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Ethereum 2.0 deposits at 10% of launch threshold as deadline approaches

Published

2 Monaten ago

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The deposit contract for Ethereum 2.0 now holds 50,849 Ether (ETH), worth approximately $22 million as of publication time.

This is slightly less than 10% of the minimum required stake of 524,288 ETH, or $230 million. Ethereum 2.0 is set to launch on Dec. 1 — but only if the minimum stake threshold is reached seven days before that date.

Historic balance for the deposit contract by Etherscan.

The influx of new deposits appears to have tapered off recently as the majority of prospective stakers joined within the first three days of launch.

Ethereum 2.0 stakers must go through a dedicated launchpad to register validators with a 32 ETH stake each. While the same person or entity can stake more, they must set up multiple validators to do so.

Staking yields are expected to be below 10%, but that number largely depends on the number of active stakers. As they will compete for the same rewards, new participants will lower the returns for others.

Most notably, Ethereum 2.0 deposits cannot be withdrawn or used until some time between the implementation of Phase 1 and Phase 2, which may take years.

This may be a significant deterrent for onboarding, as stakers will sacrifice liquidity for relatively low yields and an uncertain lockup period. An informal poll held by Taylor Monahan, CEO of MyCrypto, seems to suggest that the majority of users would not consider it a worthwhile investment.

The Ethereum community has another two weeks left to reach the deposit threshold before the launch is delayed. While progress has been relatively slow so far, this may change quickly.





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Ethereum

Crypto enthusiasts could make $122K per year mining Ethereum with this setup

Published

12 Minuten ago

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Dezember 29, 2020

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Simon Byrne has taken at-home crypto mining to a whole new level as he looks to capitalize on Ethereum’s (ETH) enormous price potential. 

As first reported by Anthony Garreffa, Byrne has set up an ETH mining rig consisting of 78 GeForce RTX 3080 graphics cards. Although the RTX 3080 is marketed toward high-end PC gamers, crypto miners are using these powerful specs to enhance their capabilities.

With each card using roughly 300W of power, Byrne’s setup uses 23.4KW of energy. And that doesn’t even factor in associated costs like AC. All said, his electricity bill is estimated to run up to around $2,166 per month.

The RTX 3080 launched in September at a price of $699, but supply shortages have caused the per-unit cost to swell to $1,199. At the shortage price, that’s a price tag of $93,522 for Byrne’s setup.

Still, these costs could be offset by the operation’s mining capability. One GeForce RTX 3080 graphic card has a hash rate of around 83MH/s using Ethash, which should generate roughly 0.22236870 ETH per month, according to Garreffa. All 78 cards would therefore generate 17.3 ETH per month, which is equivalent to around $12,352 at today’s prices.

Stripping away the electricity costs, that’s roughly $10,200 per month or $122,000 per year. And that’s not factoring in Ethereum’s price potential during the next bull market.

Ether’s price zipped past $700 over the weekend, the first such move since mid-2018. The return of altseason, as some have predicted, could send ETH’s price even higher over the medium term as investors cycle from Bitcoin to other large-cap cryptocurrencies.