Ethereum processes nearly half of all blockchain transactions, higher than 6 blockchain networks combined January 17, 2018
Ethereum processed 49.3 percent of all blockchain-based transactions in the last 24 hours. Thus, more than does Bitcoin, Bitcoin Cash, Litecoin, Dash, BTG, and ETC blockchains combined.
This translates to about $29 billion worth of transactions in the last 24 hours.
But this is a drop when you compare to the 52.3 percent it processed sometimes in November last year.
In November, Bitcoin was the second, followed closely by Bitcoin Cash and Litecoin.
Transactions on the Ethereum blockchain does not only involve ETH transactions, but all other ERC20 tokens issued on this blockchain.
Compared to other blockchains, Ethereum is still more efficient and while the transaction fee on the blockchain is not the lowest (at around $2.50), it is much better than Bitcoin which averages at close to about $29. Also, the network can create a new block every 15-20 seconds, which is much faster than Bitcoin’s 10 minutes.
Bitcoin’s high transaction price has been a major concern for users although it is expecting that the problem could resolve this year.
In November, Bitcoin was processing around 330,000 transactions. It currently handles about a quarter million transactions.
Bitcoin also struggles with delayed transaction confirmations. The two problems make it unusable for smaller payments.
And although Ethereum is processing nearly a half of all transactions, scalability is still an issue. But that could be in its past giving progress being made for Ethereum 2.0. Since the implementation to achieve VISA-level scalability in the next three to five years.
Also, Casper is testing on the testnet. Casper will see the network implement a Proof of Stake consensus. It could also help bring down transaction confirmation times to as low as 2 seconds, which would further increase the number of transactions.
Many people argue that Ethereum has more potential than Bitcoin and will outgrow Bitcoin eventually. The network continues to attract more projects of all kinds including latest launched RPG Ethercraft game complete with a gaming marketplace.
However, it could take more time if Ethereum should outgrow Bitcoin because it also continues to innovate itself.
Original article and pictures take coinpedia.org site
Ethereum price jumps again as it approaches a new all-time high
Digital currency ethereum gains more than 6% to trade above $1,200 for a second consecutive day.
It passed $1,000 over the weekend.
Ethereum's market capitalisation is now around $119 billion.
LONDON — The price of cryptocurrency ethereum is closing in on a fresh all-time high during early afternoon trade on Tuesday as its recent rally shows no signs of stopping.
Ethereum, the second biggest cryptocurrency after bitcoin, crossed $1,000 per coin for the first time on Friday, and continued to gain over the weekend, surpassing $1,200 on Monday morning, before hitting a fresh record high of $1,261.41 at around 5.00 a.m. GMT.
The cryptocurrency then dipped a little as Monday's trade continued, but has climbed once again on Tuesday, hitting a daily high of $1,207, a gain of roughly 6.5%, at around 12.30 p.m. GMT (7.30 a.m. ET), as the chart below shows:
Markets Insider
Ethereum's recent rally first started after a fourth-quarter report on the performance of the currency — which is a decentralized network for people to run contracts on — showed that transaction volumes on its network doubled, according to a blog post , "surpassing 10 transactions per second for days at a time."
Ethereum's recent rally means the cryptocurrency now has a market capitalisation of more than $119 billion, according to data provider CoinMarketCap.com. That equates to around 15% of the entire cryptocurrency market.
It is evident the removal of Korean prices makes all cryptocurrencies look bad right now. While some coins still go up in value, it is evident most of them will go through a correction phase later today. This also has an effect on the Ethereum price, especially after the bull run last night. While the Ethereum price soared to $1,266 the momentum couldn’t be maintained for that long.Not entirely surprising, as everything is taking a hit right now.
To put this into perspective, the Ethereum price is going through a correction. Not because it was artificially pumped, but mainly because Bithumb has always been a big trading platform for this currency. Unfortunately, Korean exchanges value Ether at over $1,700, whereas the rest of the world still has to surpass $1,150. This discrepancy has now been rectified on Coinmarketcap, and the current price represents the actual value of ETH a lot better.
As a result, the Ethereum price chart shows a steep drop from $1,266 all the way down to $1,145. This drop isn’t actually there, though, as it just represents the actual value per ETH on the market right now. Even so, Ethereum still made a strong 10.48% gain over Bitcoin, which further confirms everything is just fine as far as the Ethereum price is concerned. By tomorrow, everyone will have forgotten about this brief adjustment.
The Ethereum trading volume of almost $7bn is something to behold as well. Although 5.5% of this volume comes from Bithumb, it’s only a drop in the bucket. Binance is the clear market leader in this regard, with over $605m in 24-hour volume. OKEx is the surprising second entrant, although they are $190m behind Binance. There are only two fiat currency markets in the top five, with one of the two not being weighed to determine the Ethereum price. An interesting scenario well worth keeping an eye on.
One thing to keep in mind is how the ETH/BTC trading pair will take the spotlight for the remainder of the day. How that will shake up the markets, remains to be determined, though. As Bitcoin is going through another rough patch – mainly because of the CMC adjustment – it will drag everything down with it as well. No one should be surprised to see the Ethereum price dip below $1,100 again today, but it will adjust in due time.
