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Author Topic: Ethereum Reduces Block Reward | ETH GPU Mining Will No Longer Be Profitable  (Read 3177 times)
Danimore
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September 09, 2018, 05:02:28 PM
 #21

Maybe this is a bad news to make ETH deeply down last days and GPU miners will not be able to get profit.
Perhaps I should wait for more big dumps to get some cheap ETH coins to invest instead of investing to GPU mining hardwares.

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September 09, 2018, 05:29:47 PM
 #22

I think the time has come when gpu miners will mine only small speculative coins. Personally I stopped mining ETH since May and I didn't regret it.

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September 09, 2018, 05:41:53 PM
 #23

such a doom and gloom post.

profits will diminish.

the difficulty bomb has begun to take effect, so you can expect at least 10% faster blocks (2 second average) after fork.

plus due to the diminished block reward some farms hanging in the balance will be closing shop and selling their wares.

there are plenty of markets that will still be profitable with gpu's and E3's.

we're all on borrowed time anyways casper's POS was assumed implemented in full this time last year..

there is always classic for the holdouts if they care to adjust their philosophy to match where the money flows.

the block halving comment was interesting but its generally in 2-3 year intervals.. and dictated from genesis block. this is a bit more contreversial as the devs have some back and forth to decide how to move forward.

I like the decision, and I mine. its inportant not have have all your eggs in one basket as well as understanding perspective of the big picture.

Looking at the "Average Block Time" chart over at etherscan shows that the difficulty bomb hasn't started yet. Our average block times are still around 14-15 seconds unlike 30 seconds last Oct-Nov.

So this issuance wont be like last year where we get reduced rewards but faster block times, it will basically cut profits by 33%.

I also glanced over the hashrate chart and it seems like it's going down a little, I think last June we had this difficulty. However it could all still be variance.

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Marvell2
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September 09, 2018, 09:22:48 PM
Merited by suchmoon (4)
 #24

such a doom and gloom post.

profits will diminish.

the difficulty bomb has begun to take effect, so you can expect at least 10% faster blocks (2 second average) after fork.

plus due to the diminished block reward some farms hanging in the balance will be closing shop and selling their wares.

there are plenty of markets that will still be profitable with gpu's and E3's.

we're all on borrowed time anyways casper's POS was assumed implemented in full this time last year..

there is always classic for the holdouts if they care to adjust their philosophy to match where the money flows.

the block halving comment was interesting but its generally in 2-3 year intervals.. and dictated from genesis block. this is a bit more contreversial as the devs have some back and forth to decide how to move forward.

I like the decision, and I mine. its inportant not have have all your eggs in one basket as well as understanding perspective of the big picture.

Looking at the "Average Block Time" chart over at etherscan shows that the difficulty bomb hasn't started yet. Our average block times are still around 14-15 seconds unlike 30 seconds last Oct-Nov.

So this issuance wont be like last year where we get reduced rewards but faster block times, it will basically cut profits by 33%.

I also glanced over the hashrate chart and it seems like it's going down a little, I think last June we had this difficulty. However it could all still be variance.

BCI team implements ProgPow in a few weeks
https://bitcointalk.org/index.php?topic=2616641.0

Its not variance , GPU miners are leaving, monero is same profit as ETH and they are forking asics and fpgas,

bitcoin Interest just did what the eth devs said could not be done int three months in two weeks :
BCI team did all this -
- Implemented a working stable Miner for AMD and Nividia for ProgPOW,
- built their own pool and solo stratum implementation
- Implemented ProgPOW on their block-chain and even rolled it back to block one to reduce the chain size and then re-synched all the old coins to the new chain in the first 850 blocks
-Deployed from testnet to production with new wallets and builds for the pool implementation, miners and stratum implemenation.

All this in a few weeks lol  , I though the ethereum devs were supposed to be the best in the business, youre telling they could not even have tweaked the ethhash algo to fork asics let alone
implemented ProgPow if a small team of 3-4 with the help of the OhGod team could do all this in a few weeks ? GTFO.

