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Joseph Lubin says insiders are ‘very optimistic’ about how fast Eth2 will unfold

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4 Wochen ago

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Speaking during the Ethereum in the Enterprise — Asia Pacific 2020 conference on Dec. 3, ConsenSys founder and Ethereum contributor, Joseph Lubin, predicted that Eth2 will devour Ethereum in “the not-too-distant future.”

“People in the know around the ecosystem are very optimistic about how fast things could unfold, as the really complicated work has been done in launching Phase 0,” he said.

While the Eth2 rollout was believed to be occurring in strictly regimented “phases,” Lubin emphasized that the other aspects of Eth2’s rollout are “proceeding in parallel” — meaning upgrades to the protocol may come much sooner than many onlookers are expecting:

“It is very likely will get a tremendous amount of data availability in the form of shards, as well as move lots of the important functionality from Ethereum 1 to Ethereum 2.0, and essentially see Ethereum 2.0 absorb Ethereum 1 in the not too distant future.”

Lubin predicted that Eth2’s next phase will come online between nine and 12 months from now. He asserted the coming increase in the amount of data availability will enable layer-two networks to “massively increase the amount of transactions per second throughput that they can offer.”

“Essentially Ethereum 2.0 represents a massive increase in scalability, so we’re already achieving tremendous scalability with layer-two networks.”

Lubin also noted that ConsenSys has recently been working on “cutting edge” CBDC and payments projects in partnership with various central banks, including the Hong Kong Monetary Authority, the Bank of Thailand and the Reserve Bank of Australia.

“One of the major important use cases is cross-border payments because the corresponding banking networks and just that whole infrastructure is really creaky and expensive and slow,” he said.

“Retail payments is incredibly exciting. ConsenSys has built architectures that can handle nearly 20,000 transactions per second on an Ethereum-based network.”

“We are in discussions to make that available to some major payment providers, and some of our technologies [are] being used in a hybrid commercial central bank application,” he added.



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Ethereum

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

Published

3 Minuten ago

on

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.