For the time being, traders need to exercise extreme caution. All markets are even more prone to volatility than ever before, by the look of things. The Ethereum price is still in a good place as we speak, but it will go through a bit of a rough patch until the world realizes where this price decline comes from. It’s not even an actual price decline, but more of an updated reflection of the actual market value of all cryptocurrencies. It’s a decision that will pay off in spades in the future.
Original article and pictures take ethereumpp.blogspot.com site
The ethereum price crossed $1,000 on Thursday, marking yet another historic milestone for the third-largest cryptocurrency.
Ethereum Price Rips Past $1,000
Only four days have been marked off on the calendar, but January has already been a banner month for the altcoin markets. In this brief span, the combined value of altcoin market caps has swelled by more than $140 billion, and altcoins now account for more than two-thirds of the cryptocurrency market cap. Earlier this week, ripple became the first altcoin to achieve a $100 billion market cap, and ethereum now appears poised to add its name to this exclusive list.
Like most cryptocurrencies, ethereum has been on an extended rally since the beginning of December, when it was priced at $428. Over the course of the month, the ethereum price rose by 76 percent — even as bitcoin endured a moderate decline — and it ended the year at $752.
Despite dropping behind a surging ripple, ethereum extended its rally into 2018, breaking through both $800 and $900 earlier in the week. This afternoon — at approximately 14:00 UTC — the ethereum price achieved a historic milestone, ripping past the $1,000 mark for the first time in its history.
Source: CoinMarketCap
Ethereum now has a market cap of $98.1 billion, placing it within reach of becoming the third cryptocurrency to achieve a $100 billion market cap.
Although ethereum has yet to reach $1,000 on most Western exchanges, South Korean traders have bid the price of ether up to $1,322, allowing its global average to extend into four-digit territory. At present, a plurality of ETH trading is concentrated on Binance, which accounts for more than 20 percent of daily ETH volume.
Source: CoinMarketCap
Traders Bullish on Casper Alpha Release
Although ethereum’s march past $1,000 occurred against a backdrop of a wider altcoin surge, at least a portion of its movement is likely tied to the announcement that the Casper consensus algorithm had entered alpha testing, complete with a public testnet, paving the way for the network to transition from proof-of-work (PoW) to proof-of-stake (PoS).
Though Casper is far from reaching a production release, the fact that it has entered alpha testing is bullish for the ethereum price. Ethereum’s developers believe Casper will bring a host of benefits to the ethereum network, not the least of which is the ability to dramatically reduce its inflation rate.
This will be possible because PoS requires far less electricity than PoW, incentivizing network participants to validate transactions for lower rewards than are currently distributed to miners.
The reduced inflation rate will make individual currency units more valuable and, over time, potentially allow the network to reach a deflationary state in which fewer coins enter circulation than are lost or destroyed.
Write to Josiah Wilmoth at josiah.wilmoth(at)ccn.com.
Ethereum Price Analysis – Buterin Reinvents the ICO » Brave New Coin
Having gained over 11,000% last year and making a new all time high, Ethereum (ETH) dropped sharply this week. The market cap currently stands at US$97.1 billion, with US$7.1 billion traded over the past 24 hours.
The number of transactions per day on the networks continues to rise, with Initial Coin Offerings (ICOs) and Decentralized Applications (dapps) continuing to bloom. Over US$1.35 billion was raised by ICOs last year, accounting for ~83% of all ICO funding ever raised.
While ETH continues to hold a relatively low Network Value to Transaction ratio, suggesting the coin is undervalued, the current pace can be sustained appears doubtful.
In an effort to create more responsible ICOs, Ethereum founder Vitalik Buterin discussed a new ICO fundraising model which borrows properties from the DAO and is dubbed a Decentralized Autonomous Initial Coin Offering (DAICO).
This new model allows users to determine how much the team receives over time, by voting on the “tap.” The team is therefore rewarded for their performance, and not immediately given access to millions of dollars before a project is worked on or completed.
The Ethereum network Hash rate and difficulty continue to rise. The most recent hard fork decreased the block reward to 3 ETH from 5 ETH, and the difficulty was lowered accordingly. Block times are up slightly, at 15 seconds.
With the lowered block reward and difficulty rising, mining profitability will begin to decrease substantially, should the price remain stagnant or decrease. Rising prices generally mean rising mining profitability, but also attracts more hashing power to the network.
These protocol level changes are an attempt to reduce inflation, while the continuing move towards Proof of Stake (PoS) from Proof of Work (PoW) is an effort to address scalability concerns. Unconfirmed transactions, currently at 16,000, have been around 20,000 since the beginning of the year, with network fees at all time highs.
On the exchange side, ETH trading volume has been led by the US Dollar (USD), Bitcoin (BTC), and the Tether (USDT)trading markets. South Korean Won (KRW) trading volume is down sharply, likely due to regulatory uncertainty around the South Korean government’s stance on cryptocurrency exchanges.
