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

[lexluthermiester]

One thing is sure, i will not buy any used GPU, just new!

Why? There is no credible evidence that shows GPU's used for mining are any less functional than GPU's used for heavy gaming or any other compute heavy task. Check your paranoia at the door citizen...

 

[Legacy-ZA]

Why? There is no credible evidence that shows GPU's used for mining are any less functional than GPU's used for heavy gaming or any other compute heavy task. Check your paranoia at the door citizen...

Yes, they are still rather new, got to say, it would be tempting, even for me, I am not a secondhand buyer, but they need to be punished, yes, they must lose some $$$ for their insolence, causing this much anger and strife.

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What is Bitcoin? Bitcoin is a cryptocurrency, a form of electronic cash which can be spent peer-to-peer. It was launched in 2009 by an anonymous person or group known as Satoshi Nakomoto, pioneering a new technology called blockchain technology. Unlike a traditional information network, which...

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It's coming back! Kick the monster while it's down!

After the initial crash, it always moves up for a bit, then continues the cascade, this is true for going upward or downward, first, the support/resistances are tested, if the support is broken, usually it retests that level again within a while and if it breaks further from there, the cascade continues, of course, the opposite is also true. Within 2 hours we will know more, more so in 1 day and by the end of the week.

 

[Raevenlord]

Created a new news post regarding this precipitous fall. Discussion pertaining to it should be moved over there. Thank you all.

 

[lexluthermiester]

Yes, they are still rather new, got to say, it would be tempting, even for me, I am not a secondhand buyer

That's fair. I am one of those who has no problems with the second-hand/used market.

but they need to be punished, yes, they must lose some $$$ for their insolence, causing this much anger and strife.

That's a bit vendictive for my taste, but I would not pay any level of premium for a used card. 75% of MSRP at best.

 

[MadMan007]

So "proof of stake" just makes Ethereum into an out-in-the-open Ponzi scheme? Only those who already have coin will be able to mine it?

 

[lexluthermiester]

So "proof of stake" just makes Ethereum into an out-in-the-open Ponzi scheme? Only those who already have coin will be able to mine it?

That's a bit of a stretch... I think your understanding of things needs revision.. just throwing it out there.

 

[ExcuseMeWtf]

So "proof of stake" just makes Ethereum into an out-in-the-open Ponzi scheme? Only those who already have coin will be able to mine it?

Point of PoS is supposed to be there's no mining anymore.

 

[lexluthermiester]

Point of PoS is supposed to be there's no mining anymore.

No, there will be, it's just going to shift away from GPU based compute.

 

[Metroid]

This is not news, I guess somebody paid techpowerup to post this in hopes trolls will not sell their eth ehhe, eth was few months ago 100 usd and will likely go back to 100 usd, in 2018 eth crashed 95%, this time will not be any different.

 

[lexluthermiester]

This is not news, I guess somebody paid techpowerup to post this in hopes trolls will not sell their eth ehhe, eth was few months ago 100 usd and will likely go back to 100 usd, in 2018 eth crashed 95%, this time will not be any different.

Opinion. This most assuredly news. Solidly interesting news at that.

 

[ExcuseMeWtf]

No, there will be, it's just going to shift away from GPU based compute.

It won't be mining anymore though, it will be called forging and it is not nitpicking as it is supposed to work very differently than mining itself.

 

[Metroid]

Opinion. This most assuredly news. Solidly interesting news at that.

ETH devs have been working on this for the past 5, the first phase was months ago, eth holders then could stake their eth, so yeah if you are not into crypto then this is news, as for myself who have been in crypto for the past 11 years then this is not news by any means.

The good thing is no gpus anymore, so cheap gpus for everybody to game but this fork will take time, probably in 3 to 5 years to complete all of it, this has many phases, only the phase 1 was completed in November last year.

 

[lexluthermiester]

It won't be mining anymore though, it will be called forging and it is not nitpicking as it is supposed to work very differently than mining itself.

While true, people will still be generating the coin hashes themselves. So it's still going to be mining on some level. But yeah, let's not nitpick. The reality is it's going to change.

ETH devs have been working on this for the past 5, the first phase was months ago, eth holders then could stake their eth, so yeah if you are not into crypto then this is news, as for myself who have been in crypto for the past 11 years then this is not news by any means.

To be fair, I haven't been keeping tabs on it very closely. I knew a change was coming, but didn't know what form it would take. These changes seem like very solid step in a positive direction.

The good thing is no gpus anymore, so cheap gpus for everybody to game but this fork will take time, probably in 3 to 5 years to complete all of it, this has many phases, only the phase 1 was completed in November last year.

This is one aspect of the changes(and a very good one!!), the other result is what was stated in the above article, massive power usage reduction which has been one of the most serious problems about mining.

 

[Vayra86]

Infinity circle. Just like Mass Effect story.

Depends on what ending you choose! Oh wait.

I had a nice discussion with a buddy last weekend and we debated and I got convinced to invest in ETH.

