Is Bitcoin Mining Worth It Reddit How Long Does The Average Ethereum Block Last
Welcome to Reddit, the front page of the internet. Doing what you really want to do is what life IS. Which makes it 50 transactions per 15 seconds is the limit BTC. It's not an artificial scarcity if there really isn't enough block space. The worst thing you can do is to be held hostage by that threat and refuse to do. I'm making a claim that was on the front page of the forums for 2 months. Bitcoin Unlimited have mined a 1 gig block. It's yours forever, cause there will always be a demand for miners. A change reducing ETH supply could well have the opposite effect of increasing price as less newly minted ETH flows into exchanges for sale. With Bitcoin, you can be your own bank. I think you will find this community a breath of fresh and innovative air! I have high hopes for this whole thing. Submit a new link. ETH blocks are smaller. For miners, it's most predictable to sell most or all of your mined coins as you get. Couldn't find a To in the last 12 months where the curves followed each other with a lag. If you follow any of the above links, please respect the rules of reddit and don't vote in the other threads. They didn't say "if you show me this, you win". That's not necessarily true. August 1st, Miner empty block bonuses are being renegotiated. Submissions that are mostly about some other cryptocurrency belong. Given that it takes a whole day, sometimes several, to send money between countries through a normal bank, I think that's still a big plus. Even if it does become that valuable, you still would have gotten light years better return on investment by simply buying the BTC on an exchange instead. This is lower than usual. Even if it is only delayed. Most Ethereum users sync in fast mode, i. In a human work scenario, digging a trench is scalable more workers means the work gets done quickerwhile digging a deep hole is not scalable you can only dig deeper once you have dug to that depth, so if 1 person digs a deep hole in 10 hours, 10 people won't dig the same deep hole in 1 hour. That place is a censored propaganda channel. The gas limit is 8M right now, which means that each block can handle about simple transactions at 21k gas excluding smart contracts. If this is done the other nodes is coinbase traceable bitfinex account reject the block because they see it's timestamp is in the future. Do you know of an coinbase scammed bitfinex on rippex wallet We debunked that one ages ago. There are analysis that show that POW mining only depending on transaction fees has vulnerabilities. Wouldn't your block be buffered until its orphaned by a mit digital currency cryptocoin new coins 2018 that has a timestamp that is not set in the future or its timestamp gets close enough to the present that miners start mining on it in which case the how to figure out fee sending coinbase finance vs bitfinex for those blocks will start counting from the inflated timestamp bringing the average back in line. It's academically and experimentally such an amazing phenomenon to experience I'm not really familiar with what numbers are causing the transaction times, is it the hash power?
You think that's what made my earnings so miserable? No spamming or drive by posting. By no definition is the block-limit a natural limit. Also, around your comment about Miners participating in a coin vote; There are 94m ETH in Existence, 72m of them were pre-mined and issued to investors. The only objective of the NYA is to force bitcoin in data centers, at which point it becomes another PayPal. Currently, the block time is slowly increasing, meaning that there are fewer blocks appearing per day. This includes, but is not limited to: But over time, a democracy tends to make good decisions that benefit the end users more than the people in charge of making the decisions. Bitcoin was not made for purchasing your latte I guess it must be true. I'm not exactly familiar with the technical parts of ETH, just the fundamentals and general consensus of what it is trying to achieve, so I have to ask, how would cutting the miners rewards by 4 times as much make the price higher and decrease inflation? The best way to think about electrum bitcoin wallet blockchain.info isnt showing transaction issues is "Hash Miners" and "Staked Miners". Ethereum is processing the equivalent of nearly the triple of bitcoin-size transactions per day, by less than half the fees self. The two sides are heavily split.
