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After POW

vlcmstnevlcmstne Member Posts: 119 ✭
in Mining
What are your plans after ethereum POW, mine alt coins? Sell GPUS? Just curious what everyone plans to do
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  • kwell42kwell42 Member Posts: 35 ✭
    Your already mining alt coin...
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  • vlcmstnevlcmstne Member Posts: 119 ✭
    Lol you know what I mean
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  • theneogeo1982theneogeo1982 Member Posts: 530 ✭✭✭
    Pardon the ignorance but what is POW
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  • adasebadaseb Member Posts: 1,043 ✭✭✭
    theneogeo1982 said:

    Pardon the ignorance but what is POW

    Please don't tell me you invested thousands on rigs without knowing what is POW or POS.
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  • theneogeo1982theneogeo1982 Member Posts: 530 ✭✭✭
    Sure did Hahahaha
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  • vlcmstnevlcmstne Member Posts: 119 ✭
    Lol love it
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  • theneogeo1982theneogeo1982 Member Posts: 530 ✭✭✭
    Soooooooooo???!!!
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  • vlcmstnevlcmstne Member Posts: 119 ✭
    http://lmgtfy.com/?q=Ethereum+POW+vs+POS
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  • theneogeo1982theneogeo1982 Member Posts: 530 ✭✭✭
    edited September 2016
    ? Ethereum was supposed to be ASIC proof
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  • newmznewmz AustraliaMember Posts: 299 ✭✭✭
    @theneogeo1982 it is "ASIC proof" but the developers decided that it would change from POW "proof of work" which is mining, to POS "proof of stake" which is NOT mining, it is when you have a whole lot of ETH as a "stake" and new coins are made almost like when you earn interest by having money in a bank.

    This was decided because mining (POW) uses a huge amount of electricity to produce coins so is therefore very environmentally damaging. At some point in the future, probably in the next 4-8 months, Ethereum will change to POS and we will no longer be able to mine it. You will only be able to make more ETH if you have a "stake" of approximately 1000-1500 ETH.

    So when that happens, the OP @vlcmstne was asking what we are going to do with our mining rigs instead of mining ETH. If you didn't know about this when you invested in mining equipment, and thought you could mine indefinitely - you will be disappointed when it happens right?
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  • theneogeo1982theneogeo1982 Member Posts: 530 ✭✭✭
    No I didn't think it was indefinite at all, just sometime temp to make a buck or two! It's supposed to happen in 422 days from now so lots can happen from now until then
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  • oakey22oakey22 Member Posts: 50 ✭
    theneogeo1982 said:

    No I didn't think it was indefinite at all, just sometime temp to make a buck or two! It's supposed to happen in 422 days from now so lots can happen from now until then

    Where did you find out its 422 days from now?
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  • midoprincemidoprince Member Posts: 198 ✭✭✭
    the Ethereum Classic will be the same and go to casper
    or will keep mining process ?
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  • o0ragman0oo0ragman0o Member, Moderator Posts: 1,291 mod
    midoprince said:

    the Ethereum Classic will be the same and go to casper
    or will keep mining process ?

    @midoprince I've wondered this myself. Given the nature of it's supporters, I dare say they'll stick with POW.
    newmz said:

    @theneogeo1982 it is "ASIC proof" but the developers decided that it would change from POW "proof of work" which is mining, to POS "proof of stake" which is NOT mining, it is when you have a whole lot of ETH as a "stake" and new coins are made almost like when you earn interest by having money in a bank.

    This was decided because mining (POW) uses a huge amount of electricity to produce coins so is therefore very environmentally damaging. At some point in the future, probably in the next 4-8 months, Ethereum will change to POS and we will no longer be able to mine it.

    No exactly ASIC 'proof' as yet. Ethash POW was designed to be ASIC 'resistant'. Part of the that resistance was to design the algo to be memory hard which is limited by the bandwidth of commodity RAM rather than computationally hard which can have exponential efficiency gains through ASIC evolution. This was not the ideal for Ethereum but there was no competent POS algorithm by which it could truly be ASIC proof and environmentally friendly.

    It was initially speculated by the foundation that a POS solution would be in place 480 days after Frontier was launched and so hard coded a diff 'bomb' to make the POW chain uneconomical. This is no longer the case and POS still hasn't been given a release schedule.

    Ethereum ASIC's are possible but given the memory hard nature of Ethash, face a formidable economic challenges in development and fabrication given the time remaining until POS....which was part of the ASIC resistance strategy from the start.

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  • HasLuxHasLux Member Posts: 48 ✭
    I think some good developers may decide to stick with the original POW but avoid ETC because of the unethical nature of the pre forked chain. So we might see two competing chains of ETH. One POW and one POS simply because it's economical for a group of new developers to continue with the mining platform.
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  • theneogeo1982theneogeo1982 Member Posts: 530 ✭✭✭
    oakey22 said:

    theneogeo1982 said:

    No I didn't think it was indefinite at all, just sometime temp to make a buck or two! It's supposed to happen in 422 days from now so lots can happen from now until then

    Where did you find out its 422 days from now?
    There's a counter I'm lazy to find again lol
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  • SashSash Member Posts: 56 ✭
    edited September 2016
    PoW provides security in the network by doing the work.

    PoS doesn't provide the same security. Anyone with large enough pockets controls thee stake. Ie big whales.
    This creates orphan/side chains left right and centre. Experienced this with a recent coin called PayCoin that was POS.

    Going from PoW to PoS would be the end of Ethereum.


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  • Sequoia93Sequoia93 Member Posts: 130 ✭
    Ethereum is a little bigger then Paycoin lol....so I'm not sure the same will apply.

    I'm interested to see what will happen with the POW chain. How many of us will continue mining on it? I may for a bit, in reality I will just mine whatever is most profitable, plus some more speculative coins possibly.
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