Earning money by mining cryptocurrencies
Here you can starting with Cloud Mining Ethereum
This dream is followed by millions of people around the world. But the prerequisites for successful mining are increasing all the time – and now a new update has made the situation even more difficult for Miner.
Is ethereum mining at all worthwhile?
In principle, anyone with the required hardware and software can become part of the Ethereum Mining community. In the earliest times of the currency, solo mining was widespread, many users scoured over their private computer ethereum. However, the goal of finding the next block of the blockchain by trial-and-error was becoming increasingly difficult, because the searched hash – and thus the task to be solved for the computer – changes within a very short time.
To be able to solve the right task on your own PC in order to be able to add a new block to the blockchain and to be rewarded with Ethereum – also known as the proof-of-work process – is almost hopeless. Instead, Ethereum-Schürfer now operate in so-called rake networks and thus provide their private computing power to a larger community, which tries to resolve the problem together. This increases the chance of finding a successful block and thus successfully nurturing ethereum.
However, this method is also limited, as huge miners, often from the Asian region, have long since discovered the exploitation of cryptic ferments. In the face of massive computing power in mega-computer pools and thanks to much more favorable electricity prices, prospectors from the Far East are now dominating the market. This also entails risks that experts are constantly warning about.
Update makes digging even less lucrative
In addition to large organizations with access to massive computing power and favorable power sources, the latest Ethereum update also ensures that Ethereum mining is less and less worthwhile.
This week the rules for the network clients were changed. The first part of the so-called Metropol Update, which Ethereum is to lead into the future and to a new development stage, was named “Byzantium” and involves a series of adjustments. Miners, whose blocks the blockchain is successfully added, now receive only three ether tokens instead of five ether tokens. Since the probability of finding a valid block in Ethereum scoring and being rewarded with ether is not particularly high in any case, the incentive for ether mining is thus likely to fall further.
“Proof of stake” instead of “proof of work”
And this is precisely where the path from Ethereum will lead in the future: from pure mining to smartcontracts. In the future, users should no longer be allowed to enter a new data block into the blockchain if they found the right hash