Ethereum to Transition to Proof of Stake in Coming Months, Reducing Energy Consumption by 99.95%

[Raevenlord]

The deployment of PoS (Proof of Stake) in Ethereum - called The Merge - has been a target for the development teams for a while now - and yet it still hasn't see the light of day. However, we have been slowly clambering towards it, and the Ethereum team has issued a blog post that places that transition "in the coming months", which likely means a hard PoS fork closer to years' end. Of course, the timeline still gives miners some time make up for hardware investment costs, but perhaps some of them (the smallest ones at least) will start offloading their graphics cards soon so as to enjoy the higher, current second-hand pricing for the latest and greatest GPUs.

The implementation of PoS in Ethereum is expected to reduce power consumption by a ridiculous 95.95% - from a country-sized 44.49 TWh with the current PoW (Proof of Work) technology down to a comparably measly 2.62 megawatt estimate. The Merge should therefore aid Ethereum in not only becoming greener, but also increasing network security, reducing likelihood of 51% attacks, and allowing for further operational scaling of the network. The more skeptical of you will say that miners will just choose another profitable coin to mine, but we have to consider Ethereum's market cap and current valuation - there is currently no other coin that seems to be able to absorb the hashing power currently devoted to Ethereum without crashing its profitability for any and everyone involved. We might be looking at a relatively healthy second-hand graphics card market by the end of the year. Wouldn't that be nice?



View at TechPowerUp Main Site

 

[Space Lynx]

Will be interesting to see if another coin replaces ETH or if it all just crumbles after the transition. I hope the latter.

 

[_Flare]

There will be other obscene ways found to make money while still overheating the whole planet doing so.

 

[Bytales]

Even after the Merge Ethereum will be technological inferior to Elrond, which is the first and only blockchain which has implemented state sharding. Ether will not have state sharding after the merge, that is probably couple of years in the future, if at all....
Elrond is capable allready of 25k TPS, while running 4 shards, and can scale without limit, as much as the network demands it, without problem. Transactions take literally 3 4 seconds to confirm, and their cost is less than pennies.

Thus elrond can grow to support 10 billion people transacting between eachother on a daily basis.
No other Blockchain made to date is capable of such a feat.
With smart contracts, that are superior to whatever else exists in the smart contract blockchain market, it has made all other blockchains obsolete.

Ether Cardano NEO Cosmos, Vechain, Fantom, Icon, Zilliqa, heck, even Solana, all have lost the technology game to elrond, and chances are they will never recover.
With Elrond existing, there is no point what so ever for the above mentioned blockchains.
By 2040 one elrond will be worth more than 1000 humans will be able to spend in their lifetimes.

Its a matter of time before people realize this and transfer all their crypto wealth to elrond network.

Hopefully gpu cards will become cheap again, in the meanwhile....

 

[Space Lynx]

There will be other obscene ways found to make money while still overheating the whole planet doing so.

Sadly you are correct.

 

[Final_Fighter]

i remember when i was able to pick up an r9 280x and r9 290x for ~100 a piece after the first crash. those where high tier cards at the time too. maybe ill get a rtx3080 or rx6800xt after all.

 

[windwhirl]

With Elrond existing, there is no point what so ever for the above mentioned blockchains.

The market will decide if Elrond does anything other than exist and cease existing, though. You could argue Ether is better than Bitcoin and yet the two of them still coexist

 

[sepheronx]

WhatToMine - Crypto coins mining profit calculator compared to Ethereum Classic

Calculate how profitable it is to mine selected altcoins in comparison to ethereum or bitcoin

whattomine.com

 

[ExcuseMeWtf]

There will be other obscene ways found to make money while still overheating the whole planet doing so.

Chia already at it lol.

 

[Space Lynx]

WhatToMine - Crypto coins mining profit calculator compared to Ethereum Classic

Calculate how profitable it is to mine selected altcoins in comparison to ethereum or bitcoin

whattomine.com

What's your total net profit as of today if you were to cash out today? I'm curious.

