Token mining machine based on Ethereum
Publish: 2021-05-27 06:22:57
1. Opportunity is for those who are prepared< In short, mining needs hardware and software
a good software is enough to make you more efficient and profitable than others in mining
"miracle Moore" diskless mining system is such a software, learn about it~
a good software is enough to make you more efficient and profitable than others in mining
"miracle Moore" diskless mining system is such a software, learn about it~
2. At present, defi liquidity mining is the hottest, so you can use Eth and give it to the exchange for investment. It mainly depends on whether the exchange you choose has enough weight. If you choose the mining service of currency, as one of the four major exchanges, I think it is very important. Then the threshold of its procts is low. I think it is the best mining method at present.
3. At present, most of the mainstream Ethereum mining machines in the market come from bitmainland and Jianan Yun. However, with the decline of Ethereum's price, the profits brought by mining have been very meager. Investors can choose to invest in Ethereum on the digital currency exchange. At present, the mainstream digital currency transactions in the market are all coin security, fire coin network, bitnet, etc.
4. The token of Ethereum is proced in the process of mining, with a mining rate of 5 Ethereum coins per piece. The mining process of Ethereum is almost the same as that of bitcoin. For each transaction, miners can use the computer to run the unique title metadata of the block through hash function, and guess the answer repeatedly and quickly until one of them wins
many new users believe that the sole purpose of mining is to generate ether in a way that does not require a central issuer (see our guide "what is ether?"). It's true. The token of Ethereum is proced in the process of mining, with a mining rate of 5 Ethereum coins per piece. But mining is at least as important. Usually, banks are responsible for keeping accurate records of transactions. They make sure that money is not created out of thin air and that users don't cheat and spend money many times. However, blockchain introces a new way to keep records, the whole network instead of intermediary, to verify transactions and add them to the public ledger
Ethereum mining
although "no trust" or "trust minimization" monetary system is the goal, there are still people who need to ensure the security of financial records and ensure that no one cheats. Mining is one of the innovations that makes decentralized records possible. Miners have reached a consensus on the history of transactions in terms of preventing fraud (especially double spending on ether) - an interesting issue that hasn't been addressed before the decentralized currency works on the blockchain. While Ethereum is looking at other ways to reach a consensus on the effectiveness of the deal, mining currently keeps the platform together
how mining works
today, the mining process of Ethereum is almost the same as that of bitcoin. For each transaction, the miner can use the computer to guess the answer repeatedly and quickly until one of them wins. More specifically, the miner will run the unique header metadata (including time stamp and software version) of the block through the hash function (which will return a fixed length, unordered string of numbers and letters, which appears to be random), changing only the 'nonce value', which will affect the hash value of the result
if the miner finds a hash that matches the current target, the miner will be granted ether and broadcast the block across the network for each node to verify and add to their own ledger . If miner B finds the hash, miner a stops working on the current block and repeats the process for the next block. It's hard for miners to cheat in this game. There is no way to fake the work and come up with the right answer to the puzzle. That's why solving puzzles is called "proof of work."
on the other hand, others have little time to verify whether the hash value is correct, which is exactly what each node does. About every 12-15 seconds, a miner finds a stone. If the miner starts to solve the puzzle faster or slower than this, the algorithm will automatically re adjust the difficulty of the problem so that the miner can rebound to about 12 seconds of solution time
miners earn these ethers randomly, and their profitability depends on their luck and the computing power they put in. The specific workload verification algorithm used by Ethereum is called "ethash", which aims to require more memory, making it difficult to mine with expensive ASIC. Special mining chips are now the only profitable way to mine bitcoin
in a sense, ethash may have achieved this goal successfully, because dedicated ASIC is not available for Ethereum (at least not yet). In addition, as Ethereum aims to shift from proof of work mining to "proof of equity" (which we will discuss below), buying ASIC may not be a wise choice because it may not prove useful for a long time< However, Ethereum may never need miners. Developers plan to abandon proof of work, the algorithm currently used by the network to determine which transactions are valid and protect them from tampering to support proof of equity, which is guaranteed by token owners. If and when the algorithm is launched, proof of equity can become a means to achieve distributed consensus, and the consensus uses less resources.
