• Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
Sunday, September 24, 2023
  • Login
  • Register
Coin24h.com
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
No Result
View All Result
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
No Result
View All Result
Coin24h.com
No Result
View All Result
Ledger Nano X - The secure hardware wallet
ADVERTISEMENT

Valid Points: Forget Staking, There Are Still Coins to Be Mined on PoW Ethereum

23 December 2020
in Blockchain
Reading Time: 8 mins read
A A
0
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter
cryptotrader
ADVERTISEMENT

Related articles

Bitcoin Holding Above $26K Is ‘Remarkable’ as Equities Take a Hit. What’s Next for BTC’s Price?

Bitcoin Holding Above $26K Is ‘Remarkable’ as Equities Take a Hit. What’s Next for BTC’s Price?

22 September 2023
AI Should Be Decentralized, But How?

AI Should Be Decentralized, But How?

22 September 2023


‘Twas the penultimate night before Christmas, when all through the network, every machine was stirring, down to even the smallest Raspberry Pi. 

While businesses, the stock markets and many restaurants will be closed for the holidays, Ethereum 2.0, like all other blockchain networks, will be humming along the same as any other day of year without interruption. 

This has implications for validators, the main participants of Eth 2.0, who are responsible for keeping the network secure all year round, 24/7.

(Data as of 12/22/2020 @ 18:58 UTC)
Source: Source: BeaconScan and Dune Analytics

Luckily, most of the programming to keep the Eth 2.0 network online and active falls to validators who, in large part, simply have to ensure their internet connection is stable and their machines are connected to a steady source of electrical power. 

The incentive for validators to do this work and ensure their operations are running smoothly,  even through the holidays, is an average daily income of 0.0089 ETH, which is equivalent to $5.57 at time of writing. 

Running an Eth 2.0 validator node may not be a full-time job, but it is a responsibility that requires participation 365 days of the year (or 366 if it’s a leap year) in order to maximize income. 

Judging by the 15,600 or so validators who are queued up for entry into the network over the coming days, and the 99% participation rate of validators who are already admitted into Eth 2.0, it would seem for many the rewards do outweigh the responsibility. 

New frontiers for Ethereum mining

A long-awaited highly efficient and powerful Ethereum mining machine first promised in 2018 is making its market debut three weeks after the launch of Eth 2.0’s Beacon Chain – the proof-of-stake (PoS) blockchain meant to replace mining entirely.

Shenzhen, China’s Linzhi Inc. has begun to roll out a new Ethereum ASIC miner reportedly  three times more powerful than the nearest categorical competitor, the A10+ Pro. The new machine was demoed by mining pool F2Pool in a YouTube video Saturday. 

Although it may seem odd at first glance, it’s a good reminder that Eth 1.x is still around and isn’t going away anytime in the near future. Indeed, Ethereum continues to settle similar or even more value than its crypto cousin Bitcoin, according to Money Movers.

Chen Min founded Linzhi in 2018, following her departure as CTO from Canaan Creative, another prominent mining rig manufacturer. As reported by CoinDesk at the time, Min wanted to create a more powerful ASIC Ethereum miner, all the while knowing the network would eventually transition to proof-of-stake (PoS), making her firm’s Ethereum specific work obsolete.

Still, miners have at least a two-year runway with Proof-of-Work (PoW) on Ethereum. The current network, Eth 1.x, won’t be moved over to the new PoS blockchain until phase 1.5 of Eth 2.0.

“New investment decisions to build out more mining hash power for Ethereum do now have an additional time-risk factor as the reward stream now appears finite,” ConsenSys Head of R&D Robert Drost told CoinDesk in an email. “On the other hand, Eth has been trending upwards nicely, so as you say there can be money to make in battling for as many coins as possible beforehand!”

The product’s initial tests seem to be living up to expectation. According to F2Pool, the Phoenix outpaces the A10+ Pro at a near three-to-one clip in megahashes per second (2,600 MH/s to around 500 MH/s) while also being more energy efficient (3,000 watts per hour to the A10+ Pro’s 1,300 W).

Mining pools such as SparkPool and Etherchain will continue to fight out who gets the last coins issued on the proof-of-work Eth 1.x blockchain. If Eth 1.x continues chugging along for another two years, back-of-the-envelope calculations value those coins at some $3 billion dollars under current prices. 

