How coming ethereum PoS hard fork will impact profit of miners?

gotminer

member

Activity: 644

Merit: 24

Quote from: QuintLeo on February 15, 2018, 04:28:55 PM

Quote from: Tidsdilatation on February 15, 2018, 04:31:39 AM

Quote from: QuintLeo on February 14, 2018, 10:38:42 PM

WHEN THAT HAPPENS though, profitability on ALL GPU-mineable altcoins is going to collapse as all of the ETH POW GPUs (some MILLIONS of them now) look for new homes.

Lol man, this wont happen. Since they will deploy their PoS in batches, starting at 99% PoW the hashrate will slowly decrease over time, meaning other coins wont get a sudden influx of hashrate. It will increase over time. Another thing is that the amount of hashpower a coin has to secure its blockchain is a fundation for the price. Higher hashrate = Higher price since its more secure.

The plan is 99/1 split, test the POS stuff, then move to full POS, per my understanding of posts from the devs about the planning.
There is no "gradual shift" planned like you are talking about.

Is the testnet even working yet?

QuintLeo

legendary

Activity: 1498

Merit: 1030

Quote from: Tidsdilatation on February 15, 2018, 04:31:39 AM

Quote from: QuintLeo on February 14, 2018, 10:38:42 PM

WHEN THAT HAPPENS though, profitability on ALL GPU-mineable altcoins is going to collapse as all of the ETH POW GPUs (some MILLIONS of them now) look for new homes.

Lol man, this wont happen. Since they will deploy their PoS in batches, starting at 99% PoW the hashrate will slowly decrease over time, meaning other coins wont get a sudden influx of hashrate. It will increase over time. Another thing is that the amount of hashpower a coin has to secure its blockchain is a fundation for the price. Higher hashrate = Higher price since its more secure.

The plan is 99/1 split, test the POS stuff, then move to full POS, per my understanding of posts from the devs about the planning.
There is no "gradual shift" planned like you are talking about.

blockchange88

jr. member

Activity: 141

Merit: 4

ethereum is a fork of ethereum classic.

Quote from: BennyT on February 14, 2018, 10:42:07 PM

We should all hope ETH moves on from GPU mining. We need more coins, other coins that are mineable that increase the total crypto market cap ten fold. It’s almost at 500 billion now. It needs to go way higher. I’m all for the end of GPU mining on eth. Let’s cotinue to build the crypto sphere

how are you a full member? we dont need anymore shit coins. we need the few cream of the crop to rise to the top and start proving their use cases. not some shitcoin that says they will have a minimal viable product in 3-5 fucking years. i wouldnt touch those coins with 10 foot stick.

somewhan

member

Activity: 130

Merit: 10

Yeah... don't see that correlation either. It will just be more miners and more selling pressure on the other coins.

pickleburglar

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Quote from: BennyT on February 14, 2018, 10:42:07 PM

We should all hope ETH moves on from GPU mining. We need more coins, other coins that are mineable that increase the total crypto market cap ten fold. It’s almost at 500 billion now. It needs to go way higher. I’m all for the end of GPU mining on eth. Let’s cotinue to build the crypto sphere

How does ETH becoming unmineable help the other coins with their value?

Tidsdilatation

sr. member

Activity: 518

Merit: 250

Quote from: QuintLeo on February 14, 2018, 10:38:42 PM

WHEN THAT HAPPENS though, profitability on ALL GPU-mineable altcoins is going to collapse as all of the ETH POW GPUs (some MILLIONS of them now) look for new homes.

Lol man, this wont happen. Since they will deploy their PoS in batches, starting at 99% PoW the hashrate will slowly decrease over time, meaning other coins wont get a sudden influx of hashrate. It will increase over time. Another thing is that the amount of hashpower a coin has to secure its blockchain is a fundation for the price. Higher hashrate = Higher price since its more secure.

manji

full member

Activity: 210

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BookiePro.Fun - The World's Betting Exchange

It's the normal situations if ETH POS but I doubt for ETH POS if looking history ETH. Although ETH POS, only switch another coin many unexplored coins.

BennyT

full member

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We should all hope ETH moves on from GPU mining. We need more coins, other coins that are mineable that increase the total crypto market cap ten fold. It’s almost at 500 billion now. It needs to go way higher. I’m all for the end of GPU mining on eth. Let’s cotinue to build the crypto sphere

QuintLeo

legendary

Activity: 1498

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The initial fork will be to a "hybrid" POS/POW setup with 99% still on PoW.

I'm pretty sure ETH won't move to a "mostly" or "entirely" POS model 'till sometime in 2019, they plan to do extensive testing on the POS code before they shift the coin entirely that way.

WHEN THAT HAPPENS though, profitability on ALL GPU-mineable altcoins is going to collapse as all of the ETH POW GPUs (some MILLIONS of them now) look for new homes.

I don't think it's going to be quite as bad as the bloodbath in Scrypt/X11 when Litecoin pricing collapsed right before the Gridseed Orb was first introduced, but it's going to drive all of the "get rich quicK" types out of mining, and may drive some of the long-term folk in HIGH electric cost area (or even AVERAGE electric cost areas) out when the profitability for them goes negative.

gotminer

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Quote from: Isolation on February 14, 2018, 09:00:53 PM

People mining ETH with their GPUs will have to move on to other PoW coins that are still mineable with GPUs. Whichever the most profitable one is at the time of the fork will probably see a pretty big increase in difficulty around that time due to the increased hash rate from all the ETH miners.

Or if Metroid is correct, ASIC ETH mining will kill gpu mining. Keep in mind that he is mentally unstable, but also keep in mind that he could be correct at some point in time.

Isolation

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People mining ETH with their GPUs will have to move on to other PoW coins that are still mineable with GPUs. Whichever the most profitable one is at the time of the fork will probably see a pretty big increase in difficulty around that time due to the increased hash rate from all the ETH miners.

icehouse

jr. member

Activity: 37

Merit: 1

Hi Miners,

Heard that eth will hard fork to PoS later this year.
read some article and understand that it will be more energy efficient, fast tx,
but
How it will impact on profit of miners who are joining pool?
(like most of us... I assume most of us are running gpu miners at home

https://steemit.com/eos/@vegeto/ethereum-proof-of-stake-hard-fork-explained

Topic: How coming ethereum PoS hard fork will impact profit of miners? (Read 322 times)