This is why the Ethereum is dropping in value , thier dev teams are not innovating anymore , or at least pushing the evelope i.e  getting things done
I'm a dev myself , I know there are delays and risks and such to update and upgrading code and co-dependent systems but its like they are sleep-walking right now, they are definatly not as hungry as they used to be
they sounded more like Finacial guys than developers in thier meetings more interested in monetary policy  that playing with new code and concepts like ProgPOW.

personally my 8GH is off eth and split between BCI and XMR,  XMR basically after power costs has been identical in profits to Eth , for a while now




private pool discord
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September 09, 2018, 11:13:08 PM
 #25

such a doom and gloom post.

profits will diminish.

the difficulty bomb has begun to take effect, so you can expect at least 10% faster blocks (2 second average) after fork.

plus due to the diminished block reward some farms hanging in the balance will be closing shop and selling their wares.

there are plenty of markets that will still be profitable with gpu's and E3's.

we're all on borrowed time anyways casper's POS was assumed implemented in full this time last year..

there is always classic for the holdouts if they care to adjust their philosophy to match where the money flows.

the block halving comment was interesting but its generally in 2-3 year intervals.. and dictated from genesis block. this is a bit more contreversial as the devs have some back and forth to decide how to move forward.

I like the decision, and I mine. its inportant not have have all your eggs in one basket as well as understanding perspective of the big picture.

Looking at the "Average Block Time" chart over at etherscan shows that the difficulty bomb hasn't started yet. Our average block times are still around 14-15 seconds unlike 30 seconds last Oct-Nov.

So this issuance wont be like last year where we get reduced rewards but faster block times, it will basically cut profits by 33%.

I also glanced over the hashrate chart and it seems like it's going down a little, I think last June we had this difficulty. However it could all still be variance.

hrmm I thought it was to be between 12-13 seconds. just rechecked the white paper and can not find this value any where.

stand corrected.

casper with 2 second blocks will be nice.

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September 10, 2018, 06:40:39 AM
 #26

Quote

BCI team implements ProgPow in a few weeks
https://bitcointalk.org/index.php?topic=2616641.0

Actually its implemented already, i have been a long term holder/miner of this coin and im proud where the BCI team is headed.
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September 10, 2018, 11:29:35 AM
Merited by MagicSmoker (1)
 #27

...
the difficulty bomb has begun to take effect, so you can expect at least 10% faster blocks (2 second average) after fork.
...

Looking at the "Average Block Time" chart over at etherscan shows that the difficulty bomb hasn't started yet. Our average block times are still around 14-15 seconds unlike 30 seconds last Oct-Nov.
...

hrmm I thought it was to be between 12-13 seconds. just rechecked the white paper and can not find this value any where.
...

Even Gavin Wood's "yellow paper" (https://github.com/ethereum/yellowpaper) doesn't explicitly refer to a 15 second block time. Neither does the official Geth implementation code (https://github.com/ethereum/go-ethereum/).

Both just refer to an allowed range of 9 to 17 seconds for the block time where no difficulty adjustment is needed (excluding the "ice age" exponential increase). It can be seen in the yellow paper in equation 44 on p.6; as well as implemented in the Geth code in lines 339-354 of "consensus.go" (https://github.com/ethereum/go-ethereum/blob/master/consensus/ethash/consensus.go).

---

The "ice age" difficulty addition can be seen by following the formulas used in the paper (and code): take the block number, subtract 3 million ("ice age" delay in Byzantium), divide by a hundred thousand, subtract two from that, and raise 2 to that result.

So, for example: during the ~30 second block times seen mid-Oct 2017 before the "ice age" was delayed (ie. the subtract 3 million from block number step above), block numbers were in the 4.3 million range and thus had an "ice age" difficulty addition of 2^41. To get the resulting network difficulty increase from that, it can be approximated by multiplying this value by 700: so around ~1.5 petahash of network difficulty due to the "ice age" effect during mid-Oct (note: this is network difficulty, not network hashrate).

Once the "ice age" delay was implemented by subtracting 3 million from the block number in the Byzantium implementation, we can see the resulting drop of that ~1.5 petahash from the network difficulty after mid-Oct.

Right now, with the block number at around the 6.3 million mark, the current Byzantium "ice age" delay code would mean the network difficulty increase is only around ~1.5 terahash (ie. 6.3 million less 3 million, divide by 100k, subtract two, raise 2 to result => 2^31, times 700 to approximate network difficulty increase). Since the total difficulty is already around 3 petahash, the "ice age" effect currently only has a small-ish effect.