many new users believe that the sole purpose of mining is to generate ether in a way that does not require a central issuer (see our guide "what is ether?"). It's true. The token of Ethereum is proced in the process of mining, with a mining rate of 5 Ethereum coins per piece. But mining is at least as important. Usually, banks are responsible for keeping accurate records of transactions. They make sure that money is not created out of thin air and that users don't cheat and spend money many times. However, blockchain introces a new way to keep records, the whole network instead of intermediary, to verify transactions and add them to the public ledger
Ethereum mining
although "no trust" or "trust minimization" monetary system is the goal, there are still people who need to ensure the security of financial records and ensure that no one cheats. Mining is one of the innovations that makes decentralized records possible. Miners have reached a consensus on the history of transactions in terms of preventing fraud (especially double spending on ether) - an interesting issue that hasn't been addressed before the decentralized currency works on the blockchain. While Ethereum is looking at other ways to reach a consensus on the effectiveness of the deal, mining currently keeps the platform together
how mining works
today, the mining process of Ethereum is almost the same as that of bitcoin. For each transaction, the miner can use the computer to guess the answer repeatedly and quickly until one of them wins. More specifically, the miner will run the unique header metadata (including time stamp and software version) of the block through the hash function (which will return a fixed length, unordered string of numbers and letters, which appears to be random), changing only the 'nonce value', which will affect the hash value of the result
if the miner finds a hash that matches the current target, the miner will be granted ether and broadcast the block across the network for each node to verify and add to their own ledger . If miner B finds the hash, miner a stops working on the current block and repeats the process for the next block. It's hard for miners to cheat in this game. There is no way to fake the work and come up with the right answer to the puzzle. That's why solving puzzles is called "proof of work."
on the other hand, others have little time to verify whether the hash value is correct, which is exactly what each node does. About every 12-15 seconds, a miner finds a stone. If the miner starts to solve the puzzle faster or slower than this, the algorithm will automatically re adjust the difficulty of the problem so that the miner can rebound to about 12 seconds of solution time
miners earn these ethers randomly, and their profitability depends on their luck and the computing power they put in. The specific workload verification algorithm used by Ethereum is called "ethash", which aims to require more memory, making it difficult to mine with expensive ASIC. Special mining chips are now the only profitable way to mine bitcoin
in a sense, ethash may have achieved this goal successfully, because dedicated ASIC is not available for Ethereum (at least not yet). In addition, as Ethereum aims to shift from proof of work mining to "proof of equity" (which we will discuss below), buying ASIC may not be a wise choice because it may not prove useful for a long time< However, Ethereum may never need miners. Developers plan to abandon proof of work, the algorithm currently used by the network to determine which transactions are valid and protect them from tampering to support proof of equity, which is guaranteed by token owners. If and when the algorithm is launched, proof of equity can become a means to achieve distributed consensus, and the consensus uses less resources.
5. With the upgrading of Ethereum to version 2.0 this year, the consensus mechanism will be converted to POS, which will have a huge impact on miners. There are two choices for miners. One is to sell mining equipment and buy eth to adapt to the stacking mechanism of POS; The second is to switch the miner to other networks supporting GPU miner. Nick foster, a representative of kabombacks, a US mining equipment distributor, said most eth miners would choose the latter
after Ethereum is upgraded to version 2.0 POS mechanism, miners may switch mining machines to other networks
as Ethereum is finally ready to start its Ethereum 2.0 upgrade later this year, thus eliminating the long-term delay, the network will start to move towards the proof of rights model
therefore, the network will give up the workload proof consensus algorithm, so that eth miners have little choice. As their equipment will become obsolete, they will be forced to start mining counterfeit coins or re qualify as eth mortgagors. So, what is the current situation of Ethereum mining? With the coming transition, what will happen to the whole instry< At present, Ethereum consensus is based on POW system, which is similar to bitcoin (BTC). As a result, Ethereum's mining process is almost the same, as miners use their computing resources to earn rewards for each block they try to complete< However, there are still major differences between these processes. Although bitcoin mining has relied almost entirely on ASIC (large, loud machines designed specifically for cryptocurrency mining, most of which are concentrated in areas with low electricity prices), Ethereum's pow hash algorithm ethash is designed to support global chip manufacturers (such as NVIDIA and AMD). As Thomas Heller, global business director of cryptocurrency mining pool f2pool, explained in a conversation with cointegraph, GPU is much cheaper and easier to access than ASIC