Technical Analysis
Although the recent ~50% correction seems dramatic, it’s always important to check long term support and resistance zones with indicators such as EMAs and the Ichimoku Cloud. These tools can indicate where reversals new trends may form. Whether or not an asset misses an exact support level is irrelevant, as the price will almost always reach for key levels and, in this case, spring back quickly if bullish continuation is expected to occur.
On the daily chart, the price is holding well above the 50 and 200 Exponential Moving Averages (EMAs), and bounced fervently off the 50EMA. If it breaks below the 50EMA, a touch of the 200EMA will be likely. Similar events occurred in July and September.
All the signals from the Ichimoku Cloud on the daily chart, using singled settings (10/30/60/30) for faster signals, are bullish with a strong upward slope.
The Cloud uses a moving-average-type system with dynamic support and resistance to make projections of key zones, as well as capturing 80% of any given trend. As long as the price remains above the Cloud, sentiment remains bullish. Price in the Cloud indicates a neutral trend, and below the Cloud indicates a bearish trend.
When the Tenkan (blue) is over the Kijun (red) sentiment is bullish, as shown below. When the Kijun is over the Tenkan sentiment is bearish. When the Lagging Span (dark green) is above the Cloud and current price sentiment is bullish, as shown below. When the Lagging Span is below the Cloud and current price sentiment is bearish.
The best entry signals when using this indicator occur when the trend is obvious, but 1 or 2 of the signals have yet to become confluent on a higher timeframe trend.
As the price gets further and further away from Kijun (red), it will eventually want to retest the mean as support. So either; price goes flat allowing the Kijun to play catch up, or, price falls towards the Kijun.
The price recently dipped well below the Kijun (red) and recovered, as it did in late December. This is typically viewed as an extended correction driven by emotion. This indicates that the trend remains heavily bullish with no indication of a long exit. A key exit signal would be a bearish TK cross.
All the signals from the Ichimoku Cloud on the daily chart, using singled settings (20/60/120/30) for more accurate signals, are also bullish with a strong upward slope. This also indicates that the trend remains heavily bullish with no indication of a long exit.
On the four hour chart, the price is below Cloud with a bearish TK cross. Cloud will likely also flip bearish shortly. Overall, this is the best outlook for a bullish re-entry because the signals are essentially resetting. The best entry will always occur when bearish signals flip bullish again, as was the case around December 28th, the bottom of that uptrend. This may also be preceded by an Adam (V) and Eve (U) double bottom before a kumo breakout around the end of the month.
Conclusion
The necessary scalability conversation will continue among Ethereum and other blockchain developers through 2018. Ethereum has continued down the path of shifting from PoW to PoS through a series of planned hard forks. Constantinople, the next hard fork, will likely introduce a further shift towards PoS with Casper.
Technicals show a pullback towards an expected mean reversion. There are currently no targets for bullish continuation other than the high likelihood of trend continuation. After US$1,400, ETH re-enters price discovery mode with a yearly pivot horizontal resistance around US$1,900.
Original article and pictures take bitnewsbot.b-cdn.net site
Ethereum (Ether) has solidified its position as the second most valuable cryptocurrency in the market as it overtook Ripple (XRP) by a staggering $60 billion within a five-day period.
Ether Benefits From Ripple’s Downfall
Since January 4, the market valuation of Ripple decreased from $148 billion to $73 billion, falling by nearly 2-fold in a single week. On the contrary, the market valuation of Ethereum surged from $85 billion to $135 billion, recording yet another 15 percent increase in value today, on January 10.
The recent surge in the price of Ethereum can be largely attributed to the sell-off of XRP, which was likely triggered by the market’s concerns over the sudden spike in the market valuation of Ripple. The harsh criticism of Ripple by analysts such as ConsenSys entrepreneur-in-residence Ryan Selkis could also have led to the decline in confidence towards Ripple.
On December 29, Selkis noted that the majority of Ripple’s partner banks are not actually utilizing the Ripple network to process billions of dollars on a regular basis. Given that the transaction volume of Ripple and its network of banks can be only two factors that could possibly justify its market cap, the market’s interest in Ripple decreased in the short-term.
“Per a source at one of the major banks re XRP: ‘I know of no banks that are a) using it, or b) would touch it in any way as it is controlled by a SV company and 20% of all XRP in existence were taken by the founders.
The product that Ripple are offering to banks is simply a point-to-point messaging tool with some smart cryptography underneath to ensure that transactions are atomic. The liquidity model used is the same as correspondent banking.”
In response to the criticism of Selkis and Nathaniel Poppers of The New York Times that banks are not utilizing the Ripple network to settle large volumes of transactions, Ripple CEO Brad Garlinghouse firmly stated that there are several banks regularly using the xRapid platform of Ripple to process payments at a large-scale.
“Over the last few months I’ve spoken with actual banks and payment providers. They are indeed planning to use xRapid (our XRP liquidity product) in a serious way. This is a sampling of what I heard:
We ran the costs on our end and see that this is 100 percent more efficient than what we’re doing now.
The xRapid pilots all went perfectly.
This is much more efficient than our process today. We’d like to move forward with xRapid today.