There are also transaction fees up for grabs if Ethereum’s next hot thing sticks around: decentralized finance (DeFi). This past August and September, fees on Ethereum reached all-time highs not once but twice, as DeFi applications spit out high returns on investments in what is called liquidity mining or yield farming. As reported by CoinDesk, miners enjoyed daily profits last seen during the tail end of the 2017-2018 bull market. 

Lastly, Eth 2.0 may need specialized hardware orthogonal to what Linzhi and other mining firms manufacture, with the ability to support zero-knowledge proof (ZKP) computations, for example. Other blockchains such as Ethereum Classic use the same hashing algorithm as Ethereum, too, and will continue to be mined after Ethereum’s transition.

“There is significant research into on-chain computing workloads, zero-knowledge and so on,”  Linzhi’s director of operations, Wolfgang Spraul, told CoinDesk in a Telegram message. “Our technology is relevant in that area as well, that’s the ETH 2.0 stuff. We do not only invest in the PoW use case, we can add programmability and then target other workloads.” 

So, while many eyes are on staking, sharding and every other Eth 2.0 buzzword, Ethereum miners continue to see an upside to Eth 1.x investments.

Validated takes

  • What crypto looks like when viewed from outside the bubble (Podcast, Bankless)
  • The three types of slashable events on Ethereum 2.0  (Blog post, Blox Staking)
  • DeFi startup brings corporate lending terms to miners, traders and market makers (Article, CoinDesk)
  • More than $1 billion of ETH staked on Ethereum 2.0 (Article, CoinDesk)
  • Uniswap is the number one gas guzzler on Ethereum (Article, CoinDesk)
  • Compound chain foreshadows cross-chain DeFi lending (Article, The Defiant)
  • Gemini to support Ethereum 2.0 trading and staking (Blog post, Gemini)
  • The state of Ethereum Improvement Proposal 1559 (HackMD post, Tim Beiko)

Factoid of the week

Sign up to receive Valid Points in your inbox, every Wednesday.

We’ll soon be incorporating data directly from CoinDesk’s own Eth 2.0 validator node in our weekly analysis. All profits made from this staking venture will be donated to a charity of our choosing once transfers are enabled on the network. For a full overview of the project, check out our announcement post.



Source link

Cryptohopper
ADVERTISEMENT
[crypto-donation-box]
Tags: coinsEthereumforgetMinedPointsPoWstakingValid
Share76Tweet47
Ledger Nano X - The secure hardware wallet
Previous Post

Swiss Crypto Bank SEBA Raises $22.5M to Fuel Growth

Next Post

BITW) Has Liquidated Its Position in XRP

Related Posts

Bitcoin Holding Above $26K Is ‘Remarkable’ as Equities Take a Hit. What’s Next for BTC’s Price?

Bitcoin Holding Above $26K Is ‘Remarkable’ as Equities Take a Hit. What’s Next for BTC’s Price?

22 September 2023
0

The 200-week and 200-day moving averages converge at $27,800, acting as an obstacle to further BTC price gains. Source link

AI Should Be Decentralized, But How?

AI Should Be Decentralized, But How?

22 September 2023
0

The case for greater transparency and verifiability in AI. But is decentralization the best way to achieve that and is...

CFTC Denies Kalshi’s Plan to Let Users Bet on Control of U.S. Congress

CFTC Denies Kalshi’s Plan to Let Users Bet on Control of U.S. Congress

22 September 2023
0

Regulators said the plans weren't in the public interest, after a court squabble involving rival service PredictIt Source link

First Mover Americas: Bitcoin Vapid; Toncoin Leads Weekly Gains

First Mover Americas: Bitcoin Vapid; Toncoin Leads Weekly Gains

22 September 2023
0

The latest price moves in bitcoin (BTC) and crypto markets in context for Sept. 22, 2023. First Mover is CoinDesk’s...

Sam Bankman-Fried Sort of Had a Rough Day

Sam Bankman-Fried Sort of Had a Rough Day

22 September 2023
0

Yesterday was arguably not a great day for Sam Bankman-Fried. First, the judge overseeing his case rejected all seven of...

Load More
Next Post

BITW) Has Liquidated Its Position in XRP

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

We publish a comprehensive news feed covering all news relevant to the crypto user, covering main industry news, politics and regulation as well as consumer-level “news you can use” (practical stuff), including handy DIY tips, links to useful tools, unbiased reviews and opinions revolving around cryptocurrency. Simple logic and real-world examples are preferred before technical jargon and personal rants.

