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Ethereum 2.0 Likely to Happen as Tens of Millions Sent to Deposit Contract

Published

1 Monat ago

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Ethereum 2.0 seems to be confirmed to happen soon as deposits in the contract spike.

Ethereum 2.0 Nears as Deposits Spike

There is now 80% of the ETH needed to launch the upgrade by December 1st, as Etherscan shows. For some more context, there needs to be 524,000 ETH in the contract for the upgrade to take place on the planned launch date.

Large whales and a number of smaller investors have deposited a large amount of funds into the contract as they look to support the upgrade and to make ETH by locking their funds in the contract.

But what happens if the threshold is not reached by the deadline. According to developers, the threshold can be adjusted in the future to ensure that there is not ETH locked in the contract forever. One developer recently said on the matter:

“I personally think that for initial launch, the 100k+ ETH in the contract is sufficient, and that adjusting the threshold down to not leave that ETH in limbo for too long makes sense.”

What is ETH2?

For some more context, here’s some more context about ETH2.

Danny Ryan, a researcher at the Ethereum Foundation, recently said to Paradigm on the update:

“If you haven’t had a chance to read my recent blog post, The State of Eth2, I highly recommend it. I try to give context on the project, discuss the trade-offs, the timelines, and the benefits over time. Specifically, check out the “Benefits of eth2 to the community over time” section. In short, Phase 0 bootstraps the system, Phase 1 provides a highly scalable data-layer that, through the use of eth2 light clients in Ethereum, can be leveraged by layer 2 constructions for scalability, Phase 1.5 is the unification of the Ethereum chain that we know and love as a shard under the upgraded eth2 consensus, and Phase 2+ is expanding the functionality of shards over time.”

Ethereum 2.0 will integrate a technology called sharding, which will split up the processing of transactions amongst different groups of nodes to increase transaction throughput:

“Both of these mechanisms are designed to enhance the system while retaining strong properties of decentralization. You can easily scale up a block chain through simpler mechanisms than sharding, but these mechanisms tend to reduce the ability for users to follow and participate in consensus with consumer hardware. Proof of Stake and Sharding, though, allow for a wide set of participants to contribute to the construction of a highly scalable protocol even with standard consumer hardware.”

Analysts expect the integration of Ethereum 2.0 to result in a rally in the price of ETH over time.

Featured Image from Shutterstock
Price tags: ethusd, ethbtc
Charts from TradingView.com
Ethereum 2.0 Likely to Happen as Tens of Millions Sent to Deposit Contract



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Ethereum

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

Published

1 Stunde 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.