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Breaking Down the Key Statistics of the Ethereum 2.0 Launch Date

Published

4 Wochen ago

on



  • Ethereum 2.0 finally launched yesterday after months and even years of waiting.
  • According to data from Dune Analytics, more than 900,000 ETH, worth over $500 million, was locked into Ethereum 2.0’s Beacon Chain.
  • This is 166% more than the threshold of 524,288 coins required to launch the upgrade.
  • There were 2,700 unique depositors running over 20,000 validator nodes.

Ethereum 2.0 Launch Stats

Ethereum 2.0 finally launched yesterday. After months of waiting, the first phase of the extensive upgrade to the world’s second-largest blockchain went live.

Ethereum 2.0 “phase zero” allows users to run validator nodes with 32 ETH and basic computational power. This allows users to earn a yield on their coins while also kickstarting the transition from Proof of Work, or “mining,” to Proof of Stake.

Spencer Noon, a top data analyst in the space, recently broke down the numbers of the launch date.

According to data he aggregated from Dune Analytics, more than 900,000 ETH, worth over $500 million, was locked into Ethereum 2.0’s Beacon Chain. This is 166% more than the threshold of 524,288 coins required to launch the upgrade.

There were 2,700 unique depositors running over 20,000 validator nodes.

Ethereum also temporarily trended on Twitter during the launch, with many sharing their excitement about this long-time-coming upgrade.

How It May Affect ETH

Analysts expect the Ethereum 2.0 upgrade to have a positive effect on the price action of ETH. Messari analysts wrote in the company’s recent report on the upgrade:

“Further reducing the potential issuance of ETH 2.0 until Phase 1.5 are the likely shape of the staking adoption curve, validator performance, and transaction fee burns (EIP 1559). Staking participation will likely start low and increase over time as holders gradually become more comfortable with the Beacon Chain and deposit more ETH into the deposit contract. The result of these three factors is that net issuance from ETH 2.0 could be significantly lower than what’s projected on the above chart.”

As the comment above explains, the roll-out of the Ethereum 2.0 upgrade is expected to reduce the issuance of ETH. Should demand stay stable or increase, this supply decrease should result in a rally in the price of the cryptocurrency.

Further, many think that Ethereum becomes more attractive as an investment as the coin will now have a native yield built in. This native yield will give investors that want a cash-yielding asset to invest in validator technology, which will require them to buy ETH.

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Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Macro Analysis Predicts Bitcoin Has Begun Rally Toward $100k





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Ethereum

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

Published

12 Minuten ago

on

Dezember 29, 2020

By



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.