So, when the Constantinople "ice age" delay goes into effect (ie. subtract 5 million, instead of 3 million, from block number) I don't think removal of the current ~1.5 terahash "ice age" difficulty would put much of a dent in the current 3 petahash total network difficulty.
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September 10, 2018, 03:44:10 PM
 #28



This is why the Ethereum is dropping in value , thier dev teams are not innovating anymore , or at least pushing the evelope i.e  getting things done
I'm a dev myself , I know there are delays and risks and such to update and upgrading code and co-dependent systems but its like they are sleep-walking right now, they are definatly not as hungry as they used to be
they sounded more like Finacial guys than developers in thier meetings more interested in monetary policy  that playing with new code and concepts like ProgPOW.

personally my 8GH is off eth and split between BCI and XMR,  XMR basically after power costs has been identical in profits to Eth , for a while now



watching the dev stream i would say the same thing
the devs seem lazy and unwilling to try and fix mining
instead, reaching for the POS goal that has been delayed over and over and is obviously not working
i wouldnt be surprised if they never implement POS and all this has been nothing more than a speculative strategy
they are obviously all millionaires now as they would have only needed to sell a few thousand coins above 1k
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September 10, 2018, 03:51:42 PM
Merited by Metroid (1)
 #29

While I was trying to enjoy my trip to Christopher Newport University I was saddened with the official confirmation that Ethereum developers simply do not care for their GPU mining community.


If you are someone that is trying to do unbiased reviews and reporting, you really shouldnt say ignorant stuff like this. Because the devs didnt bend to gpu miners greed they suddenly dont care? The goal isnt to cater to whiny gpu miners that are motivated by personal greed, the goal is to support the long term health and vision of the product itself.

I swear all of you GPU miners have this victim mentality when it comes to anything that affects profit in a way you dont like. The moment profitability is changed in any way its a bunch of whining and crying about how "x coin doesnt care about us", and "we made the coin or it would be nothing".

Heres a little secret.....its a free market.....you dont have to mine the coin if you dont like it, but please get over the 'poor us' bullshit and just move along if you dont agree with a coins principles and goals. The goal of ethereum is not just to have a profitable coin for mining, that at its best point was just a side effect of the product they are trying to create.

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September 10, 2018, 03:56:59 PM
 #30

While I was trying to enjoy my trip to Christopher Newport University I was saddened with the official confirmation that Ethereum developers simply do not care for their GPU mining community.


If you are someone that is trying to do unbiased reviews and reporting, you really shouldnt say ignorant stuff like this. Because the devs didnt bend to gpu miners greed they suddenly dont care? The goal isnt to cater to whiny gpu miners that are motivated by personal greed, the goal is to support the long term health and vision of the product itself.

I swear all of you GPU miners have this victim mentality when it comes to anything that affects profit in a way you dont like. The moment profitability is changed in any way its a bunch of whining and crying about how "x coin doesnt care about us", and "we made the coin or it would be nothing".

Heres a little secret.....its a free market.....you dont have to mine the coin if you dont like it, but please get over the 'poor us' bullshit and just move along if you dont agree with a coins principles and goals. The goal of ethereum is not just to have a profitable coin for mining, that at its best point was just a side effect of the product they are trying to create.



cheer up buddy, life is too short to be so upset about one sentence I copy and pasted from my youtube video description Cheesy

As miners continue to be shafted and disregarded, you will witness the cryptocurrency ecosystem change -- and not for the better.

Check out my Crypto YouTube channel
https://www.youtube.com/VoskCoin
If you enjoy my content click Subscribe
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September 10, 2018, 04:17:17 PM
 #31

While I was trying to enjoy my trip to Christopher Newport University I was saddened with the official confirmation that Ethereum developers simply do not care for their GPU mining community.


If you are someone that is trying to do unbiased reviews and reporting, you really shouldnt say ignorant stuff like this. Because the devs didnt bend to gpu miners greed they suddenly dont care? The goal isnt to cater to whiny gpu miners that are motivated by personal greed, the goal is to support the long term health and vision of the product itself.

I swear all of you GPU miners have this victim mentality when it comes to anything that affects profit in a way you dont like. The moment profitability is changed in any way its a bunch of whining and crying about how "x coin doesnt care about us", and "we made the coin or it would be nothing".