This [XRP] is a much more efficient way to send money across borders than what we typically use today.
There are plenty of small to medium sized banks out there that are hit hard by fees. They’d jump at the opportunity to send money directly and bypass those fees.”
Still, regardless of the statement of Garlinghouse, the value of Ripple has fallen drastically over the past week and as a consequence, Ethereum has benefited from the shift in interest from XRP to the rest of the cryptocurrency market.
Ethereum’s Market Cap Can be Justified
Ethereum remains as one of the few blockchain networks that has a justifiable market valuation. Decentralized applications building on top of Ethereum such as CryptoKitties, 0x, EtherDelta, Status, and OmiseGo have obtained a large user base of actual users that process hundreds of thousands of transactions on a daily basis.
In the short-term, it is likely that the upward price trend of Ether will continue, as decentralized applications on the network perform well.
The second most popular cryptocurrency, Ethereum, this week exceeded the $ 1000 mark for the first time. This is evidenced by the data of the site Coindesk, which tracks the courses of cryptocurrencies.
Right now the cost of Ethereum (Coindesk) is $ 1013. It is noteworthy that the previous maximum of $ 900 Ethereum was overcome only two days earlier. And this despite the fact that a month ago, for one virtual coin, Ethereum was given more than half less – about $ 400. To bitcoin is still, of course, far, but the growth rates of this cryptocurrency are certainly impressive.
That is, against the background of stabilized at the level of $ 15 thousand bitcoin, the market continues to grow at the expense of other cryptocurrencies. To date, the global capitalization of all cryptocurrencies is $ 759 billion. The ether in this indicator ranks third ($ 100 billion), behind Bitcoin ($ 257 billion) and Ripple ($ 120 billion). By the way, Ripple is another rapidly growing cryptocurrency, since the beginning of the year its value has grown approximately 300 times.
Original article and pictures take cybersnews.net site
Despite Bitcoin having a great end to the year, it has failed to stay about $16,500, and on Coinbase, one of the largest exchanges in the US is currently trading Bitcoin at $14,800. This has not been helped by the fact that Microsoft announced that they would stop accepting Bitcoin as a payment method.
The coin that has been standing out over the past few days has undoubtedly been Ethereum, which was recently pushed out of the second position of the largest crypto by market capitalisation, following the surge of Ripple. Ethereum has a daily volume of around $7billion, which is double the average for the past month. It conquered $1,000 on 4th January, and has steadily climbed to $1,231.
This has caused great congestion though, and transaction fees, which are known as gas continue to rise. This has led Bittrex to temporarily stop creating new wallet addresses for Ethereum deposits. A spokesperson for this exchange said;
“Due to incredibly high gas prices, we’re preventing new ETH and asset deposit addresses from being created. Existing deposit addresses will work as normal.”
Ethereum is not the only coin to be performing well. Dentacoin, a payment solution for the Dentistry sector was up nearly 300%, and KIN has performed very well jumping to 48th position and at one point, it reaches a market capital of $1billion, which is a massive leap from $50million in December – this is an increase of a whopping 1,900%.
This just goes to show that cryptocurrencies are really going nowhere quickly, and more and more people are investing in them. What this has on the future of traditional currency remains to be seen, but now is a great time to start investing in virtual currencies – and this is simply proven by Ethereum’s leap ahead of Bitcoin.
Frances is the head writer for Crypto Daily, and she is responsible for bringing you the latest news on everything that is related to the Crypto world. She has a keen interest in Cryptocurrencies, and has many years of experience writing in all different roles. She is incredibly passionate about writing, and this combined with her interest into the finance, and virtual currency sector means that you are kept up to date with all of the latest news and information regarding all cryptocurrencies.
Original article and pictures take cryptodaily.co.uk site
Ethereum Original logo Authentic White T-Shirt Independent artist’s content may not match model depicted; RealView™ technology illustrates fit and usage only. Original article and pictures take www.zazzle.com site
Ethereum Network Congestion Forces Exchanges to Halt Withdrawals
Scaling problems that have been sporadically affecting the Ethereum network have resurfaced. While bulls and bears were battling it out in the markets, the Ethereum blockchain was fighting to restore some semblance of normal service. The congestion forced a number of exchanges to halt withdrawals, with one going so far as to advise customers to use a different cryptocurrency.
Over the last couple of months, the Ethereum network has reported record activity, peaking at over one million transactions a day. This growth has come at a price in the form of slow or backlogged transactions, causing fees to reach record highs and ICO participants to miss out on token sales after failing to push their ether through in time. On Wednesday January 17, two exchanges reported ethereum withdrawal issues that were affecting users.
First up was Bitstamp, which noted that there were ETH withdrawal delays, before updating the situation four hours later to say the matter had been resolved. Users of Kucoin exchange have been more significantly affected on account of ethereum withdrawal delays that have dragged on for days. The exchange posted the following notice on Wednesday, including a novel suggestion: that users withdraw in neo instead of ether. This suggestion is unlikely to have been of much help to users who needed their ETH to interact with the ethereum ecosystem.