"as ASIC is a very professional machine, when a new generation of procts is released, it is usually a huge technological leap. As a result, they have a much higher hash rate and are more energy efficient than the previous generation. This means that those manufacturers have spent a lot of money to research and develop it. Their machines are usually very expensive, and GPUs are much cheaper. "
Heller added that those who use GPU miners "have more flexibility to mine." For example, the popular NVIDIA geforce GTX 1080 Ti card can mine more than 15 different currencies, while ASIC units usually support only one currency
nevertheless, Ethereum is not completely immune to ASIC miners - at least in its current state. In April 2018, bitcontinent released antminer E3, an ASIC specially proced for mining Ethereum. Although widely praised for its hash rate of 180 megahashes per second and power consumption of 800 watts, it has received different responses from the Ethereum community. After the ASIC is inserted, a considerable number of GPU rig owners seem to suffer from loss of profits, and some are even forced to switch to other networks
"in the white paper, ETH must have ASIC resistance. I would like to say that the white paper stands for something "is one of the highest comments on the AR / ethermining topic about the topic discussed when antminer E3 was announced. Another reddit user argued that "the $800 only applies to 180mh."“ Split or die of a nation. "
some Ethereum users continue to suggest that bitmain's mining devices can lead to greater concentration, thus increasing the possibility of attack by 51%. Soon, a group of developers put forward "programmed workload proof" or progpow, which is an extension of the current Ethereum algorithm ethash, aiming to make GPU more competitive and promote decentralization
according to a paper published in March by Kristy Leigh Minehan, co-founder of progpow, about 40% of the hash rate of Ethereum is generated by bitmain ASIC. Alejandro de la Torre, the vice president of poolin, is the sixth largest pool of eth. He confirmed to cointegration that "GPU mining is still dominant" in Ethereum network, and added:
"at present, the profit of eth mining is not high, and the management threshold and cost of GPU equipment are higher than ASIC equipment. Compared with ASIC devices, GPU devices are more flexible, and you can use other algorithms to switch to other coins. "
progpow has not been integrated into Ethereum, and it is not clear when it will be finally implemented - in March, Ethereum core developers were debating whether progpow will really benefit the network in nearly two hours, and failed to reach a consensus. It is worth noting that a bitmain representative has previously told cointegraph that the mining hardware giant does not intend to extend the service life of antminer E3 to start operation after October 2020: "as far as we know, mining will end in October or some time after that."
a safe but uncertain future
indeed, Ethereum will stay away from mining in the future. Ethereum 2.0, which is planned to be launched later in 2020, is a major network upgrade on the blockchain, aiming to transfer its current POW consensus algorithm to a virtual POS (known as "block verifier")
more specifically, users are randomly selected considering their wealth in the network or their "interests". In other words, the more coins a POS verifier chooses to put in, the more coins accumulated as a reward
according to vitalik buterin, the co-founder of Ethereum, e to the transition, the network will be more secure and the attack cost will be higher than the network of bitcoin, although the debate about the better consensus algorithm in the encryption community has lasted for many years. However, it is not clear when to start Ethereum 2.0, as many errors and management issues are reported to be delaying the process
another hypothetical benefit of POS system is that it has higher energy efficiency than pow blockchain. According to digiconomist, the cryptocurrency's total annual footprint is 59.31 terawatts per hour, which is comparable to the electricity consumption of Greece as a whole. However, since a report in July 2019 estimated that 74% of the exploitation of bitcoin was done using renewable energy, the environmental impact of bitcoin does not seem to be so serious
what will happen to the actual Ethereum miner? According to the documentation of Casper upgrade as part of Ethereum 2.0 roadmap, the network will initially support a hybrid model including both POW and POS, thus providing some space for block verifiers and GPU / ASIC miners. Jack O & 39, CEO of skale network; "There will definitely be a transition period when two networks are running at the same time," Holleran told cointegration The CEO of scale network (based on Ethereum's blockchain platform) gave a detailed description of this process:
"the transition from eth1 to eth2 takes time of course - it may be years rather than months. The good news about this slow transition is that dapps and defi platforms will be able to roam around based on survivability, security and real-world evidence of adoption. This is a positive impact on the Ethereum ecosystem. "
dig or not