Any less money flowing into the system, and the price would start to fall. Many people don't even understand digital currency. Public moderation logs can be found here. So at the moment the only way to gauge interest is the coin vote. If this is done the other nodes would reject the block because they see it's timestamp is in the future. If by any chance the street is full, he goes further. No creating multiple accounts to get around Reddit rules. Use of this site constitutes acceptance of our User Agreement and Privacy Policy. Now, the meta-level disagreement. We barely had the increase in value of ETH for less than 2 weeks. I don't think bitcoin is in any real danger of dying, though it may remain only as digital gold, leaving digital cash, smart contract and other exciting prospects on the table for the likes of ethereum. Remember, the miner won't get "all the transactions" at the lower fee--they'll only get a number proportional to their hashpower contribution to the network. Of the remaining transactions between and of them had multiple addresses, I didn't bother checking. Ponzis don't necessarily need a huge amount of capacity, because most participants don't do anything with the "assets" they buy. Click the type of GPU that you have e. Let the market price adjust to the economic policy.
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Efficiently or inefficiently, it just doesn't at all. Thanks for the reply, that is a little underwhelming haha I don't want to spend my precious bitcoin because there are only so many of them, and the fees are getting too high for small purchases anyway. Submit link NOT about price. Perhaps Bitcoin settings are too conservative, perhaps not. The NYA agreement pushed for a block size increase. There aren't storage costs. Sadly the days of GPU mining for bitcoin are done. Every 4 years I think, the mining reward halves Bringing issuance in line with the same rate as if the ice age did happen only seems fair and in line with all original promises. As block size increases, nodes are literally forced off the network. Become a Redditor and subscribe to one of thousands of communities. It will depend on many things including network latency and clock synchronization of miners. There is only so fast you can go. I'm pretty sure there are plenty of miners that are large holders in prep for proof of stake Sorry, but it's just how it works. Ethereum is now 86 transactions on average per block 15 seconds. Solving a problem starts with understanding the problem. It looks like Bitcoin ran out of capacity but that's an illusion. Because there's a big difference between a desktop with 1 or 2 gaming GPUs and a mining rig with double or triple that. Thing is, ethereum developing team is probably the only team out there that is trying to solve scalability, which would remove that bottleneck entirely if it securely works. Log in or sign up in seconds. YOU actually don't understand it. You need to get off 'show me, or the earth is flat' train. When I say power, I am referring to electric power. Whether it's 10TH or 5TH doesn't really matter to a motivated adversary who knows how to attack the blockchain.
I know even with an Antminer S9 you'll struggle to earn real amounts. Is this motivated by a pure animus towards inequality or by something more directly relevant to the needs of Ethereum? There is only so fast you can go. Do you think a MacBook Pro would be up to the challenge of mining altcoins? Dbut then the whole thing is open to manipulation from established institutions, so it's catch I have been watching this for several months. You said ethereum doesn't have the anti-hardfork mentality, which I agree with, Voskhod Cryptocurrency Ethereum Share Target this doesn't mean ethereum won't have difficult hardforks in the future. I try not to underestimate the skill of the technically illiterate. Exactly the kind of wannabe central banker aspirations that should and will be rejected by a healthy network. I did buy back in about a year later but prices were 40 times higher Not everyone understands distributed computing and the fact that even though you performed something this instant, it hasn't been realized and in fact has a small chance of not being realized at all. When I say power, I am referring to Cryptocurrency Faucet Freebitcoins.com Best Way To Buy And Store Crypto power. Someone has linked to this should i buy ripple 2018 xrp to usd bitstamp from another place on reddit:. It was made for "small, casual transactions". It seems like one would have to be so that miners once again have to give way for pos, right? I agree, although I'm pretty sure even a top gaming pc would fare poorly for this monumental task. Whereas proof of work relies on computer hardware as the primary form of scarcity to prevent Sybil attacks, proof of stake relies on coins inside of the blockchain. But that is not true for Bitcoin, both the confirmation times, and block limits are hard coded in Bitcoin and that is the problem. It just seems like a bad idea to arbitrarily slash rewards based on the current market price. Downvote me all day if you think this doesn't drive conversation Want to add to the discussion? Of thoseaddressesof them were involved in single peer-to-peer transfers with only two addresses in the tx. The mechanism in proof of stake can be described as a form of "virtual mining". It will take many years before the first crypto is really stress tested by a large how to unlock monero balance zcash desktop wallets group of uers. That might decrease demand a bit. Isn't it better to enact solid, stable policy and let short term Is Bitcoin Mining Worth It Reddit How Long Does The Average Ethereum Block Last have their way. I have high hopes for this whole thing. No creating multiple accounts to get around Reddit rules. So no, Ethereum doesn't have the same problem as Bitcoin. We are talking about the cost to miners for spamming blocks. Vit calls this the Ice Age.
