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Thread: Ethereum transition to 'Proof of Stake' will slash its energy use

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    Ethereum transition to 'Proof of Stake' will slash its energy use

    Transition this year will cut energy use by 2000x, and mean an end to GPU ETH mining.
    Read more.

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    Banhammer in peace PeterB kalniel's Avatar
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    Re: Ethereum transition to 'Proof of Stake' will slash its energy use

    This is good news, but I hope it doesn't cause GPU miners to just switch to another crypto that vendors don't rate limit yet.

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    Re: Ethereum transition to 'Proof of Stake' will slash its energy use

    Sooo, given I'm away from Friday until mid August, flogging my 3060Ti to CEX for £892 cash (!) might be an idea before the prices drop off and miners flood the market with hardworked cards..

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    Re: Ethereum transition to 'Proof of Stake' will slash its energy use

    Quote Originally Posted by [GSV
    Trig;304]Sooo, given I'm away from Friday until mid August, flogging my 3060Ti to CEX for £892 cash (!) might be an idea before the prices drop off and miners flood the market with hardworked cards..
    Depends on what you paid for it, but that's insane!

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    Re: Ethereum transition to 'Proof of Stake' will slash its energy use

    5.13 gigawatts
    What the hell is a gigawatt?

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    Re: Ethereum transition to 'Proof of Stake' will slash its energy use

    Quote Originally Posted by philehidiot View Post
    Depends on what you paid for it, but that's insane!

    £380.50 in December when they launched, FE card, mines when I'm not gaming or using the PC for other stuff with 60% power, -500 core, +1100 RAM and 40% fan...
    Given I sold me previous card for £120 and what the 3060Ti has mined, its more than paid for itself, for me then to be able to sell it for over double what I paid for it, the itch to sell it is increasing, only really held back by the possible lack of ability to get another card, but, I am away with work now until the middle of August on and off so I wont 'need' to replace it until September, hopefully with a 3080Ti-FE card...

    I think if I was to sell it, I'd offer it to friends first, but then the money its made and what I would get for it wouldn't cover a 3080, which is the card I wanted to start with, but couldn't get one where the 3060Ti I got as soon as they landed..

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    Re: Ethereum transition to 'Proof of Stake' will slash its energy use

    Quote Originally Posted by simonpreston View Post
    What the hell is a gigawatt?
    a unit of power equal to one billion watts... that's 1000000x our 'units' on the electric bill.

    I use around 5-10kilowatts (ie one thousand watts) on average per day at home to give some sort of context

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    root Member DanceswithUnix's Avatar
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    Re: Ethereum transition to 'Proof of Stake' will slash its energy use

    Quote Originally Posted by kalniel View Post
    This is good news, but I hope it doesn't cause GPU miners to just switch to another crypto that vendors don't rate limit yet.
    Probably. I still think they got this backwards. Mining makes Eth off volatility, so you actually get a ton from a drop in price when users are desperate to move funds off the platform so you get a spike in transaction fees. This crash saw gas price spike to over 1400 gwei which is just mental, but a nice earner for mining.

    If they just introduce PoS then that drops the energy use for Eth which gives them a nice press release headline, but if it makes Eth more attractive then that overloads the already failing network. If they introduced sharding, then that would make the network faster and more usable (yay!) by a factor of 64, which should eliminate the queue of pending transactions. At that point you can just set your gas price to 1 Gwei, and get your transaction done in a few seconds. That not only helps users, but it utterly hammers mining as the gas price has recently been around 100 Gwei so the mining revenue would drop by about two magnitudes, and a ton of miners hang up their GPUs

    For people who haven't poked around a mining site, here is a link to some random user on Ethermine (no idea who) who I'm guessing is running an RTX 3080 from the reported 100MH/s (though it could be a few RX570 cards, who knows).

    https://ethermine.org/miners/e854549...46eF/dashboard

    Have a click on the "payouts" tab. If you do that quick enough you can see a mahoosive spike in the income last rounds chart, so this person did quite nicely out of the crypto crash. Just got to wait for the price to come back up. Even after the crash, this person is looking at $17 per day and won't be needing that much electricity.

    Anyway, I think this will clean up Eth's act but as Eth is still utterly overloaded people can just switch to one of the other altcoins out there and mine that. Sharding would have dropped ETH's energy use by killing the mining incentive, and robbed trade from other platforms by making Eth better to use.


