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On the bright side, this has been a great test of etheriums scalability. Which isn't great, but when this mining craze dies down I won't hesitate to run ethmine
by zanny 9y ago
On the bright side, this has been a great test of etheriums scalability. Which isn't great, but when this mining craze dies down I won't hesitate to run ethminer when I'm not home for a little extra dough.
What I would really expect is an overreaction to the price crash, which means the difficulty rate might drop a lot. At this point, doing what a lot of people do with bitcoin - mining small amounts for a long period of time and just holding it until it reaches all time highs to cash out - is probably really easy money.
Probably most relevantly is how crypto valuations are bound together. Bitcoin is also down about 20% from its ATH, and will certainly drop more as long as eth pulls it down. The entire market will rise and fall on the hype of just one blockchain. Coins nobody even cared about like peercoin saw 5x returns on miners during this eth bubble.
- pdog 9y agoProof-of-stake is coming to Ethereum later this year, so there isn't much point investing in a few more months of mining. Casper is the real reason everyone is selling their mining hardware.
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- notsofastbuddy 9y agoThis is a very optimistic timeline for PoS.
- johnohara 9y agoAgree, to a point. Using proof of stake is an important objective for the Ethereum blockchain model. Vitalik has said as much in conferences worldwide since January of this year. The drop in price helps potential stakeholders too. But the real concern, and IMHO, the reason for the drop, may lie in the next big hurdle, which is creating applications based on blockchain contracts. It is a very different way of thinking about application development, and as such, may need more time for consideration. More like hypertext and the world-wide web was in 1993 than it was in 1996 and '97.
- eximius 9y agoMetropolis comes this year which will not include PoS but will include zero knowledge and a few other things. Casper is expected sometime next spring.
- joshvm 9y agoIf you had a rig, why would you sell before Casper though (as in, right now)? Even with reduced profit, it's still profit. The only reason I can think of is speculation that the resale value won't be worth it in a few months.
- yuhong 9y agoEthereum has a difficulty bomb which means that difficulty may not decline as much as you think.