Hardwork Ethereum tomorrow. The reward will fall, but will leave you miners?

The next attempt to activate the updates Constantinople remain a matter of hours. Update will be on the block 7280000that miners will produce roughly the last hour of the winter in Moscow. In the end, spring for the owners of the rigs will start not so Sunny, after all, the reward per block will decrease from 3 to 2 ETH. Would it make the miners leave, and, Hasrat network to collapse? Understand.

The contents

Hardwork Constantinople in the network Ethereum

To begin with, the theory. Constantinople — the name of the next system upgrade Ethereum. The developers planned to update the blockchain is still January 16, but found vulnerabilities hardwork decided to postpone. Constantinople is not controversial, it is supported by developers, exchanges and other participants in the community. The separation of the chains and the emergence of new coins is not worth waiting.

By the way, this Scam has not stopped. They tried to get to the coins unsuspecting hontarov, advertising Ethereum Nova and other scum-projects. This partially reacted Vitalik Buterin. On 10 January he proposed to adopt the terminology zcash for and begin to call this “hardore” normal “network upgrades”.

What’s new in update Ethereum

Constantinople must integrate five suggestions for improving Ethereum, also known as EIP. Will they affect the speed and functionality of the network, the expenses of its participants and, of course, the miners. Remember them.

  1. EIP 145. Component adds the user to the bitwise shifting of a Virtual Machine Ethereum (EVM). They allow bits of binary information to move left and right. Sounds complicated, but the meaning is simple. Thanks to EIP 145 changes in smart contracts will be 10 times cheaper;
  2. EIP 1052. Improvement teach smart contracts to confirm each other using only the hash. To Constantinople, this was done by examining all the code that long and costly;
  3. EIP 1014. Offer Vitalik Buterin activates the so-called state channels. Scaling Ethereum will be using transactions outside of the chain;
  4. EIP 1283. The update reduces the cost of gas for operations SSTORE and reduces the cost of transactions;
  5. EIP 1234. The proposal consists of two parts: delay bombs difficulties for 12 months, and lower remuneration for the block. The reward will drop from 3 to 2 ETH. The reduction will not be the first: activation hard forks Byzantium at the end of 2017, reduced the award from 5 to 3 coins.

Simultaneously with Constantinople activate and St. Petersburg. Its goal is the correction of previous errors in the log.

Why brought Constantinople

The day before the update ChainSecurity experts have found a flaw in the codethat allows to steal the user’s money. To fix issues in not enough time — so the developers pushed the update to another date.

Source: 2Биткоина

What happened to the network after the abolition of hard forks

Transfer update announced a couple of hours before the scheduled time, so not all members of the community know about it. Sources told that about 10 per cent of miners have not updated the software and was left in the wrong chain.

But the most important event here, activate the bomb difficulty, which had to go through Constantinople. Recall that this phrase means the mechanism gradually increases the complexity of PoW-mining blocks up to a full stop of work of the blockchain. The bomb was introduced for the further transfer of Ethereum on the PoS, as originally planned.

With the bomb of the complexities of the recent record low volume of new coins into the network. The mechanism has increased the time of production of blocks with 14.5 to 20 seconds.

The record was recorded February 17 — the day the network was born 12989 coins. Also in the fall the index was stable at the level of 20 thousand ETH.

Source: Etherscan.io

Coins in the form of remuneration became less and therefore mine Ethereum became less profitable. Rig owners knew what was happening and gradually disconnected from the network. Take a look at the changes Hasrat.

Source: Etherscan.io

Mining Ethereum end?

It would seem that the situation is a stalemate. Profit miners, and so sank, and then there’s Constantinople, with its reduction of the award. Because the reward will drop from 3 to 2 ETH, all waiting for a drop in revenue of 33 per cent. It seems logical, right?

For example, the Guys from Epool connected to a small hysteria and made a survey on Twitter. They asked users to suggest where to go 154 TH — that is all the Ethereum network after update.

The majority voted for Ethereum Classic. 53% — no joke. But is it all bad?

No. First, as correctly noted by Josh white, the poll is more like the dreams of fans of other coins to a significant increase of Hasrat to their networks.

Secondly, most importantly, reducing the rewards in the current environment will be virtually unnoticeable. To thank for this is the bomb of difficulty.

The average blockdim following yesterday’s day of 20.9 seconds. So, in a moment falls 2.87 unit per hour — 172,24, a day — 4133,97. Round the result up to 4134 and is multiplied by a 3 coin reward per block. Get 12402 ETH.

Now carry out the same calculations for 14.5 seconds, which will lead to the postponement of the bombs of difficulty. 4.13 block per minute, 248,27 for an hour and 5958,6 per day. Rounded to 5959 and multiply by the new reward of 2 coins, get coins 11918. Excluding ankl-blocks, a decline of 3.9 percent. In the context of the whole world this is unlikely though as-that will reduce Hasrat network. The result — the situation with mining will not change. The balance of power will continue, the farm will remain in operation.

Insights

Tomorrow’s update won’t kill Constantinople niche mining Ethereum, a profit compared to the same Feb will remain virtually the same.

If you remember November, the new coins ETH will actually appear smaller. Given the basic law of supply and demand in theory it is even able to raise the rate, however, plays a big role the General trend of the market.

Source: TechCrunch

Perhaps Constantinople is not aware of Ethereum. An update will be another step in the direction of Ethereum 2.0 and consensus Proof of Stake. And it will clearly bring more benefit to the community and humanity than a couple of times to satisfy speculative interest.

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