Hello! I’ve read that ETH will or is transitioning from PoW to PoS. I also know that PoW depends highly on mining.
Thus, I’m wondering: • Is ETH really making the aforementioned transition? • If so, how will this affect mining ETH?
Thanks so much for the guidance
After the transition is completed, there will be no mining on Ethereum, only staking. BUT, this won't happen for a while. The folding of ETH 1.0 into a shard in ETH 2.0 will happen after the beacon chain (phase 0) is activated (this year) and sharding is added (phase 1, no date yet, maybe end of next year?), but before the new execution environments (phase 2, maybe 3 years?).
Thanks so much for your response!
yea PoS is far better, PoW probably never should have been invented.
all can participate in PoS with a rasp pi 4 + ssd for example and probably even less
I have 10 funded validators running on lighthouse client on my Rock64 on Arch Linux ARM. Beacon Chain runs on a different Rock64. On my validator the CPU is about 1-5% on all 4 cores with 158 MB RAM usage. I could probably run thousands of validators on a single 70 USD Rock64 which draws about 3 Watts. Ideally you might want to spread it and not have all rely on a single board that runs the beacon node. But power consumption of ETH 2 will probably be just a handle full of Megawatts for the entire network. Compared to burning a couple of hundret watts with a single GPU alone that costs hundrets of Dollars this is amazing. 🙂
ts. Ideally you might want to spread it and not have all rely on a single board that runs the beacon node. But power consumption of ETH 2 will probably be just a handle full of Megawatts for the entire network. Compared to burning a couple of hundret watts with a single G
yea, and its cool too, using the eth for staking, it might have good reasons to needing to have some to be able to stake
should PoW ever have been invented?
that's just wrong. pow is quite amazing, everyone already knows that pos is bad because it concentrate the wealth in the hands of a handful of people who got in early, they get a large chunk of the inflation at no cost what so ever. POW works as a much more fairer distribution mechanism, because there is additional cost to growth and its external. on top of that, early on POS is really dangerous, you need an established decentralized network already in place to properly establish pos and be able to offer the level of security required to transact with large amounts of money, that's why eth is great. going from pow to pos after the network is establish will make a world of difference in how secure the network is, compare to what it would have been had it been pos from start.
pos is bad because it concentrate the wealth in the hands of a handful of people
In PoW, people with huge capitals cant invest in big facilities in countries/areas with cheaper electricity, and can push manufacturers for better GPUs. If you have money = you are better off. So its basically the same. The difference is that in PoW, a guy like me can never mine because ill be CONSTANTLY losing money vs in PoS where I can stake and help secure the network whether by running a node, or join a farming pool.
your argument doesnt make much sens. if you have money = you are better off is 100% true in pos too, its true in all aspects of life and it better damn be. the difference is that the external cost of pow forces miners to let go of a portion of the inflation they generate at market prices, which in return gives you the ability to buy it for a fair market price. pow forces a large portion of the inflation to find its way to the market, and that's good, you dont want someone lucky enough to get in early and cheaply to get ''all'' the rewards, forever, at no cost, which is exactly what pos does.
Oof. Imagine not understanding iterative/inspirationalvdesign