes transactions.

[warrior333]

If the rate of fall of production why do you get ETH? Then switch to another coin. I do think that in recent years the ETH has problems. I would not be surprised if soon we are waiting for a big dump.

[Pennywis3]

Its the difficulty bomb, mining eth is sure going to be very unprofitable soon and looks like the prices aren't getting any better, hopefully we can mine other stuff, check out monero if you're on amd and vtc if nvidia

Right now the block reward is 5 ETH with 30 second block times, which is 10 ETH generated per minute at an artificially high difficulty from the ICE AGE ramp up's. After the Byzantium fork the block reward will be ~3 ETH every 15 seconds, or 12 ETH generated per minute and a return to a lower network difficulty predicated on the total hash rate. Assuming the price stays the same, can you explain how mining ETH will be less profitable after the fork in three weeks than it has been in the last couple of months with the ICE AGE?

Byzantium won't make a big difference, the profits will more or less be the same as they were before the last 20% bomb, about the same as last winter and beginning of 2017.
Since the diff is increasing and the price is not going up, ETH soon won't be a viable mining option anymore.
The only thing that can save this scenario is ETH price going up, but i don't see that happening anytime soon.
Most people that can't dual mine or can't reach 30Mh/s+ on their cards are already switching to Monero.

[antantti]

Biggest "difficulty bomb" is the ETH/ fiat price. THAT is something you all in this thread should be worried about.

[davemanet]

Biggest "difficulty bomb" is the ETH/ fiat price. THAT is something you all in this thread should be worried about.

can you explain?

[frankbuse]

@Vann Thanks for Your insights.
I switched  from eth to etc/decred last month, but yesterday I switched to zcash 6x rx580 Total 1800 hs
I am very curious what the profit of eth will become after byzanthium, I do know power usage mining zcash is down by 30% 👍👍

[rodyw]

It's really hard to get mining Eth profitable with the current difficulty 

[UnknownX]

It's really hard to get mining Eth profitable with the current difficulty 

Yep, time to think where to move your hash power.

[marthor]

Wait. Difficulty reflects reward share of single miner to overall emission. If we have 20% difficulty increase each month over last 5 months, now miners get only 48% of emissed eth.

WHO TAKES THE REST 52% OF MINED ETH NOW? VITALICK?

Jesus dude, no one gets those "secret coins"  as they do not exist.

One could argue that the Ethereum devs are effectively getting more coins because their relative holdings are increasing (or decreasing at a slower rate, to be pedantic). Either way, this is a win for Eth devs and a loss for miners. 

[dave4925]

It's the ice age over time.  Difficulty increases exponentially with hashrate increase.  It also reduces by less when it adjusts to a lower hashrate.  Block rewards decrease from 25 to eventually 3.  This has been resulting in block times almost doubling this year.
It really is hitting hard today.  It will not get better, until maybe the hard fork on October 9 where it should set back the ice age difficulty bomb.  The intention is to phase out PoW when Casper PoS is implemented.

[newfulluser]

Byzantium update coming

• Byzantium releasing October 17th at block 4,370,000
• Mining rewards to increase ~23% from current levels at that time due to difficulty bomb delay
• 3GB Mining cards good on ETH until ~12-13th November 2018 (13.5months)

https://www.reddit.com/r/EtherMining/comments/71xfvi/byzantium_update_from_dev_call_and_3gb_mining/

By November 2018 no one is going to be mining ethereum unless the price is so fucking high and the electricity is cheap enough.
I hope we will be able to stake it by then.

[newfulluser]

It's really hard to get mining Eth profitable with the current difficulty 

Well I haven't noticed a huge decrease in earnings, only if you look back to for example april you realize that mining several eth per month with a 6gpu rig was normal back then.

[sevenmiles]

Ethereum Core Dev team is implementing Metropolis Byzantium
https://np.reddit.com/r/EtherMining/comments/6ywlxg/update_from_todays_ethereum_core_dev_call_for/
, which will:
Metropolis Byzantium hits testnet on September 18th
Difficulty Bomb on September 22nd will reduce current income by approximately 20%
Metropolis Byzantium go live on October 9th (not a final date, subject to change)
Mining rewards will increase by approximately 23% after Metropolis Byzantium goes live

A group of miners, investors, developers (mainly in China??not confirmed) believed that Ethereum Core Dev team will hurt their interests:
http://www.cahf.co/
So they planned a hardfork:
"This plan is for Community Activated Hard Fork, or CAHF. You can find technical specs here: https://github.com/CAHF/Ethereum-CAHF

CAHF will be activated “right before” Byzantium HF. We will update the specific time ASAP when the blockstamp of Byzantium hardfork is updated.