Chia already at it lol.

SSD on Chia can die within 40 days of mining... its sad how easily people are wasting the means of production from limited resources.

 

[windwhirl]

SSD on Chia can die within 40 days of mining... its sad how easily people are wasting the means of production from limited resources.

I sure hope the manufacturers don't accept warranties for them. If miners are gonna waste so many SSDs, they should pay for each of them, at least.

 

[sepheronx]

What's your total net profit as of today if you were to cash out today? I'm curious.



SSD on Chia can die within 40 days of mining... its sad how easily people are wasting the means of production from limited resources.

Already did. $2200. Plus my profits now really high due to rewards. In two days made over $100 worth. Not bad.

Once ETH drops to pos, my profits will drop to as the alternative coin will take over. NH will auto fail over to next best profitable coin. Maybe not excavator as it's geared to ETH, so I'll be forced to dump quickminer.

 

[Chaitanya]

i remember when i was able to pick up an r9 280x and r9 290x for ~100 a piece after the first crash. those where high tier cards at the time too. maybe ill get a rtx3080 or rx6800xt after all.

Dont expect prices crash that low this time when mining crashes. Tariffs and high demand due to pandemic will mean at best on used market prices may fall just shy of MSRP. Over here in India I have seen retailers officialy selling 3080s for $2500 equivalent during "drops".

 

[Count Shagula]

Will be switching from Ether back to Bitcoin. Business as usual

 

[sepheronx]

Will be switching from Ether back to Bitcoin. Business as usual

You can't unless it's ASIC miner. I am surprised many here can't use a site such as "whattomine" which I posted multiple times, even in this very thread.

 

[TheinsanegamerN]

Will be interesting to see if another coin replaces ETH or if it all just crumbles after the transition. I hope the latter.

A new coin will eventually take its place. The demand for alt currency is huge, and etherium going proof of stake will only hold for so long until demand grows again.

There will be other obscene ways found to make money while still overheating the whole planet doing so.

Dont worry, you can go back to overheating the planet playing your bing-bing-wahoo! soon enough.

 

[Count Shagula]

You can't unless it's ASIC miner. I am surprised many here can't use a site such as "whattomine" which I posted multiple times, even in this very thread.

Nicehash

 

[AusWolf]

Maybe my info is outdated, but can somebody explain (in layman's terms) what is PoS, and how it's supposed to bring balance to the Force graphics card market?

 

[RedelZaVedno]

ETH consuming 44.49 TWh? That's the energy of 10 medium sized nuclear power plants or an average consumption of western country with 8-10 million people. How is this even allowed? No wonder humans are going the way of the dodo.

 

[ppn]

Only half of the hashrate is made out of ampere cards, so it should be more. at least 100 TWh.

 

[watzupken]

I won't declare victory until the transition is complete and dust settled. At that point, it will be good to see if demand for GPUs are still high.

 

[sepheronx]

Nicehash

You are being paid in BTC in nicehash, not mining it. You are mining ETH and some other coins depending what's profitable and miner you use.

 

[Colddecked]

Nicehash

You don't mine bitcoin with Nicehash, that's just what you get paid in. I know it seems the same for all intensive purposes, but its not.

 

[lexluthermiester]

It would seem the second bubble pop has begun. Crypto as a whole is crashing...

Coinranking | Cryptocurrency Prices - Top 50 List

View the list with all cryptocurrency prices of today. View live values of Bitcoin, Ethereum and thousands more.

coinranking.com

 

[Space Lynx]

It would seem the second bubble pop has begun. Crypto as a whole is crashing...

Coinranking | Cryptocurrency Prices - Top 50 List

View the list with all cryptocurrency prices of today. View live values of Bitcoin, Ethereum and thousands more.

coinranking.com

its at 35k now. I said 30k by midnight tonight, but I guess I was wrong, prob 30k by noon. people cashing out while they can. don't blame them.