#EthereumClassic is now dominating non-BTC mining. Whether or not that is currently profitable, given the excess of hash which can no longer mine ETH, is another matter.
ETC network hashrate seems to have settled to a new equilibrium close to 150 TH/s. Peak was 300 TH/s.
ETC network hashrate seems to have settled to a new equilibrium close to 150 TH/s. Peak was 300 TH/s.
That was around a 6x gain in hashrate and security since before The Merge.
More importantly, though, is that ETC in now *the* apex predator for POW outside of SHA256 market.
The majority of ETC hash is likely ASICS (I have heard ~70%) which is fantastic.
More importantly, though, is that ETC in now *the* apex predator for POW outside of SHA256 market.
The majority of ETC hash is likely ASICS (I have heard ~70%) which is fantastic.
I wrote this article in February 2020 which I still stand by, and we have arrived in that inevitable destination. Funny that we have an “ASIC resistant” algorithm but here we are, ASIC dominated anyway (market forces always win over central planning):
bobsummerwill.com/2020/02/02/asi…
bobsummerwill.com/2020/02/02/asi…
“ECIP-1049 - Change the ETC Proof of Work Algorithm to Keccak256” was a flop, mainly because it was was choosing one group over another group (and the losing group were the existing miners who had invested on the basis of the existing social compact):
ecips.ethereumclassic.org/ECIPs/ecip-1049
ecips.ethereumclassic.org/ECIPs/ecip-1049
As others said at the time, the only defensible position is NEVER to change hashing algorithm, barring some catastrophic threat to the network as a whole (ie. quantum computing making the hash insecure), such that consensus can be reached that we HAVE to switch.
So, Etchash it is for the foreseeable future. Welcome to ETC, miners!
We really appreciate the vital role which you play in securing the chain, and in the uniqueness of POW which makes blockchain revolutionary.
We look forward to decades of collaboration and building together!
We really appreciate the vital role which you play in securing the chain, and in the uniqueness of POW which makes blockchain revolutionary.
We look forward to decades of collaboration and building together!
Here is a handy table of the block rewards per day for all chains which are still GPU-mineable.
After ETC, ETHW and RVN it drops off a cliff, and ETC is double any other chain.
And ETHW will not last given their 🤮 launch and ongoing multi-sig base fee theft.
After ETC, ETHW and RVN it drops off a cliff, and ETC is double any other chain.
And ETHW will not last given their 🤮 launch and ongoing multi-sig base fee theft.
https://twitter.com/Bokiko_io/status/1580754958617481216
On that point about ASIC resistance being anti-free-market, @nishantsharma87 (Head of International PR and Community Relations at @BitmainOfficial at the time) expressed it best on the miners panel at #ETCSummit 2019:
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