CAHF chain will follow and fork existing rules of the Ethereum’s main-chain, except for issuance reduction and POS. We will maintain our POW chain which will be the Ethereum-POW chain (when Ethereum hardforks to POS).

Despite of maintaining “large” network of cryptocurrency costs lots of human resources and other consumption, we will issue 10% of pre-mine inflation for “Develop and ‘storing value’” stake. (This will be 1% inflation of total supply)

Once we mine our stake ‘privately’ and check that there is no further problem on the chain, we will make our repository ‘public’ and release our CAHF geth node. (Will be updated to our twitter account)

Our CAHF developers are serious for monetary policy of CAHF chain therefore we decided CAHF’s total supply approx. 1 billion. When CAHF chain issued total 5 hundred million, we will halve the issuance to 2.5. This decision is from that “Ethereum is not an asset, is a currency”.

We share the same belief with some very early Ethereumers, that decentralization means that more than 1 billion people in 200 countries are using Ethereum as a saving currency and payment network, which comprises of hundreds of thousands of Ethereum services, traders, exchanges and software to be decentralized. We do not believe that decentralization means a decrease of issuance so there will be no more inflation before POS change or change to POS so some accounts that has larger volume of Ethereum takes most of issuance than who doesn’t."

[rodyw]

It's really hard to get mining Eth profitable with the current difficulty  

Well I haven't noticed a huge decrease in earnings, only if you look back to for example april you realize that mining several eth per month with a 6gpu rig was normal back then.

Ok, but with the current difficulty, my hashrate (90Mh/s) and my wattage the earnings are about $1,50 a day!  

[Sev18]

Ethereum difficulty bomb.. let's see would Byz fork solve this.

[rodyw]

Ethereum difficulty bomb.. let's see would Byz fork solve this.

Yeah, but that's in about three weeks. I sure hope it's going to solve the current difficulty, in the meantime i'm going to mine something else.

[Rody81]

Ethereum difficulty bomb.. let's see would Byz fork solve this.

Yeah, but that's in about three weeks. I sure hope it's going to solve the current difficulty, in the meantime i'm going to mine something else.

Same here.  I was planning on holding out and just sticking to ETH since I figured a lot of miners would jump ship, but after looking at the numbers and what else is out there I am going to switch.  I have a 7 card gtx 1070 rig and a 7 card gtx 1060 6gb rig, so I am thinking of mining either ZCash, Vertcoin or Ubiq.  Either way I am planning on holding the coins for a while to get greater gains.

[varusisog]

Ethereum difficulty bomb.. let's see would Byz fork solve this.

Yeah, but that's in about three weeks. I sure hope it's going to solve the current difficulty, in the meantime i'm going to mine something else.

Same here.  I was planning on holding out and just sticking to ETH since I figured a lot of miners would jump ship, but after looking at the numbers and what else is out there I am going to switch.  I have a 7 card gtx 1070 rig and a 7 card gtx 1060 6gb rig, so I am thinking of mining either ZCash, Vertcoin or Ubiq.  Either way I am planning on holding the coins for a while to get greater gains.

I agree with mining those coins. They might rise a lot later.

[rodyw]

Difficulty was going down to 2645 so I was hoping the bomb was over, but unfortunately it's going back to 3000 again.

[slovakia]

i love this bombs
i hope that all naive miners will be jumping from ETH to VTC .. im waiting with my 10400 VTC mined 4years before, VTC to the moon  

[dave4925]

i love this bombs
i hope that all naive miners will be jumping from ETH to VTC .. im waiting with my 10400 VTC mined 4years before, VTC to the moon 

They will probably go to ZCash first I think.