Heres a little secret.....its a free market.....you dont have to mine the coin if you dont like it, but please get over the 'poor us' bullshit and just move along if you dont agree with a coins principles and goals. The goal of ethereum is not just to have a profitable coin for mining, that at its best point was just a side effect of the product they are trying to create.



I also do agree with this, people are seeing price about eth, i see the tech behind it, if it was not for eth and its devs cryptos would have never got to this point, many coins today like ada, neo, eos and many others are a reflection of what eth is about, nowadays we see daps which is the future and maybe even bitcoin can get some of the eth ideals with time and if it does not then it will stagnate.

BTC Address: 1DH4ok85VdFAe47fSVXNVctxkFhUv4ujbR
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September 10, 2018, 10:46:24 PM
 #32

nowadays we see daps which is the future.
Not so sure I agree with this anymore. 4 years of Dapps and all we have meaningful to show for it is fucking crypto cats?
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September 10, 2018, 11:10:03 PM
 #33

While I was trying to enjoy my trip to Christopher Newport University I was saddened with the official confirmation that Ethereum developers simply do not care for their GPU mining community.


If you are someone that is trying to do unbiased reviews and reporting, you really shouldnt say ignorant stuff like this. Because the devs didnt bend to gpu miners greed they suddenly dont care? The goal isnt to cater to whiny gpu miners that are motivated by personal greed, the goal is to support the long term health and vision of the product itself.

I swear all of you GPU miners have this victim mentality when it comes to anything that affects profit in a way you dont like. The moment profitability is changed in any way its a bunch of whining and crying about how "x coin doesnt care about us", and "we made the coin or it would be nothing".

Heres a little secret.....its a free market.....you dont have to mine the coin if you dont like it, but please get over the 'poor us' bullshit and just move along if you dont agree with a coins principles and goals. The goal of ethereum is not just to have a profitable coin for mining, that at its best point was just a side effect of the product they are trying to create.




You act as if greed is a bad thing. Or at least the fundamental virtue beneath greed - being self sufficient. Crypto revolution has a chance at breaking away from the large world bank cartel that basically employees all of humanity into a manipulated slavery (manipulated because of all the price fixing and artificial supports). If the ETH devs did not support GPU miners greed then should we assume they caved to ASIC miner greed? Shall I just call you Jihan?

ETH needs to go POS to see itself as something viable other than the massive environmental mess that it has become in the media's eyes. The devs insist they are focusing on POS and can't be bothered to do minor forks to support decentralization (it's easy to stick 100 ASICs in a room, not so much 10K video cards).

Here's a little secret. It's not a free market. In isolated bubbles it is, but the world is filled with laws that goes against fair play. One not need to any further so see Bitmain's China exodus to see that. Had ETH never seen POW and just created everything from thin air like ripple I doubt MSFT and many other techs would have even bothered jumping onboard. The capitol flow would not have been there (as paltry as it has been thus far). ETH would have been just another ripple also-ran.

If every coin would end up becoming ripple then I for one would just sell all my crypto and just cash out now and write it off as the failed experiment of my lifetime.
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September 10, 2018, 11:13:03 PM
 #34

ETH needs to go POS to see itself as something viable other than the massive environmental mess that it has become in the media's eyes. The devs insist they are focusing on POS and can't be bothered to do minor forks to support decentralization (it's easy to stick 100 ASICs in a room, not so much 10K video cards).

You realize PoS is just a rich get richer scheme and regular miners wont be a part of it right? All the money will be made by people that are already holding LARGE amounts of ETH. PoS is not the answer, its one of the worst possible outcomes.
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September 10, 2018, 11:17:46 PM
 #35

First of all, mining difficulty for Ethereum has gone up astronomically, then the introduction of proof of stakes consensus, coupled with drastic fall in the price of Ethereum  and now we are having in addition to the above  a reduction in the block rewards. It is going to make a lot of miners less incentive to continue and stop altogether
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September 10, 2018, 11:27:32 PM
 #36

ETH needs to go POS to see itself as something viable other than the massive environmental mess that it has become in the media's eyes. The devs insist they are focusing on POS and can't be bothered to do minor forks to support decentralization (it's easy to stick 100 ASICs in a room, not so much 10K video cards).

You realize PoS is just a rich get richer scheme and regular miners wont be a part of it right? All the money will be made by people that are already holding LARGE amounts of ETH. PoS is not the answer, its one of the worst possible outcomes.