More Gas, More Money, More Problems
Following the notice, Kucoin followed up with a blog post containing a form to be filled in by users who were still waiting for their ethereum withdrawals to be processed. A week prior, the exchange had explained that ETH withdrawals were subject to delays as they were being released at four-hour intervals. Not everyone has been convinced by Kucoin’s decision to lay the blame on the Ethereum network though, with some users pointing out that the exchange’s ETH withdrawal fees are five times higher than on other sites, which seem to be processing transactions just fine.
What is beyond dispute is that numerous exchanges have encountered similar problems of late, with Bittrex reporting only a week ago: “Due to incredibly high gas prices, we’re preventing new ETH and asset deposit addresses from being created. Existing deposit addresses will work as normal.”
Eth Gas Station currently reports fast transactions as requiring 51 gwei, or around $0.93 to process. The web is awash with crypto projects promising that their new blockchain can handle a gazillion transactions a second. The reality, however, is that if these networks were ever to be stress tested in the wild like Ethereum or Bitcoin, they would face the exact same same problems. Scaling blockchains while preserving decentralization is even harder than it sounds.
Do you think scaling problems are inevitable as blockchains become busier? Let us know in the comments section below.
Images courtesy of Shutterstock.
Keep track of the bitcoin exchange rate inreal-time.
Original article and pictures take news.bitcoin.com site
Ethereum has been rising today, with the currency up $300 since yesterday in a V shaped recovery, recouping all South Korean induced losses to now seemingly head towards $1,400.
Its trading volumes are however down to $5 billion from $10 billion with Bithumb leading by a slight margin, followed by the bitcoin and the dollar pair.
With the fall in volumes potentially because it’s a weekend, although it could also be in part due to Kraken as the exchange was offline for three days.
Eth’s current top trading pair and exchanges by trading volumes.
Ethereum turned bullish at the beginning of the year after an announcement Casper’s Proof of Stake had entered testnet, with its live launch now expected in the next few months.
The currency has doubled since then and seems to be leading the entire show, taking over from bitcoin, although Bitcoin Cash appears to be moving in lockstep with eth too.
The network now handles near all time highs in transactions, more than even centralized crypto platforms, suggesting growing use and network effects.
Ethereum’s transaction levels.
And although its fees briefly rose to around 50 cent, they are now back down to around 10 cent, but the reason for the fall in fees is not clear.
That’s because miners have not really increased the gas limit, although eth’s blocksize is somehow rising, suggesting miners are making fuller use of blocks.
Ethereum’s blocksize.
It may also be that usage has fallen slightly from 1.3 million transactions a day to 1.1 million, but despite handling some 4x the number of bitcoin transactions, ethereum is still managing to process them at 10 cent, with little, if any real congestion, on the network.
Which is one of the reasons why the platform has attracted much attention, on top of its smart contracts. Ethereum is employing all approaches to scale its network, both on-chain and off-chain through bundling transactions on second layers and bundling nodes through sharding.
That should, perhaps as early as next year, give it sufficient capacity to handle Cryptokitties and other likewise dapps without any problems as work towards Visa levels capacity continues.
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Original article and pictures take bitnewsbot.b-cdn.net site
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Are you a Windows guy? Want to do Ethereum Mining? Great then you’ve come to the right place. Ethereum mining on a Windows PC take a little bit more work but really anyone can pick it up easily.
This guide is a mining guide that goes through the steps on how to set up the software and configure it on a Windows PC. This guide does not show you how to build an ethereum mining rig.
Ready to get started?
Download and Run Geth
Download Geth. Geth is the program that communicates with the Ethereum Network and acts as the relay between your computer, its hardware and the rest of the Ethereum network.
Once you have it downloaded, save it somewhere(Desktop is easiest) and unzip the file. Then copy Geth application to your C: drive.
Next, start up Command Prompt and navigate to the C: drive. If you don’t know how to get to the C: drive, simply type cd \ and now you be looking at C:\.
Now you are ready to launch Geth. Just type geth account new and hit enter.
You will be asked to enter a passphrase. You will not be able to see what you are typing. Guard this passphrase with your dear life! It locks your account and keeps your private key safe. If you lose it or gets stolen, you will lose all of your Ethereum that is held within the wallet held by that Private key.
Once you have entered your password and confirmed it by entering it a second time you will have created a new wallet! The wallet address is given to you. Write it down or copy it since you will need this a bit later.
Now that you have your wallet ready, you will need to get Geth to start communicating with the rest of the Ethereum network. Type geth –rpc and hit enter. The screen should start downloading the blockchain for Ethereum. You are synchronizing with the rest of the Ethereum network while it is downloading. The process can take up to a few hours so be patient.
Sometimes your Windows firewall won’t like Geth and pop up asking you to allow access. Click allow access.
Installing Ethereum Mining Software
Download Ethminer which makes your GPU run the hashing algorithm that is integral to securing the Ethereum network through proof of work. After its down, run it and get it installed.
Once it’s down, you need to open up another Command Prompt. Simply click right click on your already open command prompt in the taskbar at the bottom of the page and click on command prompt in the menu that appears.