    Quote Originally Posted by simonpreston View Post
    What the hell is a gigawatt?
    10^9 Watts. Almost enough power to send a DeLorean back to the future

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    Re: Ethereum transition to 'Proof of Stake' will slash its energy use

    Quote Originally Posted by simonpreston View Post
    What the hell is a gigawatt?
    Think it's what the flux capacitor needed
    Jon

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    Re: Ethereum transition to 'Proof of Stake' will slash its energy use

    Quote Originally Posted by Jonj1611 View Post
    Think it's what the flux capacitor needed
    n00bs use flux capacitors. Slingshots around a sun are far better.

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    Senior Member watercooled's Avatar
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    Re: Ethereum transition to 'Proof of Stake' will slash its energy use

    Quote Originally Posted by DanceswithUnix View Post
    Snip
    Is sharding not on the Eth roadmap too?

    Also this is a bit beyond my understanding of Eth's model, but if the sharding made transaction processing unprofitable, wouldn't that lead to miners just refusing to process those transactions, naturally driving up the gas price? I get the feeling I'm missing a chunk of that story.

    Regarding the problem of flooding to another platform, lots of miners assume they will be able to move to the next most profitable (AFAIK) one, Ravencoin. The problem is, Eth has (again, AFAIK) orders of magnitude more resources mining on it, so a mass transition like that would send the difficulty through the roof and profits through the floor.

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    Re: Ethereum transition to 'Proof of Stake' will slash its energy use

    Quote Originally Posted by watercooled View Post
    Is sharding not on the Eth roadmap too?

    Also this is a bit beyond my understanding of Eth's model, but if the sharding made transaction processing unprofitable, wouldn't that lead to miners just refusing to process those transactions, naturally driving up the gas price? I get the feeling I'm missing a chunk of that story.
    Yes it is on the roadmap, they just seem to be hurrying up the PoS bit first. I did read that some of the Eth that was lined up to be staked had gone away, presumably sold thanks to the high price. Perhaps they felt they needed to get staking going before everyone sold up

    You only need enough miners to make the network function. More gives some resistance against someone trying to take the network over with a 51% attack, but that always gets glossed over anyway so I don't think it is a real concern. So yeah, I suspect miners would quit until the few left were at least not losing money. There seem to be some who approach this with a religious zeal, so I'm sure some would stay.

    Still, I can see them thinking that they had better get to the PoS point where they don't need miners before they go hacking them off. There is some sense in that, I just don't think it is going to drive the world forwards if all those GWatt of GPUS just move to Ravencoin. That's moving the problem, not solving it.

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    Re: Ethereum transition to 'Proof of Stake' will slash its energy use

    Quote Originally Posted by [GSV]Trig View Post
    Sooo, given I'm away from Friday until mid August, flogging my 3060Ti to CEX for £892 cash (!) might be an idea before the prices drop off and miners flood the market with hardworked cards..
    Apparently I can get £2080 for my 3090 FE, 48% more than it cost.. Which is absolutely absurd. The 3080 FE gets an impressive £1615, 148% more than it cost.

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    Re: Ethereum transition to 'Proof of Stake' will slash its energy use

    Quote Originally Posted by Iota View Post
    Apparently I can get £2080 for my 3090 FE, 48% more than it cost.. Which is absolutely absurd. The 3080 FE gets an impressive £1615, 148% more than it cost.
    Its absurd indeed, if I had managed to get the 3080FE I wanted then I wouldn't even consider it, but, the 3060Ti won't max out my monitor now with all the eye candy on which is what I wanted when I upgraded...

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    Re: Ethereum transition to 'Proof of Stake' will slash its energy use

    Great news!
    ... but to be honest I would sooner have seen riots and miners being burned at the steak, or at the very least rounded up and sterilized so we know selfive scum like that woun't be having kids.

    .... do I sound bitter ?

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    Re: Ethereum transition to 'Proof of Stake' will slash its energy use

    Quote Originally Posted by Rubarb View Post
    Great news!
    ... but to be honest I would sooner have seen riots and miners being burned at the steak, or at the very least rounded up and sterilized so we know selfive scum like that woun't be having kids.

    .... do I sound bitter ?
    Sound very bitter, dont see how mining is any different to motorsports, people making useless junk every day or just simply us using the forum right now or youtube/tiktok for trash media. It all 'wastes' resources so I dont see why people are specifically so bitter about mining.

    I was mining with a 390x when my pc wasnt gaming then I used that money to upgrade to a ryzen system and eventually bought a vega 64 at £400 shortly after launch, made even more money in the interim! It only offsets my costs so nothing extreme and made PC gaming viable to me.

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