once Ethereum is fully in the POS orbit, miners will have two options. One is to sell the equipment and use the money to accumulate more Eth and start mortgage. The other is the choice for GPU miners, which is simply switching to other ethash networks and mining counterfeit money. Nick foster, a representative of kabombacks, a US mining equipment dealer, told cointegration that most eth miners would choose the latter:
"what I want to say is that most of the miners have not really entered Ethereum or the mining of specific tokens. Yes, there is a certain amount of mineral deposits and holds, but I oppose the view that a large number of Shanzhai coin miners hold their coins at any time. "<
foster then described how he used 3gb GPU units to mine ethash's point-to-point blockchain asset ravencoin (RVN). Once it was unable to mine eth, he said, "this is the reason for mining crows. I immediately sold stability to BTC, and then sold it to US dollars to pay for my rights. I would say that a lot of people are adopting this strategy. "
as foster concludes, he wants eth miners to jump out of the network, and new players - those who don't invest in power infrastructure or drilling rigs - will take a stake in eth. He described the following:
"I can't imagine if I found a five-year lease with $0.04 of electricity and I was mining eth, I decided to sell everything and then continue to pay the rent so that I could hold eth as a share. Substitute. "
Marc fresa, founder of asic.to, a mining firmware company, agreed in a conversation with cointegraph: "if you invest in mining, you won't bet because you have enough room to grow."
one of the main counterfeit coins that may benefit from POW miners leaving Ethereum is Ethereum classic (etc), which is a more conservative version of the blockchain. It is reported that there is no POS related plan. As it also runs on the ethash algorithm, the startup of Ethereum 2.0 may lead to the migration of miners, so its hash rate may have a significant peak
eth's larger pools have similar options. When asked about the company's plans for Ethereum after pow, Heller told cointegraph that after the announcement of Ethereum's POS upgrade, f2pool launched a sister company called story.fish in early 2018. Story.fish has started to provide mortgage services for other POS and delegated POS projects, such as tezos (xtz), Cosmos (atom) and Cardano (ADA), e to numerous handover delays. For prin, e to the transition to POS, it "may temporarily give up supporting eth mining," de la Torre told cointegraph
other top eth pools, namely nanopool, ethermine, pool center, sparkpool and spiderpool, did not respond to requests for comment from cointegraph.
after Ethereum is upgraded to version 2.0 POS mechanism, miners may switch mining machines to other networks
as Ethereum is finally ready to start its Ethereum 2.0 upgrade later this year, thus eliminating the long-term delay, the network will start to move towards the proof of rights model
therefore, the network will give up the workload proof consensus algorithm, so that eth miners have little choice. As their equipment will become obsolete, they will be forced to start mining counterfeit coins or re qualify as eth mortgagors. So, what is the current situation of Ethereum mining? With the coming transition, what will happen to the whole instry< At present, Ethereum consensus is based on POW system, which is similar to bitcoin (BTC). As a result, Ethereum's mining process is almost the same, as miners use their computing resources to earn rewards for each block they try to complete< However, there are still major differences between these processes. Although bitcoin mining has relied almost entirely on ASIC (large, loud machines designed specifically for cryptocurrency mining, most of which are concentrated in areas with low electricity prices), Ethereum's pow hash algorithm ethash is designed to support global chip manufacturers (such as NVIDIA and AMD). As Thomas Heller, global business director of cryptocurrency mining pool f2pool, explained in a conversation with cointegraph, GPU is much cheaper and easier to access than ASIC
"as ASIC is a very professional machine, when a new generation of procts is released, it is usually a huge technological leap. As a result, they have a much higher hash rate and are more energy efficient than the previous generation. This means that those manufacturers have spent a lot of money to research and develop it. Their machines are usually very expensive, and GPUs are much cheaper. "
Heller added that those who use GPU miners "have more flexibility to mine." For example, the popular NVIDIA geforce GTX 1080 Ti card can mine more than 15 different currencies, while ASIC units usually support only one currency
nevertheless, Ethereum is not completely immune to ASIC miners - at least in its current state. In April 2018, bitcontinent released antminer E3, an ASIC specially proced for mining Ethereum. Although widely praised for its hash rate of 180 megahashes per second and power consumption of 800 watts, it has received different responses from the Ethereum community. After the ASIC is inserted, a considerable number of GPU rig owners seem to suffer from loss of profits, and some are even forced to switch to other networks
"in the white paper, ETH must have ASIC resistance. I would like to say that the white paper stands for something "is one of the highest comments on the AR / ethermining topic about the topic discussed when antminer E3 was announced. Another reddit user argued that "the $800 only applies to 180mh."“ Split or die of a nation. "