A new command prompt should open with C:\users\username>. Type cd \ to get to the C: \ drive where Ethminer is.
Type in cd Program Files and press enter. It should get you to C:\Program Files>.
Type in cd cpp-ethereum and press enter. It should get you to C:\Program Files\cpp-ethereum>.
Ethereum Mining in a Pool
This example is mining within a pool and not solo mining. Solo mining requires a lot of hash power to be effective and usually not recommended. This example is going to be using Dwarfpool.
Only after Geth downloaded the entire Ethereum blockchain and it is fully synced then you start with Ethereum mining. You know it is done when the command prompt reads…imported 0/1 blocks (0 queued 0 ignored)…
While in C:\Program Files\cpp-ethereum> type in ethminer -G-F and press enter.
That’s it! You are now Ethereum Mining! Now you know how to mine Ethereum with the best of them! Sometimes you do see errors or weird issues with certain type of video cards, you’ll have to Google and browse through the forums to fix.
Ethereum Mining in the Cloud
If this seems too difficult or too much of a hassle then you are a wuss! Just kidding! Even though building an ethereum minging rig is fun and a lot like having a money tree, the process of tuning it and making sure it’s cranking away is not the easiest thing to do. That is why cloud mining exists. If you want to take a look at cloud mining and what it would cost, click here.
Original article and pictures take cryptosrus.com site
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Ethereum jumped above 1000 psychological level January 05, 2018
The cryptocurrency rallied since Monday and has managed to jump much above the 860 previous highs. Ethereum has finally managed to reach the $1000 and to jump above another potential dynamic resistance. The rate climbed as much as 1010 level, but failed to stay there and now is trading near the 930 level.
Remains to see what will happen in the upcoming hours because it could close the week above the 950 level. The current retreat was somehow expected after the impressive rally, could retest a dynamic support (resistance turned into support).
The rate has resumed the upside momentum and has managed to jump above the WL2 of the ascending pitchfork. It should resume the bullish movement if stays above the broken dynamic resistance. However, it could retest the WL2 before will make new highs. Only a drop below the WL2 followed by a retest will signal a corrective phase in the upcoming days, but this scenario is less likely to happen because Ethereum has become very attractive.
I’ve said in December that Ethereum and Bitcoin should reach new highs despite the minor drop, Bitcoin has started to increase as well and cold reach historical highs very soon.
Cryptocurrency markets dropped on Tuesday and Wednesday, before a slight pickup during late US and Asian trading on Wednesday. But the rollercoaster price action doesn’t appear to be over, with major cryptocurrencies falling again during morning trade in London.
The most notable drop is Ethereum, which has fallen back below the psychologically significant level of $1,000. The cryptocurrency is down over 4% at 8.20 a.m. GMT (3.20 a.m. ET). Bitcoin is also falling, down almost 3% against the dollar at the same time.
There are multiple theories as to what is causing this week’s slump in the cryptocurrency markets, ranging from Chinese Lunar New Year to bitcoin futures crashing the market.
Hussein Sayed, chief market strategist at FXTM, said in an email on Thursday morning: “Finding a fair value in cryptocurrencies is an impossible mission, as animal spirits will remain the key driver.
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Ethereum hits new record high, Bitcoin climbs back above $17,000
Ethereum Price
Digital currency Ethereum soared Friday to a record high, while bitcoin attempted o recover from a recent fall.
Ethereum briefly raised 9.6 percent to an all-time high of $950 on Friday, according to Coindelite Price Chart. The digital currency carved gains and was trading Friday evening about 1.7 percent higher near $980. It had a market capitalization of about $96 billion, trending in third place behind ripple.
Bitcoin, the largest digital currency in market cap, jumped more than 13 percent Friday to a high of $17,178. That was still about 13 percent below its record high hit in mid-December.
Ethereum’s rise:
Bitcoin’s rise:
In opposition to bitcoin, Ethereum allows the developers to build applications on its network. Ethereum is up more than 30 percent in January. On Tuesday, its Co-founder, Vitalik Buterin, posted a blog in order to announce the subsidy programs for improving the ability of Ethereum network to process more transactions.
“I think there’s an increasing probability of getting done and that’s why you’re seeing the price increase.”
Roberts included:
“The value of any one of these cryptocurrencies is very, very correlated with the utility. Speculators will only take it so far and people won’t hold it anymore if they can’t use it, I think people are just starting to wake up and realize the differences.”
Alex Sunnarborg, a founding partner of cryptocurrency fund Tetras Capital, said:
“I think the market will likely soon shift its denomination back to the larger, more liquid, and more trusted assets like bitcoin, driving up their price while sending some smaller assets falling steeply as large holders exit on thinly traded markets.”
Original article and pictures take coindelite.com site
It is recommended you read the following materials before diving into the rest of the post in order to better understand the terminology we’ll be mentioning.
Basic knowledge of programming terms (variables, loops) might also come in handy.
When sending a Bitcoin transaction, its fee is proportionate to its size. The more inputs and outputs, the more expensive it is. Add to that the factor of pending transactions, and transaction fees can skyrocket based on those two factors alone.