I postponed, as usual with plans I make Happy camper. Yes.

 

[Octavean]

That fair. I am one of those who has no problems with the second-hand/used market.

That's a bit vendictive for my taste, but I would not pay any level of premium for a used card. 75% of MSRP at best.

Technically I don’t have a problem with the second hand market either, although, I have never purchased a second hand card. I do take issue with buying cards from miners or scalpers though even if it were at ~75% of MSRP.

Here is the reality of it, a miner (or a scalper) made the calculation of recuperating some principle value of the card at some point. So when they were devouring the stock and denying the average gamer (you and me) an opportunity to buy a card the sale of said card back into the gaming community (you and me) was always a part of their plan to cash out. This is a feature not a bug.

buying a card from a miner or a scalper even at ~75% MSRP is like paying them to play keep away with the card you wanted for all these many months. The market has been abused by these people and anyone who buys from them is sponsoring said abuse. It also helps assure that this will happen again because it gives them the assurance of some percentage of startup capital return.

It would be more efficient to mine with an ASIC but they don’t want an ASIC or mining card because they won’t be able to offload it when the coin is no longer profitable to mine.

You are not exploiting them by buying cards from them even at discount prices, rather they are just doubling down on the the exploitation of you.

So no, I’m not vindictive, I just don’t want to get involved in the ecosystem that they have setup. I’ll buy a new card if at all possible.

 

[Franzen4Real]

I had a nice discussion with a buddy last weekend and we debated and I got convinced to invest in ETH.

whaaat?!? Of all the TPU'ers? I had to read that twice....

"You either die a hero, or you live long enough to see yourself become the villain."

What's next, subscriptions as a pay model??

(totally just kidding you btw... )

 

[R-T-B]

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

My hope is that eth becomes the dominant crypto and gpu mining/PoW in general dies, but I view this as unlikely. Eth is sustainable in every way, unlike many alternatives.

No, there will be, it's just going to shift away from GPU based compute.

No, PoS uses coin-based forging and no mining whatsoever.

probably in 3 to 5 years to complete all of it

"The merge" is the end of mining. No other phases in that regard.

 

[Metroid]

"The merge" is the end of mining. No other phases in that regard.

3 phases up to the merger, they said 2022 but that depends, more like 2024~2025, eth devs always play with how the market is, if eth stays above 2k on this crash then yeah they will focus more on it, if not then they will take their time and reason I believe they will take their time because eth will crash below 500 usd after hehell hits, yeah the merger is the end of mining, more here https://consensys.net/knowledge-base/ethereum-2/faq/ if anybody is interested.

 

[R-T-B]

3 phases up to the merger, they said 2022 but that depends, more like 2024~2025, eth devs always play with how the market is, if eth stays above 2k on this crash then yeah they will focus more on it, if not then they will take their time and reason I believe they will take their time because eth will crash below 500 usd after hehell hits, yeah the merger is the end of mining, more here https://consensys.net/knowledge-base/ethereum-2/faq/ if anybody is interested.

Aren't we commenting on fresh news that it's sooner than expected? From the devs themselves?

From the horses mouth:

Ethereum's energy usage will soon decrease by ~99.95% | Ethereum Foundation Blog

blog.ethereum.org

"coming months"

 

[Metroid]

Aren't we commenting on fresh news that it's sooner than expected? From the devs themselves?

Like I said before, somebody paid for techpowerup to post this, this is not news because is not coming in coming months, that is a lie. Funny they posted this thing after the crash, this post had a reason behind it, maybe only I can see it?

 

[R-T-B]

Like I said before, somebody paid for techpowerup to post this, this is not news because is not coming in coming months, that is a lie.

How so? They cite a dev blog post. Linked it above.

That's about as direct a source as it gets.

 

[Why_Me]

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

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[Metroid]

How so? They cite a dev blog post. Linked it above.

All lies, all part of a huge manipulation. They want sheeps to keep holding their sinking coin.

 

[lexluthermiester]

No, PoS uses coin-based forging and no mining whatsoever.

Ok, perhaps I misunderstand what's involved here... Is the new algorithm client/user compute based?

 

[R-T-B]

Ok, perhaps I misunderstand what's involved here... Is the new algorithm client/user compute based?

Not based on compute so much as who holds the coins. If you have 32 eth (I think that's the number) you can act as one of the few "validators" that run the blockchain. In exchange, you are rewarded, but for your "staked" eth quantity rather than compute power. Thus there is no real incentive to overpower your node beyond just a server and cpu. There is incentive to "stake" more coins (which are then frozen).

Eth staking pools already exist for the 99% with less than 32 eth. They are potential points for scams of course, but so were mining pools really.

That's the basics, as I understand them.

All lies, all part of a huge manipulation. They want sheeps to keep holding their sinking coin.

You likewise have a known axe to grind with crypto, and furthermore no ties to the project. I'll go with the dev blog here.