some Ethereum users continue to suggest that bitmain's mining devices can lead to greater concentration, thus increasing the possibility of attack by 51%. Soon, a group of developers put forward "programmed workload proof" or progpow, which is an extension of the current Ethereum algorithm ethash, aiming to make GPU more competitive and promote decentralization
according to a paper published in March by Kristy Leigh Minehan, co-founder of progpow, about 40% of the hash rate of Ethereum is generated by bitmain ASIC. Alejandro de la Torre, the vice president of poolin, is the sixth largest pool of eth. He confirmed to cointegration that "GPU mining is still dominant" in Ethereum network, and added:
"at present, the profit of eth mining is not high, and the management threshold and cost of GPU equipment are higher than ASIC equipment. Compared with ASIC devices, GPU devices are more flexible, and you can use other algorithms to switch to other coins. "
progpow has not been integrated into Ethereum, and it is not clear when it will be finally implemented - in March, Ethereum core developers were debating whether progpow will really benefit the network in nearly two hours, and failed to reach a consensus. It is worth noting that a bitmain representative has previously told cointegraph that the mining hardware giant does not intend to extend the service life of antminer E3 to start operation after October 2020: "as far as we know, mining will end in October or some time after that."
a safe but uncertain future
indeed, Ethereum will stay away from mining in the future. Ethereum 2.0, which is planned to be launched later in 2020, is a major network upgrade on the blockchain, aiming to transfer its current POW consensus algorithm to a virtual POS (known as "block verifier")
more specifically, users are randomly selected considering their wealth in the network or their "interests". In other words, the more coins a POS verifier chooses to put in, the more coins accumulated as a reward
according to vitalik buterin, the co-founder of Ethereum, e to the transition, the network will be more secure and the attack cost will be higher than the network of bitcoin, although the debate about the better consensus algorithm in the encryption community has lasted for many years. However, it is not clear when to start Ethereum 2.0, as many errors and management issues are reported to be delaying the process
another hypothetical benefit of POS system is that it has higher energy efficiency than pow blockchain. According to digiconomist, the cryptocurrency's total annual footprint is 59.31 terawatts per hour, which is comparable to the electricity consumption of Greece as a whole. However, since a report in July 2019 estimated that 74% of the exploitation of bitcoin was done using renewable energy, the environmental impact of bitcoin does not seem to be so serious
what will happen to the actual Ethereum miner? According to the documentation of Casper upgrade as part of Ethereum 2.0 roadmap, the network will initially support a hybrid model including both POW and POS, thus providing some space for block verifiers and GPU / ASIC miners. Jack O & 39, CEO of skale network; "There will definitely be a transition period when two networks are running at the same time," Holleran told cointegration The CEO of scale network (based on Ethereum's blockchain platform) gave a detailed description of this process:
"the transition from eth1 to eth2 takes time of course - it may be years rather than months. The good news about this slow transition is that dapps and defi platforms will be able to roam around based on survivability, security and real-world evidence of adoption. This is a positive impact on the Ethereum ecosystem. "
dig or not
once Ethereum is fully in the POS orbit, miners will have two options. One is to sell the equipment and use the money to accumulate more Eth and start mortgage. The other is the choice for GPU miners, which is simply switching to other ethash networks and mining counterfeit money. Nick foster, a representative of kabombacks, a US mining equipment dealer, told cointegration that most eth miners would choose the latter:
"what I want to say is that most of the miners have not really entered Ethereum or the mining of specific tokens. Yes, there is a certain amount of mineral deposits and holds, but I oppose the view that a large number of Shanzhai coin miners hold their coins at any time. "<
foster then described how he used 3gb GPU units to mine ethash's point-to-point blockchain asset ravencoin (RVN). Once it was unable to mine eth, he said, "this is the reason for mining crows. I immediately sold stability to BTC, and then sold it to US dollars to pay for my rights. I would say that a lot of people are adopting this strategy. "
as foster concludes, he wants eth miners to jump out of the network, and new players - those who don't invest in power infrastructure or drilling rigs - will take a stake in eth. He described the following:
"I can't imagine if I found a five-year lease with $0.04 of electricity and I was mining eth, I decided to sell everything and then continue to pay the rent so that I could hold eth as a share. Substitute. "
Marc fresa, founder of asic.to, a mining firmware company, agreed in a conversation with cointegraph: "if you invest in mining, you won't bet because you have enough room to grow."
