difficulty bump just today / The end of mining starting there for real ?

Comments

  • MrN1ce9uyMrN1ce9uy Member Posts: 190 ✭✭
    I wonder what caused that pretty major bump?
  • techtottechtot Member Posts: 338 ✭✭
    network hash rate didn't increase enough to justify it, so I would like to know why a 100TH increase in one day?
    Net hash went from 64,000 to 65,000 which is a normal daily increase lately.
  • kentankentan Member Posts: 85
    edited July 2017
    Difficulty bomb? Could this be a signal of impending POS?

    https://themerkle.com/what-is-the-ethereum-difficulty-bomb/
  • theneogeo1982theneogeo1982 Member Posts: 530 ✭✭✭
    edited July 2017
    Will Ethereum stay POW, will PoS render mining useless ? WIll there be ANOTHER difficulty bomb??? Find out on the next episode of Dragon Ball ZZZZ
  • danxdanx californiaMember Posts: 145 ✭✭
    In the last 12 days ETH price has gone down by over $100 and difficulty has gone up by over 200TH.. So what should we mine next? :smiley:
  • techtottechtot Member Posts: 338 ✭✭
    That article says the bomb wouldn't be implemented until POS was in place and is not likely until then, unless I misread it.
  • workwork Member Posts: 2,084 ✭✭✭✭
    @techtot the bomb is of course active already...
  • techtottechtot Member Posts: 338 ✭✭
    edited July 2017
    @work, do you mean it was just initiated - as in that was the reason for the 100TH increase in difficulty? Or that is programmed in and ready to go "someday"?
  • danxdanx californiaMember Posts: 145 ✭✭
    Once every approx. 3 weeks the difficulty jumps up then slowly goes back down some, this was probably intended to keep up with the increase in value and increased amount of people mining and should even out for profits.. However, the problem is, the value has gone down, not up, so profits are not keeping up with the increased difficulty.

    The solution would be a blockchain difficulty split or a major bump in the value of ETH. Since the value is not really something that can be fixed unless some rich guy decides to buy a few mil worth of ETH, hopefully the difficulty drops soon. Of course if the POS is going to be implemented soon it really won't matter and we won't see a drop in difficulty.

    Or I could just be full of shit.

    noobpool.com A mining pool for everyone, even those who don't have a house full of mining rigs.
  • kentankentan Member Posts: 85
    edited July 2017
    Double whammy...just today alone..who knows what its going to be like down the road.

    Difficulty increased by 128TH/s (12%)

    ETH price down by 25%


  • DjithBitDjithBit Member Posts: 40
    danx said:

    In the last 12 days ETH price has gone down by over $100 and difficulty has gone up by over 200TH.. So what should we mine next? :smiley:

    Litecoin and Zcash
  • kentankentan Member Posts: 85
    edited July 2017
    See chart - Litecoin slightly more profitable but not feasible with GPUs and zcash profitability below ETH. Any Scrypt based and X11/quark altcoin would not be a feasible alternative.



    Litecoin slightly more profitable but can't compete against ASIC miners


    Post edited by kentan on
  • dgreendgreen Member Posts: 13
    funny how I just got into mining thinking it would be profitable.... seems like I suffer from untreatable bad karma...
  • DjithBitDjithBit Member Posts: 40
    edited July 2017
    dgreen said:

    funny how I just got into mining thinking it would be profitable.... seems like I suffer from untreatable bad karma...

    It is just how markets work.. as soon the general public got informed about something profitable it is usually too late. But hang on.. crypto's are fairly new and this is just the first major down.
    We all know what comes after down..
  • RabassoRabasso Member Posts: 151 ✭✭
    MrN1ce9uy said:

    I wonder what caused that pretty major bump?

    Could be the ICOs dumping 1/4 million eth little by little, but soo many people is coming into mining thinking that they are going to get rich, and nop, is not going to happen, I remember when i could mine 5 eth a day... those were the days. now im lucky if i can get 1 eth every two days...

    in the next months everyone will be selling their cards and will be a glut of hardware out there.
  • rmhrmh Member Posts: 407 ✭✭✭
    dgreen said:

    funny how I just got into mining thinking it would be profitable.... seems like I suffer from untreatable bad karma...

