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Not mentioned in the article: Ethereum will be transitioning to proof of stake in the next few months and the large majority of GPU-based mining will go away en
by chrisco255 4y ago
Not mentioned in the article: Ethereum will be transitioning to proof of stake in the next few months and the large majority of GPU-based mining will go away entirely. Probably will be some great deals on video cards later this year.
- alexklarjr 4y agoisnt it doing so since 2019?
- ck_one 4y agoFirst test nets have transitioned to PoS already. It's gonna happen soon.
- yourad_io 4y agoDid they have a successful test? The last news I caught had 1/3 failures or something like that
- arlcode 4y agoThey do bi weekly tests with the mainnet state and by now it's getting pretty stable. I can't say anything about the absolute code quality however I think we are getting to a point where economic and community pressure forces them to take some risks
- swalsh 4y agoThey've merged on the test net, so the August timeline is sounding realistic.
- redox99 4y agoActually the ideal timeline is for late September
- lmm 4y ago2015 was the originally announced date I think.
- chrisco255 4y agoIt was just part of the roadmap back then. It wasn't an imminent upgrade for which there are live testnet merges being conducted.
- brobinson 4y agohttps://wenmerge.com/ https://wenmerge.com/
- CodeBeater 4y agoI heard that it was the plan from its inception.
- DarmokJalad1701 4y ago> Ethereum will be transitioning to proof of steak in the next few months Just in time for the beef shortage!
- tuankiet65 4y agoI'd love to be paid to hoard steaks.
- copperx 4y agoWhy? You would never be able to eat them.
- DonHopkins 4y agoWhite powdery beef! https://www.youtube.com/watch?v=DZhk4KgY_QU https://www.youtube.com/watch?v=DZhk4KgY_QU
- rowanG077 4y agoEthereum transitioning to proof of stake "soon" has been said for a long, long time now. I believe it when I see it.
- DennisP 4y agoFair enough, but none of the following was true until recently: The production proof-of-stake network has been running in parallel for a year and a half, with 10% of all ETH locked up in it. What's left is the merge with the rest of the network. They've tested the merge on every combination of five execution clients and five staking clients. They've done about a dozen large test merges on copies of the live network. They've done the merge on a large long-running testnet used by applications, block explorers, exchanges, etc. Essentially it was a practice run by the whole ecosystem. There were a few minor glitches but it worked well enough to be a success if it'd been the live network. There are two major testnets left, and if those merge successfully then the next step is production.
- candiddevmike 4y agoFinally we'll get to see what plutocracy as code looks like
- DennisP 4y agoFor better or worse, probably about the same as now. Ethereum's stakers have no more governance rights than miners, and their return on capital probably isn't better than miners' since the reward is so much lower.
- rufusroflpunch 4y agoGovernance, no… But transaction selection?
- DennisP 4y agoAlso same as miners, and censorship resistance is one of Ethereum's explicit design goals. Some other PoS systems use delegated proof of stake, where most people just delegate their stake to one of a small number of validating nodes, which could easily cooperate to censor transactions. Ethereum supports a very large number of nodes, due to signature aggregation. Right now there are about 400K individual nodes. Entities of course can have more than one node, but the last estimate I saw of the number of individual entities put it at around 5000. (That was at least six months ago.)
- benreesman 4y agoETH2 has been 6 months away for 6 years.
- googlryas 4y agoSure, but when asset prices have crashed is probably when resistance to PoS is weakest? So now is the time to spring it upon them.
- chrisco255 4y agoThere is no meaningful resistance to proof of stake in Ethereum. Users, devs, etc all on board. It has been part of the roadmap for years. Changing consensus is not a light upgrade for a blockchain. The chain needs to maintain 100% uptime in spite of the switch.
- dereg 4y agoETH 2.0 hasn't been held off due to resistance to PoS. It's been held off because there's no ETH 2.0 to ship yet.
- thorw73m 4y agowelcome to software development
- razemio 4y agoThis, every single article I have read so far is missing this VERY important piece of information. I am still mining ETH and it is still profitable. I mine with 4 1080s and I do not pay for power. However, if I would have 200+ gpus I would slowly start selling before the prices tank due to the merge. Also more dedicated mining hardware is hitting the market for ETH which is far more efficient then gpu mining.
- bootloop 4y ago> it is still profitable > I do not pay for power I guess you don't run your own solar farm so I assume someone else is paying that for you without knowing.
- Faaak 4y agoTo play devils advocate, I indeed have solar panels at home (7kW). I use my graphic cards only when it is sunny. However I don't mine ETH but instead contribute to Folding@Home.
- Angostura 4y agoThat's still power you could either use to charge batteries or sell back to the grid
- MauranKilom 4y agoNominally, yes, but the actual economical value of doing so is most likely an order of magnitude below what buying the power would cost (sun shining and grid needing more power is only loosely correlated, and batteries take significant time to pay off). Subsidies have a large impact here though.
- drumhead 4y ago>Do not pay for power Hmmmm, I detect a flaw in you plan....