Topic: ETH Difficulty +11% in less than 24 hours. - page 4. (Read 12933 times)

What would you suggest to mine with gtx 1070? When i was checking profitability charts and such i noticed eth is only few percent less profotable then other coins.

I have right now 17x gtx 1070.

Difficulty jumped almost 20% today. So you trolls are making 20% less money and that is only today hehe

You have to dig while you can. Now the price justifies itself. Then we will look for a replacement. 

Dude, The difficulty bomb IS the ice age, they are the same thing only they call the ice age when block chain freezes.

 That's not due to the difficulty bomb though, which is what *I* was specifically talking about.

 That's due to Ice Age changing the block time spec, completely DIFFERENT issue that does affect mining profitability *AND* new coin availability (and might affect the price some but not due to anything miners are doing).

 

 Which doesn't stop the dealers and distributors from bulk sales, nor does it prevent the large farms from doing multiple smaller orders.

No the same number of coins will not be mined, you do not understand what the ice age is.

Block time will continue to increase, reducing the emission of coins and reducing profit for miners.

Miners will not be able to keep up with difficulty as is the case right now, block time is 17.5 sec but should be 14 sec.

Eventually block times will get so slow that the chain will die, so you either fork or die.

I entirely get what you are trying to saying and really appreciate the semi deep dive into the relationship between price and hashing rate.    Let me try to put explain it another way:

The release of coins (ETH) into the world will be CONSTANT regardless of how many miners there are.   Because of the CONSTANT rate of release of ETH, miners will have no direct bearing on the the PRICE of ETH.

I am still not 100% sure as to the correctness of that statement, but I think that was your point.

 That makes ZERO sense. The same number of coins are going to get mined no matter what the diff does, the same number of blocks are going to get created, etc.

 It doesn't affect ANYTHING that matters.

 It certainly does NOT affect "miners hording coins" in any way, shape, or form, as it affects ALL MINERS EQUALLY.

 Half right.

 Yes, most 1070 are capable of 30 Mh/s or very close.
 No, they are NOT available to buy almost everywhere for the last week or so - avaiability has gotten REAL spotty, almost down to RX 470/570/480/580 levels - though the price hasn't climbed AS MUCH yet, it's also headed up well into 1080 territory.

 People mining ETH on a 1070 are being kinda dumb though, those cards do a LOT better on other algos and coins for profitability.

I suggest everybody selling their coins now. I will keep and check back in a couple of years.
A simple matter of not betting money you can't afford to lose.

Yes. The short-term price of Ethereum is inherently unstable. It's very much like a stock. I'm talking about longer term. Exactly 2 months ago, Ethereum was worth $48. Then the Ethereum Alliance announced a number of new partners and the price jumped to over $100 in a short period of time. Ethereum gained more popularity and the price increased even more. More alliance members, increase in price. More people adopting, increase in price.

Yes, in the short-term, the price of Ethereum has dropped a bit. This is speculation, but I'm guessing people are getting nervous because of the network slow-downs. In the long run, Ethereum will get more backers and more people will invest and the price will go back up.

It's all a guess, but IMO, Ethereum is a very good bet.

What increase? if you are saying past 2 months yes, look at this week, eth already crashed 30% and the difficulty rose 100% and that was only this week.

Miners follow the money, not the other way around.

The increase in ETH price has nothing to do with the increase in miners.
ETH would still be viable even if it had 1 miner. That miner would just be finding blocks like crazy.

The increase in ETH price has everything to do with adoption, investors, and people getting excited about Blockchain and Cryptocurrencies in general.

 Given how hard GTX 1070 cards have been getting hit in the last week, I disagree with that last statement.

 I don't see the "difficulty bomb" mattering, and don't understand why ETH wasted the time to create it - as it affects all miners equally, it isn't going to change profitability at ALL on a per-card basis.


 The "phase in" aspect of the current plans to move ETH to PoS might soften the landing when all those ETH cards start looking for new homes - but it's still going to be brutal eventually, unless the current price jumps resume before that point in some of the other bigger coins like ZEC.
 We're also talking sometime NEXT year it looks like before it becomes a significant issue - though ETH has had to "delay" plans for the PoS transition before....


 It's not stupid for a miner to sell their coins immediately - it's sometimes "I have BILLS to pay", it's more often "I don't trust this coin to stay at this price" or "I don't trust the volitality".
 Keep in mind that coin prices are NOT automatically going to go up - Bitcoin was well over $1000 at it's earlier peak, then dropped as low as $200 and spent a LONG time under $500.
 Litecoin hit it's all-time peak near $50, a year later it was more like $2 and spent a LONG time under $5 - and I don't think it's EVER gotten back to that all-time peak (though this last week it got very close, one way or the other).

 Then there's the bear in the woods that far too many cryptocoin devs keep ignoring - outside of Bitcoin, ETH, and Litecoin, how many coins have significant acceptance in The Real World?
 In fact, I probably shouldn't include ETH and LTC in that list as both combined don't get accepted at 10% as many places as Bitcoin alone does.
 Without the ability to spend the coins in The Real World, they have zero chance at long-term viability.

They will not be doing a full pos switch at the next fork, at best the team wants to "test the water" and do a hybrid pow/pos with pos accounting for ~1% of blocks.  From there they bring POS blocks up if it goes well, so mining will back to normal.

But watch the forums around august late summerish there will be a lot of people freaking out once the ice age gets really bad, it jumps the difficulty every 100k blocks.

Whats even worse, most rookies don't know what difficulty is. So they just buy cards blindly ignoring every aspect of mining profitability.

Thanks for the link! Next couple of months are going to be interesting to say the least. Hashrate is going up, difficulty level is going up, PoS is coming - The perfect storm is brewing.

But the difficulty rise caused by "ice age" will drecrease the effective issue of the coins.