In an ideal world would you not like to have most parameters "behave dynamic"; something like the difficulty of the hashrate? Maybe the transaction load is actually users trying to use the network. But it is understood it is a temporary measure to force a hardfork to POS. If a doomsday scenario like you mentioned happens and miners refuse to go with the planned scalability upgrades, can't the real Ethereum just do a mining regal coin equihash hashrate nicehash rx 580 anyway and shake the malicious miners out of the main chain? But as the current inflow is 4 times that, the price will explode upwards. I would expect most miners controlling actually sizeable shares of the network's hashpower are more aligned with you than the smaller "idealistic" miners in. Was there once a much larger population? Casually, social miners, are unfortunately unaware some but the big boys know what is going on. There is a problem with this, taking into account self-serving bias. Want to add to the discussion? Mining on GPU can be quite profitable if you mine alt-coins. What Was The Lowest Bitcoin Price Litecoin White Logo with those levers could have a direct impact on the market in a much more substantial way than armchair economists can predict -- just like in the real world. People tend to over-dramatize these things. There would need to be only one "correct" time stamp now and then to keep the time stamp approximately in sync. You can use it waves vs bitshares top proof of stake coins to mine day without it. It will, but it also wouldn't be the end of the world. I'm not necessarily saying I agree with Vlad, but ethereum erred on the side of a very generous block reward in order to make sure ethereum could launch with a decent block hash rate. Are you serious 50 BTC per 10 minutes or are you exaggerating? But only count votes from nodes that have been online since before the vote started, to prevent people from just spinning up hundreds of nodes to influence the vote, like they did during the gatehub destination tg xrp ripple thumbnail fork voting node count doubled in the week before the fork, then went back down to only a little higher than how to purchase stellar lumens is ripple xrp going to explode previous level a couple weeks later.
The 2 factors combined means that ETH can process more than double BTC's daily transaction amount easily, and this can also scale up dynamically by gas limit voting. I tried to get an exact count but the block explorer site has a rate limit. I'm sure we can somehow solve this, but teaching pigs to fly, or blockchains to scale, is not a purely technical problem. People often point at particular transactions and say they're spam. ETH blocks are smaller. Wouldn't your block be buffered until its orphaned by a block that has a timestamp that is not set in the future or its timestamp gets close enough to the present that miners start mining on it in which case the blocktimes for those blocks will start counting from the inflated timestamp bringing the average back in line. It will take many years before the first crypto is really stress tested by a large enough group of uers. Bitcoin Unlimited have mined a 1 gig block. Thus, miners have set up mining pools that aggregate many miners and distribute the earnings between all members of the pool. It's all about the blocksize limit and that's mostly political at this point. This is a community-driven educational sub, so feel free to post your questions about Ethereum, Ethereum tokens, Ether trading, and more after reading our rules. The remainder of bitcoin is held on centralized exchanges, using centralized means of transacting. But the facts are different. Doing what you really want to do is what life IS. This means over time less people will be able to run ethereum full nodes, which lowers security. As such, it is more resistant to wild inflation and corrupt banks. In the long term the users will not pay excessive fees when an alternative is available. Miners have different incentives. Which is that ultimate irony of the libertarian take on bitcoin. They're very niche, for sure, but the former is extremely rich. Effectively this is a Proof of Stake system, as most people interpret the meaning of that phrase. We also know that timestamps must be strictly increasing ie. I suppose there is some function of network hash rate to kW hours On July 4, Ethereum processed 15,M gas units source: So that's all you really need to know if OP is correct or I am correct. Keep in mind many miners are large holders and will not mind reduced mining rewards in anticipation of price appreciation and staking rewards in PoS. Not to mention LTE that's getting faster and faster alomst every year. If miners become so powerful that their opinions start to negatively impact the development trajectory, then that's problematic. This is all theoretical and there is a high probability that it will be a bumpy transition. Despite all the hoopla about mainstream adoption in earlier years acceptance at Overstock.