Yeah if you look at it in a closed bubble. Sure the guy who holds 1k eth in a node will have 1.05k eth at the end of the year. The poor farmer in Republic of Congo has no opportunity to gain from this.

EXCEPT.

If these blockchains can actually be used as a currency (provided the emission rate is low). Right now it takes the equivalent of $50 USD to send $150 in Congo. Banks are just milking daily activities there.

The entire supply chain of this planet relies on moving electronic made up money here and there. Even most people in the US slave away at a job so that a few data bits can be sent each money into Dimon's chase mortgage operations account. Human manpower converted into digital potential.

The whole point of POW is that the W is something that humans can wrap their minds around.

Imagine if we somehow had some way of issuing 100 Dodo coins to every human on Earth based on their DNA signature and some alien forced us all to use Dodo coins as currency. The haves of this world would have a shit fit and the have-nots would most likely be pleased. But that's unlikely to happen.
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September 11, 2018, 03:19:47 AM
 #37

Vosk, how can you make a post like this and then put a referral link to amazon for overpriced E3s?  A little hypocritical don't you think?
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September 11, 2018, 03:39:00 AM
 #38

such a doom and gloom post.

profits will diminish.

the difficulty bomb has begun to take effect, so you can expect at least 10% faster blocks (2 second average) after fork.

plus due to the diminished block reward some farms hanging in the balance will be closing shop and selling their wares.

there are plenty of markets that will still be profitable with gpu's and E3's.

we're all on borrowed time anyways casper's POS was assumed implemented in full this time last year..

there is always classic for the holdouts if they care to adjust their philosophy to match where the money flows.

the block halving comment was interesting but its generally in 2-3 year intervals.. and dictated from genesis block. this is a bit more contreversial as the devs have some back and forth to decide how to move forward.

I like the decision, and I mine. its inportant not have have all your eggs in one basket as well as understanding perspective of the big picture.

Looking at the "Average Block Time" chart over at etherscan shows that the difficulty bomb hasn't started yet. Our average block times are still around 14-15 seconds unlike 30 seconds last Oct-Nov.

So this issuance wont be like last year where we get reduced rewards but faster block times, it will basically cut profits by 33%.

I also glanced over the hashrate chart and it seems like it's going down a little, I think last June we had this difficulty. However it could all still be variance.

BCI team implements ProgPow in a few weeks
https://bitcointalk.org/index.php?topic=2616641.0

Its not variance , GPU miners are leaving, monero is same profit as ETH and they are forking asics and fpgas,

bitcoin Interest just did what the eth devs said could not be done int three months in two weeks :
BCI team did all this -
- Implemented a working stable Miner for AMD and Nividia for ProgPOW,
- built their own pool and solo stratum implementation
- Implemented ProgPOW on their block-chain and even rolled it back to block one to reduce the chain size and then re-synched all the old coins to the new chain in the first 850 blocks
-Deployed from testnet to production with new wallets and builds for the pool implementation, miners and stratum implemenation.

All this in a few weeks lol  , I though the ethereum devs were supposed to be the best in the business, youre telling they could not even have tweaked the ethhash algo to fork asics let alone
implemented ProgPow if a small team of 3-4 with the help of the OhGod team could do all this in a few weeks ? GTFO.

This is why the Ethereum is dropping in value , thier dev teams are not innovating anymore , or at least pushing the evelope i.e  getting things done
I'm a dev myself , I know there are delays and risks and such to update and upgrading code and co-dependent systems but its like they are sleep-walking right now, they are definatly not as hungry as they used to be
they sounded more like Finacial guys than developers in thier meetings more interested in monetary policy  that playing with new code and concepts like ProgPOW.

personally my 8GH is off eth and split between BCI and XMR,  XMR basically after power costs has been identical in profits to Eth , for a while now




The problem is the ETH devs are corporate guys now why would they care about what the community wants they are being back and ran by big money just like zcash look at the founders who are getting 20% of the block reward zooko don't give a shit about gpu miners he make $340,000 a month just from the founders cut ZCASH is ran buy one person ZOOKO what he says goes that why I dont mine, buy, or trade zcash anymore

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lunobird
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September 11, 2018, 04:07:23 AM
 #39

such a doom and gloom post.

profits will diminish.

the difficulty bomb has begun to take effect, so you can expect at least 10% faster blocks (2 second average) after fork.

plus due to the diminished block reward some farms hanging in the balance will be closing shop and selling their wares.

there are plenty of markets that will still be profitable with gpu's and E3's.

we're all on borrowed time anyways casper's POS was assumed implemented in full this time last year..

there is always classic for the holdouts if they care to adjust their philosophy to match where the money flows.

the block halving comment was interesting but its generally in 2-3 year intervals.. and dictated from genesis block. this is a bit more contreversial as the devs have some back and forth to decide how to move forward.