With Ethereum, given that we’re talking about a programming language within the protocol, it’s possible to be very computationally demanding with very little text or code (something which would be very cheap in the BTC-verse). Let’s look at this loop for example:
while (i++ < 1000) { j = j + i; }
This loop means "for as long as i is smaller than 1000, increase it by 1 and then sum up i and j and write the result into j, then do it all again." This loop will execute 1000 times if i is 0 or more if it's a negative number.
To pay for this computational cost in a fair way - since it has to be executed on all miners' machines at once and they spend their resources and time on it - the concept of gas was introduced. Gas is used to pay for the execution of these so called smart contracts (Ethereum programs) inside the EVM. For example, i + j above is a summation operation which costs 3 gas every time it's executed, so 3000 gas if executed 1000 times.
To explain gas properly, let's first cover the EVM.
EVM
EVM stands for Ethereum Virtual Machine. But what is a virtual machine anyway?
A virtual machine is software running on a specific computer which contains another operating system completely encapsulated inside the main one. A virtual machine allows you to, for example, run Windows inside of Linux, Linux inside of Windows, Windows on OS X like in the image below, or any other combination.
We use virtual machines to separate the environment in which we do our everyday computer use from the environment we work or program in. This lets us keep viruses at bay (they have no way of breaching the virtual machine and getting to the main operating system), helps prevent infinite loops from crashing our main operating system, and holds hard-drive corruptions like the infamous WannaCry ransomware at bay. Additionally, VMs let us use Windows games on Linux, for example, or allow us to program in different versions of the same programming language's environment easily, without mixing them up.
The Ethereum Virtual Machine is built into the software running on the Ethereum protocol. It executes smart contracts - Ethereum programs written in the Solidity language. The EVM is contained in the full nodes of the Ethereum network, inside of which it executes these Ethereum-user-written programs.
Any miner of Ethereum simultaneously executes smart contract code. What this means is that Ethereum programs (dapps - decentralized apps) are executed on everyone's computer at the same time (decentralized).
Execution of these programs isn't free, however. Miners spend their own electricity, time, and hardware to do this. To pay them for their effort of executing computer instructions (like "store the value 5 into the variable X"), the concept of gas was introduced.
Gas, Ether, and GWei
Gas is a unit of cost for a particular operation a computer needs to execute, and it executes this instruction when we broadcast a transaction which contains an Ethereum program in order to run a dapp. For example, summing two numbers costs 3 gas. Multiplying them costs 5 gas. Storing a 256bit word into the blockchain costs 20000 gas, which means storing 1kb of data costs 640000 gas.
Just like the USD has cents, so too does ether have its own basic unit: wei. If we take wei as the basic unit of ether, we get the following table of definitions:
unit
wei
wei
1
kwei / ada / femtotether
1.000
mwei / babbage / picoether
1.000.000
gwei / shannon / nanoether / nano
1.000.000.000
szabo / microether / micro
1.000.000.000.000
finney / milliether / milli
1.000.000.000.000.000
ether
1.000.000.000.000.000.000
According to this informative site, the current average price of gas is 10 GWei (10 gigawei). Seeing as 1 GWei is one billionth of an ether, the aforementioned cost of storing a 1kb word is 640000 * 10, which is 6.4 million GWei. That amounts to 0.0064 eth which, at a price of $450 per ether, amounts to around $2.88.
The text from the beginning of the above table all the way to >>this specific marker<< is around 1kb. So storing this little bit of text into the blockchain actually costs $2.88. However, that's just the storage cost! Our smart contract could also have some logic, like summing or multiplying and then storing numbers, or triggers that activate on a specific mined block etc. Obviously, storing data into the blockchain itself is incredibly expensive. Storage is better off in BigchainDB or IPFS, while blockchain is a better solution for global processing and verification of that data.
Why pay costs in gas and not ether directly?
All the gas prices of all the possible operations the EVM can perform are hard-coded in the Ethereum protocol and in the clients (programs) we connect to it, like Geth, Eth, Parity, etc. If the code listed them in ether, then we'd have to update the code every time ether's value fluctuated to keep the price of computing efforts in a normal range and keep the system usable, which is obviously unsustainable.
By adding this gas layer on top of the costs, and paying for gas with GWei, we are given the option to alter the amount of gas to use in a transaction and the amount of money to pay for it. It's fully under our control, without throwing the system off balance.
This leads us to our last section.
Gas limit is the maximum amount of gas we're willing to spend on a transaction. Most software we use to broadcast Ethereum transactions has the ability to auto-estimate the amount of gas that'll be necessary to execute a function. It'll usually suggest a figure right off the bat. For example, simple monetary A->B transactions usually need only 21000 gas. More complex ones which call specific smart contract functions might run into hundreds of thousands or even millions of gas. The spent amount of gas is called gas cost.
We, as a user, can modify the amount of gas we want to spend on a transaction and reduce it, but if the transaction runs out of gas during execution, we lose the gas we sent in. It's been spent and the transaction is rejected. On the other hand, if we provide more gas than is needed, the rest is refunded to us. Hence, it's always better to send more gas than you might need to execute a transaction.
