Topic: Ethereum Reduces Block Reward | ETH GPU Mining Will No Longer Be Profitable - page 5. (Read 8775 times)

For those sitting on hardware bought in 2016 or early 2017 this is not a big deal. It just cuts down on the eth inflation.

For all those new adopters who ran to mining and bought rigs financed at 21% APR on a credit card this is the death blow. The ETH hashrate only dropped about 10TH/s today. It needs to drop another 80 or so to reach equilibrium with the new emission rate.

This is just like LTC crashing from $50 to $4 back in 2014. It took 3 years to recover from that.

This recovery should be faster, but I see the first 1/2 of 2019 being in the red.

Bye bye moon lambo dreams. Chikun has crashed.

VOSK - I dumped most of my farm early this year. I am working hard to acquire more capitol to outright buy crypto when the times presents itself (probably Thansgiving or Christmas time).

They also agreed upon disabling/postponing the difficulty bomb by 12 months, so that will bring the difficulty very low, and ETH payouts for miners will actually GO UP once both these changes come into effect.

ETH has ALWAYS stated their goal of moving to POS as soon as possible, its just delays that have kept them on POW. ProgPOW has not been demonstrated to work in an actual live network yet so that is an academic example at best. They could also look at parameter changes to the existing Ethash algo instead (similar to whats being done to equihash for GRIN), but the E3 miners could just get a bios update to adopt.
A significant change in algorithm needs a lot of work to make sure all miners/pools/wallets are still compatible. I do however agree that this work is needed for continued stability of the network and sticking true to their claim of being a ASIC Resistant network. If you dont make an effort to stay true to your single biggest claim, why would anyone believe ANYTHING that comes out of the ethereum foundation. The network would have been nothing without the GPU miners - wouldnt even have gotten off the ground, and they need to disable the ASIC's.
I fear it may already be too late for the network as with the continued price crashes most GPU miners will be turning off their systems, and the network will be at the mercy of ASICs. The next month or so would be critical for not just GPU miners or the Eth token, but the future of the Ethereum network.

It is hard to directly compare mining Bitcoin to Ethereum, as while it it true that the BTC block reward halves every 210,000 blocks at least every BTC in existence was mined by miners. Ethereum started out with around 72 million coins and has since added 30 million more through mining.

So while further ETH block reward reductions will indeed limit inflation, it cannot be compared to Bitcoin's situation as only a bit less than a third of the Ethereum in existence came from direct mining. So it really comes as no surprise that Ethereum does not really care about mining as most of the investment in the coin came from private hands versus Bitcoin's more open and public approach.

too all the Eth gpu miners.  You miners are like the most annoying.  You guys don't take no for an answer.  Like constantly pestering a chick. No means no.

Leave Eth alone and go find some other coin to mine.

Bitcoin does that normally but no one complains, the Block reward halves in every 210,000 blocks.
From 50BTC to 25BTC (from start to early stages) and the recently 12.5BTC reward didn't have a lot of "disinterest" issues to the miners.

However, Bitcoin miners are mostly ASIC farms versus Ethereum is mostly consists of GPU mining pools.
We'll see after the implementation but in my opinion, this reward reduction will not cause any major downside to the Ethereum community.
ETH miners will simply... 'disgusted' but will never quit.

This decision has made me despise eth, i'm enjoying shorting it hope it burns.  

I'm not too knowable on the tech behind eth but wouldn't it make sense to make scale better then be fixated on POS and screwing miners?  The least they should do is change the algo and kick off the asics.

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.

https://www.youtube.com/watch?v=Wlu8UG8CPIE


Antminer E3 Ethereum Miner On Amazon - http://geni.us/QqQGUKB

In the recent Ethereum developers livestream by the Ethereum Foundation it was officially confirmed that the ETH mining block reward will be reduced from 3 Ether to 2 Ether in their hopes to curb inflation and appeal their investors / stakeholders.

With clear disinterest from the Ethereum team of developers to work on a new mining algorithm and their continued focus of developing their PoS Proof of Stake model.There is an extremely low probability of ETH adopting a new PoW Proof of Work algorithm especially one that is best for GPU mining such as ProgPOW.

Most recent ETH Dev livestream (shown and discussed in this video) can be viewed here - http://bit.ly/2O3hhpJ
1080 TI Mining Rig eBay search - https://ebay.to/2McfxIY
Ethereum Network hashrate graph chart - http://bit.ly/2MdZlXI
ProgPoW ifdefelse official github - http://bit.ly/2wWKUmf
Monero XMR hard fork countdown timer - http://bit.ly/2NvmucW

Mining Rig Parts IN STOCK on Amazon - http://geni.us/WQd7cCs

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