I like the decision, and I mine. its inportant not have have all your eggs in one basket as well as understanding perspective of the big picture.

Looking at the "Average Block Time" chart over at etherscan shows that the difficulty bomb hasn't started yet. Our average block times are still around 14-15 seconds unlike 30 seconds last Oct-Nov.

So this issuance wont be like last year where we get reduced rewards but faster block times, it will basically cut profits by 33%.

I also glanced over the hashrate chart and it seems like it's going down a little, I think last June we had this difficulty. However it could all still be variance.

BCI team implements ProgPow in a few weeks
https://bitcointalk.org/index.php?topic=2616641.0

Its not variance , GPU miners are leaving, monero is same profit as ETH and they are forking asics and fpgas,

bitcoin Interest just did what the eth devs said could not be done int three months in two weeks :
BCI team did all this -
- Implemented a working stable Miner for AMD and Nividia for ProgPOW,
- built their own pool and solo stratum implementation
- Implemented ProgPOW on their block-chain and even rolled it back to block one to reduce the chain size and then re-synched all the old coins to the new chain in the first 850 blocks
-Deployed from testnet to production with new wallets and builds for the pool implementation, miners and stratum implemenation.

All this in a few weeks lol  , I though the ethereum devs were supposed to be the best in the business, youre telling they could not even have tweaked the ethhash algo to fork asics let alone
implemented ProgPow if a small team of 3-4 with the help of the OhGod team could do all this in a few weeks ? GTFO.

This is why the Ethereum is dropping in value , thier dev teams are not innovating anymore , or at least pushing the evelope i.e  getting things done
I'm a dev myself , I know there are delays and risks and such to update and upgrading code and co-dependent systems but its like they are sleep-walking right now, they are definatly not as hungry as they used to be
they sounded more like Finacial guys than developers in thier meetings more interested in monetary policy  that playing with new code and concepts like ProgPOW.

personally my 8GH is off eth and split between BCI and XMR,  XMR basically after power costs has been identical in profits to Eth , for a while now




The problem is the ETH devs are corporate guys now why would they care about what the community wants they are being back and ran by big money just like zcash look at the founders who are getting 20% of the block reward zooko don't give a shit about gpu miners he make $340,000 a month just from the founders cut ZCASH is ran buy one person ZOOKO what he says goes that why I dont mine, buy, or trade zcash anymore

At least he makes a proven product. Other coins are just scams or not serious investments bc nobody likes working for free
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September 11, 2018, 12:31:07 PM
Last edit: September 11, 2018, 01:13:11 PM by d57heinz
 #40

First of all, mining difficulty for Ethereum has gone up astronomically, then the introduction of proof of stakes consensus, coupled with drastic fall in the price of Ethereum  and now we are having in addition to the above  a reduction in the block rewards. It is going to make a lot of miners less incentive to continue and stop altogether

This is an active war against decentralization. Money talks bs walks. Decentralization is bs. Face it folks.  The sooner you realize this the more money you will keep in your pocket.  Look at nature. Everything centralized. Naive humans!   It’s always going to go where the resources are. Bottom line end of story!

BR

Hmm looks like we will see a huge dump in the chip sector as well. Keep your eyes peeled for the whole picture folks.  This fake it till you make doesn’t work when it’s among the smartest minds.  Nice try tho:)

Link to news. https://www.investopedia.com/news/chip-sector-correction-looming-due-inventory-clsa/?utm_source=news-to-use&utm_campaign=&utm_term=14418695&utm_content=09/11/2018&utm_medium=email

As in nature, all is ebb and tide, all is wave motion, so it seems that in all branches of industry, alternating currents - electric wave motion - will have the sway. ~Nikola Tesla~
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