[rodyw]

i love this bombs
i hope that all naive miners will be jumping from ETH to VTC .. im waiting with my 10400 VTC mined 4years before, VTC to the moon  

Whattomine shows me a negative result for mining VTC  . So I don't think people will switch to mining VTC

[davemanet]

Byzantium update coming

• Byzantium releasing October 17th at block 4,370,000
• Mining rewards to increase ~23% from current levels at that time due to difficulty bomb delay
• 3GB Mining cards good on ETH until ~12-13th November 2018 (13.5months)

https://www.reddit.com/r/EtherMining/comments/71xfvi/byzantium_update_from_dev_call_and_3gb_mining/

Hi Matthev, thanks for the info.  It says "After October 17th, we should see our mining rewards improve by approximately 23% from what it is after this latest difficulty bomb adjustment.".  Do you have any idea how long this will last?  I'm trying to estimate profits.  I just dont want to be surprised with another dip by 20% later... any idea?

[sir4o]

Wait. Difficulty reflects reward share of single miner to overall emission. If we have 20% difficulty increase each month over last 5 months, now miners get only 48% of emissed eth.

WHO TAKES THE REST 52% OF MINED ETH NOW? VITALICK?

Vitalick, his girlfriend and his friends, constant parties and gaming

[Mr.Hush]

I am totally agree with difficulty bomb! But only with the proportional price increase  400 usd/Eth is good enough for current difficulty.

Am I right? 

[EMWEE]

I'm on free power so ill keep mining for ETH at the moment and wait for byzantium. I never sold any ETH that i mined and will HODL it. The current prices and difficulty have not convinced me to switch....yet.

[davemanet]

I am totally agree with difficulty bomb! But only with the proportional price increase  400 usd/Eth is good enough for current difficulty.

Am I right? 

yes i agree at $300 it's not very worth it

[dagarair]

I pay .07 Cents for electric so still good nuff for me.  I just mine and hold anyway until it goes up then I'll take a little off the table. Today's rate is still a 389% profit.

[sexycoin69]

mine most profitable, sell for eth, dont be lazy!

[EMWEE]

I guess it depends if u just sell your mining ETH instantly or HODL it.

[dagarair]

mine most profitable, sell for eth, dont be lazy!

When you have 180 rigs running chasing an extra 3% makes no sense.  Plus holding eth is what I am doing anyway.  I take some off the table when it's is high but mostly hold.

[BitTeo]

I have read ethereum pass to pos in future , anyone know when ? .

[EMWEE]

I have read ethereum pass to pos in future , anyone know when ? .

They expect Q4 2018

[rodyw]

In about ten days the Byzantium Hard Fork will take place, let's hope that it will have a positive effect on the difficulty

[slovakia]

i love this bombs
i hope that all naive miners will be jumping from ETH to VTC .. im waiting with my 10400 VTC mined 4years before, VTC to the moon  

Whattomine shows me a negative result for mining VTC  . So I don't think people will switch to mining VTC

by me= zcash+vtc=but vtc will be next giant after dead eth-bombs...lyre is very profitable for any gpus=and price is very low=roi is 1year,but future is in these coins 

[davemanet]

In about ten days the Byzantium Hard Fork will take place, let's hope that it will have a positive effect on the difficulty

Why do you say it would have positive effect on difficulty?

[Mattthev]

In about ten days the Byzantium Hard Fork will take place, let's hope that it will have a positive effect on the difficulty

Why do you say it would have positive effect on difficulty?

You should read this thread or Google it. I've already posted it here.

[dave4925]

Byzantium would remove the ICE AGE effect, which is exponential instead of direct proportion of difficulty to network hashrate.  Time is no longer a part of the equation that increases difficulty.

https://www.reddit.com/r/ethereum/comments/4vn3i2/what_is_the_ethereum_ice_age/d5zwcga/

[Metroid]

hahahahahaha, trolls waiting for a miracle to happen cause if not then the rope will be put on their necks hehe

[winiets]

I'm already here with the rope on my neck.
I bought a mining rig 1 month ago with 18 Nvidia GTX 1060 6GB Modded cards.
They have no display ports whatsoever they connected with risers to the Motherboard.
I get about 410-440 Mh/s at Ethash
5000 H/s at equihash.
I've started with mining ethere but it takes a long time to mine 1 full coin.
I recently switched over with 12 cards at zclassic and 6 cards at musicoin.
IMO its better to mine a cheap coin wich you get a few full coins a day.
What are your opinions on mining?
I dont see ether going up with more then 100% in the next weeks/months.
What coins are you mining with nvidia cards?
I am also thinking to mine a new coin but i dont know wich one.

[Metroid]

I'm already here with the rope on my neck.
I bought a mining rig 1 month ago with 18 Nvidia GTX 1060 6GB Modded cards.

Concerning the rope you are not alone hehe, how did you mod the gtx 1060? you can't mod the bios.