Categories

  • Altcoin
  • ApeCoin
  • Bitcoin
  • Blockchain
  • BNB
  • Cardano
  • Cryptocurrency
  • DOGE
  • DOT
  • Ethereum
  • HBAR
  • Litecoin
  • Market
  • Meta News
  • Mining
  • NFT
  • QNT
  • Regulation
  • SHIBA
  • Solano
  • Tether
  • Uncategorized
  • XDC
  • XLM
  • XRP

What’s New Here!

  • Bitcoin Surpasses Visa In Transaction Volume, Will Bitcoin Spark Ride The Same Wave?
  • This Week on Crypto Twitter: 11,000 Venezuelan Soldiers Bring Down Jailhouse Bitcoin Mining Operation
  • Pay-to-use blockchains will never achieve mass adoption

Newsletter

  • About Us
  • Privacy Policy
  • Contact Us

© 2022 coin24h.com

No Result
View All Result
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining

© 2020 coin24h.com

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • bitcoinBitcoin(BTC)$26,499.00-0.29%
  • ethereumEthereum(ETH)$1,588.93-0.19%
  • tetherTether(USDT)$1.00-0.04%
  • binancecoinBNB(BNB)$209.71-0.32%
  • rippleXRP(XRP)$0.51-0.22%
  • usd-coinUSDC(USDC)$1.000.00%
  • staked-etherLido Staked Ether(STETH)$1,588.90-0.22%
  • dogecoinDogecoin(DOGE)$0.061148-0.48%
  • cardanoCardano(ADA)$0.245042-0.33%
  • solanaSolana(SOL)$19.510.38%
  • ToncoinToncoin(TON)$2.21-3.27%
  • tronTRON(TRX)$0.0840100.47%
  • Wrapped stETHWrapped stETH(WSTETH)$1,864.880.36%
  • polkadotPolkadot(DOT)$4.030.00%
  • matic-networkPolygon(MATIC)$0.52-0.23%
  • litecoinLitecoin(LTC)$64.23-1.14%
  • shiba-inuShiba Inu(SHIB)$0.000007-2.15%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$26,469.00-0.53%
  • bitcoin-cashBitcoin Cash(BCH)$207.57-0.19%
  • chainlinkChainlink(LINK)$7.04-2.27%
  • daiDai(DAI)$1.00-0.03%
  • true-usdTrueUSD(TUSD)$1.00-0.05%
  • leo-tokenLEO Token(LEO)$3.77-1.88%
  • uniswapUniswap(UNI)$4.270.19%
  • avalanche-2Avalanche(AVAX)$8.910.21%
  • stellarStellar(XLM)$0.113320-0.48%
  • moneroMonero(XMR)$144.321.83%
  • okbOKB(OKB)$42.810.09%
  • binance-usdBinance USD(BUSD)$1.000.01%
  • ethereum-classicEthereum Classic(ETC)$15.20-0.30%
  • cosmosCosmos Hub(ATOM)$7.090.08%
  • hedera-hashgraphHedera(HBAR)$0.050305-2.73%
  • filecoinFilecoin(FIL)$3.240.05%
  • GGTKNGGTKN(GGTKN)$0.1121180.75%
  • crypto-com-chainCronos(CRO)$0.0507840.43%
  • internet-computerInternet Computer(ICP)$2.95-0.40%
  • lido-daoLido DAO(LDO)$1.48-1.05%
  • quant-networkQuant(QNT)$89.06-2.04%
  • MantleMantle(MNT)$0.3965481.25%
  • AptosAptos(APT)$5.405.08%
  • vechainVeChain(VET)$0.016689-1.78%
  • makerMaker(MKR)$1,275.55-0.77%
  • nearNEAR Protocol(NEAR)$1.11-0.40%
  • ArbitrumArbitrum(ARB)$0.82-0.49%
  • optimismOptimism(OP)$1.28-0.95%
  • EdgecoinEdgecoin(EDGT)$1.00-0.03%
  • KaspaKaspa(KAS)$0.0478644.78%
  • Rocket Pool ETHRocket Pool ETH(RETH)$1,725.94-0.25%
  • aaveAave(AAVE)$62.42-0.66%
  • BSCEXBSCEX(BSCX)$237.190.34%