Gas cost is the GWei price per unit of gas.
Thus, the total cost of an Ethereum transaction is actually the amount of necessary gas multiplied by the price in GWei per gas unit. This is the maximum transaction fee we'll pay - any extra gas is refunded, so fees are often vastly overestimated.
Let's look at an example.
In the above image, we're executing a transaction which, due to its complexity, estimates it'll need 135963 gas. With a 25 GWei price, the maximum transaction fee we'll pay is $1.57, which is trivial when looking at the total amount we're sending (0.38 eth = $178). If we raise the price of gas to 250 GWei, the transaction becomes proportionately more expensive:
A higher tx fee effectively encourages miners to process our transaction before others in the queue, thereby speeding up execution. If we're not in a rush, we can leave the price of gas at its starting value and the transaction's confirmation shouldn't take more than 10 minutes. But if we're in a rush and want it done in seconds (if, for example, we're dealing with an auction), it's easy to increase the price of gas and sacrifice some money for a guarantee of success.
Conclusion
Gas is the unit of work expended per computational operation in the Ethereum Virtual Machine. It's paid for in ether, the token of the Ethereum protocol, and each computational operation has a different gas cost. The gas price (in GWei or 1 billionth of an ether) varies according to the network congestion and the user's preference for a speedy confirmation.
For a smart contract which we want to deploy on the Ethereum network, two terms are important: gas limit, and gas price. Gas limit is the maximum amount of gas we're willing to spend on executing the transaction. The amount of gas actually required (known only once the transaction has been executed) is called gas cost. Gas price is the price per unit of gas, expressed in GWei (or billionths of ether). The total cost of a transaction will be the product of gas cost and gas price, while the maximum transaction fee will be the product of gas limit and gas price. The difference is refunded to the transaction's sender to keep the system fair and usable.
Original article and pictures take bitfalls.com site
I thought I could do things differently and felt I HAD to take action, fast.
Goal of the infographic was to explain Ethereum to the masses.
I went extreme, and tried to explain ethereum to my mom!
UPDATE 08/03 Why my mom? Because:
my mom > technical than my dad
My dad would never understand or want to understand.
On the other hand my mom knows tech a little better and best of all, is more open minded.
This can be considered a “redesign” of that infographic if you agree with me that
“design is not just what it looks like, it is how it works” — Steve jobs
first iteration was titled “what the f***k is ethereum” but I went deep into blockchain, and blocks (too complex)… and apparently my mom doesn’t like curse words :-9
So I presented her a much simpler version, thinking about how could I make the infographic more understandable, just for her
I tested the second iteration with… yep, my mom. Her questions and reasoning contributed to make the infographic even simpler. The result is the third and final iteration that you can see here.
The story behind the ethereum mom infographic (Long version)
aka see how my mind works.
Testing a product / service / tutorial / infographic with your target market is more important that the thing you create itself.
I sharply defined who my audience is.
My audience is my mom.
My mom and tech: owns an old iphone 3gs
What she knows about tech : windows, microsoft office, iphone apps, her company has servers (but who knows where they are…)
What she knows about money: bank account, a little buy & hold investing, Debit card
Let me use these info to design the infographic
I decided to not use “will” or “in the future”. It’s made on purpose, I wanted my mom to feel like: “this is a real thing and works already”.
I assume that faking it, made it easier to undestand. I didn’t loose her attention.
Otherwise… CONFUSION.
One example is Mist.
“You install this special program on your computer and you connect to the Ethereum network”
Easy, uh?
I never mentioned bitcoin. It’s not my goal here
The infographic after testing with my mom
I can say: mission accomplished.
I didn’t tell her how Ethereum exactly works, because the goal was to make her “grasp” ethereum.
It’s like when you explain things to a baby… you create an easier and partial explanation for them, they get the big picture, they are educated at a basic level, but they can go deep if they want.
I used messages as a metaphor to let her understand.
I wrote whatsapp servers instead of facebook servers just because 90 % of the users doesn’t know or remember they sold to facebook.
And it can be confusing, so…
Wrapping up
Ether is like bitcoin but with a clear purpose: it let Dapps work
Ether is not designed to be spent like bitcoin in your grocery store.
We don’t need people like my mom to start adopting ether and using it everyday.
Ultimately the focus of Ethereum should be educating normal people like my mom on why they should prefer an app with a decentralized elements; thus creating demand and bringing developers into Ethereum.
While bitcoin needs millions of normal people to work, for ethereum to succeed a few thousands of developers are enough.
It’s the same with computers (including the ones we have in our pockets): the vast majority of the world population is a consumer, not a creator.
And consumers don’t know how apps work behind the scenes, but they know exactly why they use them.
P.S.
I’m open to suggestions (message me on twitter), and the result will be a 4th iteration of the infographic. Keep in mind that this is for moms, dads and your grandparents if you wish…not full-stack developers.
Thanks!
Upcoming: Etherex explained… to my mom!
Original article and pictures take cdn-images-1.medium.com site