Also, look at this https://whattomine.com/coins/151-eth-ethash?utf8=%E2%9C%93&hr=420&p=2000&fee=2&cost=0.22&hcost=6000&commit=Calculate

for you to get your money back, it will take 804 days if no problems happen at all, which means put 10% more, so meaning to get your money back, it will take 900 days minimum which is almost 3 years.

[winiets]

With modded i mean there are no display ports whatsoever.
At least the company i bought the miner said modded cards.
The cards are connected to the motherboard with risers

[Metroid]

Well they must be mining cards however they are not better than the normal 6gb ones with display output. It's pretty much the same.

[davemanet]

With modded i mean there are no display ports whatsoever.
At least the company i bought the miner said modded cards.
The cards are connected to the motherboard with risers

What company?  Have a link?

That is weird that Nvidia made mining cards without display adapters.

You don't need to make all of your money back.  You just need to make enough for depreciation, then sell off the system and get your money back.

[winiets]

arcticsecrets
They sell gaming computers and recently gpu miners.
They have AMD
Nvidia 1070 and 1060

[dagarair]

not weird its the P series mining card.  They pulled out all the gaming stuff.  decent card 30 day warranty I think just like AMD.

[home_miner]

mine most profitable, sell for eth, dont be lazy!

Advice of the day ))

[davemanet]

mine most profitable, sell for eth, dont be lazy!

Advice of the day ))

what coins do you suggest?

[rodyw]

So the Byzantium hard fork was successful. The difficulty has dropped significantly from 3000+ to below 1500. Is it profitable to start mining again?

[Metroid]

So the Byzantium hard fork was successful. The difficulty has dropped significantly from 3000+ to below 1500. Is it profitable to start mining again?

There is no change in profit, halved the profit, halved the difficulty, move along, there is nothing to be happy or sad about.

[Gmzombie]

Actually I'm now getting .96 coin a month with 177mh where a week ago i was getting .72 of a coin.

[Metroid]

Actually I'm now getting .96 coin a month with 177mh where a week ago i was getting .72 of a coin.

No, you are not. It's all messed up right now. Give 2 days or so and check again then you will see your estimate monthly profit correctly.

[EMWEE]

Looks the same here.

[zuzuca]

yup..in the last 1-2 months the difficulty of most graphic cards mining coins that i am interested in has seen a significant increase.

[Coffee135]

Do we see a permanent decline in the profitability of production ETH. Sometimes I do a burst but it's too short. My rig has 6 RX 580. I tried to dig other coins but profitability even lower. While I don't see any alternative to the ETH and watched in silence as profit decreases. May be bitcoin's gold will offer the best performance? I heard that they also can be extracted with the help of the GPU.

[rodyw]

yup..in the last 1-2 months the difficulty of most graphic cards mining coins that i am interested in has seen a significant increase.

Sounds familiar. I decided to buy a mining rig two months ago for mining ETH or XMR. Both coins had nice profits. However, since I got my rig I barely manage to get my power costs back. 

[EMWEE]

It all depends what the future price of ETH will be.

[Oakey22]

Mining ETH has become pointless for anyone with electricity above $0.10, difficulty rising has killed it for me.

[konco_kenthel]

Hi!

What happens with Ethereum difficulty today?

https://etherscan.io/chart/difficulty

Hashrate is the same, difficulty rise and reward of course down.

Anybody understand why it happened?

it is possible that influenced by the news of the state that would prohibit the ICO so that the time required to recover the price back have the Exchange rate high also too long.

[BariaczRoni]

I guest ETH become the hotest coin for mining.So it's difficulty increase!

[Whitennerdy]

There will be constant jumps in difficulty, look at previous charts - 100 in january now 3000 - this is only 10 month period

[rodyw]

Mining ETH has become pointless for anyone with electricity above $0.10, difficulty rising has killed it for me.

So what are you mining now? It looks like all 'popular' coins like XMR, ZEC etc are in the same boat.

[varusisog]

Mining ETH has become pointless for anyone with electricity above $0.10, difficulty rising has killed it for me.

So what are you mining now? It looks like all 'popular' coins like XMR, ZEC etc are in the same boat.

The difference between the profitility is very small.

[Marvell2]

which is why the diff has not increasedfor a while, 1 year roi on gpus will do that, this is not a get quick rich scheme
1 year roi is great in any other buisness smh