Given that the network hashpower hasn't risen proportional to the price increase, I would think the equilibrium is largely out of balance at the moment, and miners are currently making at least 4x their upkeep costs. That is one of the major things many do not understand! Haha Can you day trade on bittrex mne btc hitbtc been mining on my laptop for the last couple weeks, it's actually profitable. Most miners we're talking actually mining operations, not your 6 xs sitting in your basement sell large portions of their proceeds to cover additional hardware, maintenance, and electricity. Within these constraints, however, miners can set any timestamp they desire. Why not make their clients obligated to include? Proper solution to the problem is sharding and state channels also, possibly, ZKPsbut these things are technically complex, so quite likely mass use will come before they are functional. However because Ethereum is still a young cryptocurrency, there is only a few mining pools out there, but we can only hope that this will change in the following months, making the network more secure. This is not a noob user issue. You may turn out to be right, but it's impossible to know that unless you tell us what transactions you're talking. All this would do is make miners angry and potentially start another contentious hard fork. It makes no rational sense to lower your accepted gas minimum, because the alternative--keeping it at the same equilibrium--pays better over any length of time greater than a few blocks. So from what I gather, and by the way thank you for your insightful replies the problem is to actually find and get hold of a block;as soon as you get it then it's just a matter of seconds to validate it, get the reward and return it back to the blockchain. But what you are asking is why Ethereum with more transactions is still cheaper - you kinda answered that. I don't want it to be bitmain s9 specs antminer s9 flashing fault by the financial world as just another tool to dominate our lives. How would this play out over the long run? This is a scenario where there is no negative attack in terms of network functionality, only that the attackers lowering difficulty to mine ripple buy in uk xrp proof of concept testing ether than otherwise would be mined.
This also has a negative effect. If a doomsday scenario like you mentioned happens and miners refuse to go with the planned scalability upgrades, can't the real Ethereum just do a fork anyway and shake the malicious miners out of the main chain? There was a ton of hype around the World Wide Web. We didn't see a corresponding 4x increase in hashrate, meaning we're really far out of equilibrium in terms of cost of mining vs profits gained. I really don't care about Bitcoin limits either way, and I never said they were "good". Actually, hash-rate and price have been significantly disconnected for a while. That is money sucked out of the ether market. But even if he stays, it makes no odds. Users have leverage to keep fees low. It sounds like a strategy that can only work for a period of time especially on a flexible platform like Ethereum with huge developer support moving towards PoS and if everything goes well, being a staker can be even more profitable than being a miner today. Log in or sign up in seconds. Capacity is one of the things the system needs to be useful. No, it was less. This gets me wondering. Everyone else was getting shipments as well, and difficulty was already starting to go exponential. No one is 'screaming' for this so what value would it bring? But the fact that these settings are different is by itself no proof that one scales better than the other. There's a chance that a lot of these miners are actually holding and accumulating ETH for the PoS days. So this may over represent them. Yup, it's all about "entitlement culture" Yeah, but at this point in time hardware is quite cheap. Be sure to hang around for a while! I don't think it is that broken. Ethereum is now 86 transactions on average per block 15 seconds. For a good comparison you should count the outputs of a btc tx and subtract 1 typicall for the change address. All in all, a win. Thing is, ethereum developing team is probably the only team out there that is trying to solve scalability, which would remove that bottleneck entirely if it securely works. With uncles, the rewards are slightly higher, even though not by much. Sending from one address to multiple users is in bitcoin. This is further reduced by the fact that not all ETH blocks are filled to the gas limit.