We’ve got an update on the upcoming Ethereum fork via a reddit post today.
Basically, rewards per block are going down from 5 ETH to 3 ETH but will boost profits by delaying the difficulty bomb. Also it looks like a group of Chinese investors and miners may be looking to create their own coin during this fork… Ethereum Ice?
With the delay of the difficulty bomb and issuance reduced to 3 we will get 3 ETH every 14.1s or 12.75 ETH per min, an increase of approximately 4% from what we earn today
The Post From Reddit With Full Details:
“Hello Fellow ETH Miners,
I wanted to give you all an update out of the Ethereum Core Developer call today and a potentially pivotal change which looks likely to happen.
- Dev Call: https://www.youtube.com/watch?v=_5Tp_U1jBww
- Agenda: https://github.com/ethereum/pm/issues/22
As many of you are aware, Metropolis Byzantium is almost complete and it contains some core changes that will impact Miners. Many of these points have been discussed here before but I will re-cap for newer members or for people who are unfamiliar or unsure.
- Metropolis Byzantium will delay the Difficulty Bomb by approximately 18 months
- This delay will reduce block times back to just above 14s down from the 24.5s we see now
- Along with the reduced block times, the number of ETH issued per block will drop from 5 to 3
A lot of discussion was had over the last month or so around the Issuance Reduction, some members of the mining community, myself included, challenged the Ethereum Dev Team around why it was happening and trying to champion that it should not. We were unfortunately not successful in this effort so the reduction will go ahead as normal. While we would love the Issuance to stay at 5, with it moving to 3, what does that mean for miners?
- Today, we are getting 5 ETH every 24.5s, or approximately 12.25 ETH per minute
- With the delay of the difficulty bomb and issuance reduced to 3 we will get 3 ETH every 14.1s or 12.75 ETH per min, an increase of approximately 4% from what we earn today
However things will get worse for us before they get better, it was confirmed on the call today that the Byzantium update will move onto the testnet on September 18th and will require 3 weeks of testing. The current estimated (only an estimate and fully subject to change) is October 9th for the go live of Metropolis Byzantium. Before this happens, we have another difficulty bomb that is going to land on September 22nd with blocktimes estimated to rise to 30s at that point. This will reduce your rewards by about 20% from what it is today however rewards will increase by 24% when Byzantium is released.
The biggest event to happen today was before the call however when it was announced that a team of Miners, Investors and Developers are going to Hard Fork Ethereum at the Metropolis Byzantium go live: http://www.cahf.co
I won’t go into the detail of what they are going to do but some can be found in the TL:DR below and the rest can be seen from their statement through the link above. Vitalik confirmed on the call that this does indeed look genuine as he had seen lots of chatter about it on the Chinese forums and in Chinese chat rooms. I personally am not a fan of this split, especially this particular one as they plan to pre-mine 100million coins at the fork for themselves. I understand the sentiment behind it as I myself championed similar reasons however this in no way helps Ethereum or Cryptocurrency community.
It will be up to you all whether or not you mine the new chain and I know profitability will make that decision for most.
- Metropolis Byzantium hits testnet on September 18th
- Difficulty Bomb on September 22nd will reduce current income by approximately 20%
- Metropolis Byzantium go live on October 9th (not a final date, subject to change)
- Mining rewards will increase by approximately 23% after Metropolis Byzantium goes live
- It looks likely that Chinese Miners and Investors are going to fork Ethereum with the Metropolis Byzantium Update (Ethereum Ice? Icereum?)
- Removing the Difficulty Bomb
- Leaving Issuance at 5
- Never going to POS
- Setting max supply to 1billion with a halving at 500m issued (27 years from now?)
- Pre-mining 100m coins”