    It's still profitable, just not that high you had calculated.
    Just hold your mined coins...
  • DSLDSL Member Posts: 4
    DjithBit said:

    dgreen said:

    funny how I just got into mining thinking it would be profitable.... seems like I suffer from untreatable bad karma...

    ...
    We all know what comes after down..
    down and.... OUT ? ;)
  • DjithBitDjithBit Member Posts: 40
    DSL said:

    DjithBit said:

    dgreen said:

    funny how I just got into mining thinking it would be profitable.... seems like I suffer from untreatable bad karma...

    ...
    We all know what comes after down..
    down and.... OUT ? ;)
    For pessimists .. yes
  • jsanzspjsanzsp Member Posts: 195 ✭✭
    sorry new miners ebay is your friend.
  • praestopraesto Member Posts: 115
    Mining is only get rich quick if you get in when you make no money. Let me clarify--

    The people who got rich on mining were mining Eth when the network hashrate was so low they could mine multiple Eth per day. Then they held onto those mining rewards as the price went up.

    That doesn't mean it's not profitable, unless you fail to know the definition of profitable or purchase bad equipment due to FOMO.

    Buying the standard recommended mining equipment breaks even, with today's prices and difficulties, within ~5-6 months depending on a few variables. That means the day after you have theoretically made a profit, which means it is still profitable.

    Do not get into mining thinking it's get rich quick...

    Less than .10% (That is a tenth of one percent) of miners "got rich", if you define rich as not needing to work anymore and being able to afford just about anything (Lamborghini included) The average Joe uses mining to SUPPLEMENT their income, not replace it.

    I recommend to continue mining if you already have done so. Lastly, It is my belief that Eth will stagnate, the ICO's of recent have proved the Eth network is not reliable for a lot of real world use because it goes down when a small ICO (compared to real world application) occurs.
  • mikeomikeo Member Posts: 176 ✭✭
    praesto said:

    . . . Lastly, It is my belief that Eth will stagnate, the ICO's of recent have proved the Eth network is not reliable for a lot of real world use because it goes down when a small ICO (compared to real world application) occurs.

    @praesto, I agree with everything up until this last bit. Bitcoin in the early days had massive issues, and still does to a lesser degree. But the people behind the blockchain patched and made incremental improvements. It's my opinion that the folks behind ETH will likely do the same, and PoS is supposed to help although it will likely have early teething issues as well. I just don't see ETH stagnating when there is so much demand and energy behind it. We'll see I guess.
  • praestopraesto Member Posts: 115
    mikeo said:

    praesto said:

    . . . Lastly, It is my belief that Eth will stagnate, the ICO's of recent have proved the Eth network is not reliable for a lot of real world use because it goes down when a small ICO (compared to real world application) occurs.

    @praesto, I agree with everything up until this last bit. Bitcoin in the early days had massive issues, and still does to a lesser degree. But the people behind the blockchain patched and made incremental improvements. It's my opinion that the folks behind ETH will likely do the same, and PoS is supposed to help although it will likely have early teething issues as well. I just don't see ETH stagnating when there is so much demand and energy behind it. We'll see I guess.
    Bitcoin is so a pour example because it fails to meet the necessary criteria to be an efficient, functional, and real world solution.

    1) It takes literally 45 minutes to verify a transaction, try to go to buy food and tell the guy to wait 45 minutes to prove you paid.
    2) It takes more processing power to verify ONE transaction than to power a home in the US for 1.5 days, this power has more value than verifying the transaction and therefore will limit the usage of Bitcoin

    We will see how it goes though, I for one definitely do not see Eth being over the $400 mark by the end of the year. One big hit to Eth is that all the people who got it after it shot from like $10-200 got burned or failed to see the crazy gains they expected and are probably going to exit. This will hamper down the value some. One thing I am certain of is the explosive growth it has this year (2000%) will without a doubt not continue.
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