one of the main counterfeit coins that may benefit from POW miners leaving Ethereum is Ethereum classic (etc), which is a more conservative version of the blockchain. It is reported that there is no POS related plan. As it also runs on the ethash algorithm, the startup of Ethereum 2.0 may lead to the migration of miners, so its hash rate may have a significant peak
eth's larger pools have similar options. When asked about the company's plans for Ethereum after pow, Heller told cointegraph that after the announcement of Ethereum's POS upgrade, f2pool launched a sister company called story.fish in early 2018. Story.fish has started to provide mortgage services for other POS and delegated POS projects, such as tezos (xtz), Cosmos (atom) and Cardano (ADA), e to numerous handover delays. For prin, e to the transition to POS, it "may temporarily give up supporting eth mining," de la Torre told cointegraph
other top eth pools, namely nanopool, ethermine, pool center, sparkpool and spiderpool, did not respond to requests for comment from cointegraph.
6. Bitcoin, Ethereum, chitcoin, dogcoin, eco and RCO can all mine. If you can mine with ordinary desktop and notebook computers, then eco and RCO are more powerful
7.
If you forget the stock capital password and transaction password, there is no other way, you can only bring your ID card, shareholder account card and other relevant materials to the securities counter. For specific questions, you can consult the customer manager
stock account refers to the account opened by investors in securities companies for stock trading
opening a stock account is a prerequisite for investors to enter the stock market
precautions for opening stock account
(1) required certificate: ID card. If a legal person's stock account is opened, the original (or ) of the business license and the power of attorney of the legal person shall be issued at the same time
(2) fees include: application form fee and account opening fee(3) operation process: investors need to fill in the application form and pay the handling fee; Hold relevant certificates, application forms and receipts of account opening fees to the account opening counter and hand them to the counter undertaker; After the undertaker checks the above materials, the applicant takes back the relevant certificates and receipts and gets the stock account card
extended information:
stock account loss reporting and re handling
(1) Shenzhen securities account loss reporting and re handling
1. If an investor loses his securities account card, he / she can report the loss and re handle the new number of securities account at Shenzhen Branch of China Securities Regulatory Commission or its designated securities business office with his / her ID card
2. If the investor loses the securities account and ID card at the same time, he / she should report the loss and go through the replacement proceres with the ID card loss certificate, account book and its issued by the public security organ
3. If the investor entrusts others to report the loss, the agent should present the legal notarization document at the same time
(two) the loss of the securities account in the Shanghai Stock Exchange and the replacement of the
securities business department will apply for the loss of the securities account according to the following proceres:
1, carefully examine the identity card of the investor (for example, if the identity card is lost at the same time, it must provide the certificate of loss of the body certificate issued by the public security police station under the registered residence, and paste the official seal of my recent certificate); p>
2. All securities in the securities account will be frozen
3. After the investor provides a new securities account with the same securities account registration information opened by the agency of Shanghai Securities Central Registration and Clearing Company, the corresponding securities account transfer proceres shall be handled for the investor
(4) after the securities business department has accepted the transfer of investors' accounts and registered their securities subsidiary accounts, it will send the change information to Shanghai Securities Central Registration and Clearing Company for change registration before the closing of the market on that day5. The securities business department can handle the application for investors to cancel the loss report, but the securities account that has gone through the proceres of securities transfer can not cancel the loss report
6. When the securities business department accepts the loss report of investors' securities accounts, the Shanghai Securities Central Registration and Clearing Company will change all the securities rights and interests in the loss report account to the account of the transferor at one time
8. After sharing, you can add a password. The password will not be told to other people, just let the person you want to share know.
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