Ethereum Core Devs Meeting #20 - Whats it mean for miners?
Ethereum Core Devs Meeting #20 [7/14/17]
This meeting took place today covering a range of topics related to upcoming EIPs (Ethereum Improvement Plans) for Metropolis, however at 42min the team began discussing addressing the Ethereum Difficult Bomb. Bottom line, the team sided with letting the block time increase up to 45 seconds and continuing to let the ethereum difficulty rise exponentially. This activity will continue through no later than November 9th based on this meeting, which means if price stays constant at 185 USD, ethereum will no longer be profitable for most miners. Now normally when supply is suppressed, price and subsequent demand increases as a nature activity of market dynamics. While we see a serious price suppression due in large parts by ICO's liquidating their exchanged eth (when people send an ICO ethereum, they receive a exchange for a token of the ICO's name at a ratio, i.e. 1eth to 500status tokens). As reported earlier this week Bancor ICO has seen a transfer of tens of thousands of ethereum to Bittrex's public exchange wallet. The continued cash grab by ICO's to move into fiat to pay bills will continue to put pressure on price at least in the short term. Additionally, with the Bitcoin UASF (user activated soft fork) looming at the start of August, there is a bit of fear and confusion in the market.
BBT will continue to monitor the situation and have a short discussion on our livestream targeted for Saturday evening, 15th July. There are many scenarios that can play out here, all of which still look very bright and forward in the cryptocurrency space. Stay tuned to our twitter and youtube as we break down some action plans people could take with their rigs/hash power and have a candid conversation this weekend.
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Great follow up guys. You can hear more and more that with all the turbulence coming up by beginning of August, we will see crypto value decrease all over, so the logical step in terms of trading is to not panic, and for mining, look for alternatives, there are enough coins out there.
So looking forward for the guidance from your your side, which has helped me a lot already while setting up my rigs 👍🏼
Perfect! Thanks for posting the video and your summary of the important parts! Very appreciated! I'm looking forward to your summary and more comments at your Youtube stream (although I will watch it delayed as always due to my different timezone). Thanks for your great work and supporting the community!
A bit sad to see difficulty going up and price going down :( Just finished my rig recently ...
There are other coins you can point it too right now and earn tokens pretty quickly. Ubiq and Dbix are a few that you can earn full token units with even one rig.
Thanks! I will look into these!