ethereum mining rig

It is a good time to mine Ethereum?

Yes, It is the good time to miner mine ethereum, It is a good time to mine ethereum. Be-causing ethereum as a network is growing at a good .

Ethereum Price Prediction and Analysis For August 16th – ETH Declining, Crypto Community Expecting Growth

The second cryptocurrency in terms of capitalization, the Ethereum, continues a declining correction. The test of the important support level of $165 is close. If it happens, the buyers will have to demonstrate a bounce in order to prevent further decline.

It is possible that the ETH is falling in connection with a strong correction of the Bitcoin. All altcoins, in general, remain under pressure, and some say that the times of the bullish rally are nearly over. It is a good time to mine ethereum

However , on August 10th , 2019 Nick Patel carried out a poll on his Twitter account , asking the crypto community about the possibility of the EUR-USD rise above $1,000 . 54% of the answers turned out in favor of such growth. So, most are still sure of an upcoming wave of growth.

At the same time 34% of non-professional interviewees voted against . The growth of the second world cryptocurrency to the area of last year local maximums .

The ETH is trading around $180 , so the rise above $1,000 is more than 5.5 times growth , It is a good time to mine ethereum , which seems too optimistic in the current market situation.

The market is overwhelmed by positive forecasts about the future of the BTC , none has come true yet , what is more , the digital gold is declining.

As we remember Max Keiser , the TV-show host , expected a breakaway of $15,000 , then the Goldman Sachs promised growth to $13,971 . It is a good time to mine ethereum .

The leading analyst of Fundstrat Global Advisor , Tom Lee voiced another support of the Bitcoin in relation to the general world instability . However, he had predicted new and new heights by the end of 2019 before.

A positive sign of potential growth of the leading altcoin is the fact that Coinbase started using. The Ethereum update for better receiving of payments in USDC .

The innovation not only decreases the expenses on payments but also inhibits fraud transactions. This is the first project of commercial payments based on the Ethereum for Coinbase Commerce.

Ethereum-Price-day-chart

On the daily time frame, the Ethereum demonstrates another impulse of decline, aiming at the correctional level of 76.0% ($163.20) Fibo. With such a pace of decline , the most probable scenario may not just be a correctional phase but a decrease aiming at the main support at $100.03 .

However , a bounce and forming of an impulse of growth are not to be excluded . A convergence, forming on the MACD, confirms this idea. The goal of the pullback lies near the resistance around 50.0% ($231.50) Fibo.

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On H4, the Ethereum demonstrates a steep decline, nearing 76.0% ($163.20) Fibo. Meanwhile, the Stochastic has entered the oversold area, which is another confirmation of the pullback.

However, a clear signal of the pullback would only be a Gold Cross in the oversold area of the oscillator. The short-term goal of the pullback may be at $200.50.

How Ethereum Mining Works

Today, miners play an important role in making sure ethereum works.

This role isn’t immediately obvious, though.

Many new users think that the sole purpose of mining is to generate ethers in a way that doesn’t require a central issuer (see our guide “What is Ether ? “). This is true. Ethereum tokens are created through the process of mining at a rate of 5 ether per mined block . But mining also has another at least as important role.

Usually, banks are in charge of keeping accurate records of transactions. They ensure that money isn’t created out of thin air , and that users don’t cheat and spend their money more than once .

Blockchains , though , introduce an entirely new way of record-keeping , one where the entire network , rather than an intermediary , verifies transactions and adds them to the public ledger .

Although a ‘trustless’ or ‘trust-minimizing’ monetary system is the goal , someone still needs to secure the financial records, ensuring that no one cheats .

Mining is one innovation that makes decentralized record-keeping possible.

Miners come to consensus about the transaction history while preventing fraud (notably the double spending of ethers . An interesting problem that hadn’t been solved in decentralized currencies before proof-of-work blockchains . It is a good time to mine Ethereum.

Although ethereum is looking into other methods of coming to consensus about the validity of transactions . Mining currently holds the platform together . It is a good time to mine Ethereum.

How mining works

Today, ethereum’s mining process is almost the same as bitcoin’s.

For each block of transactions , Miners use computers to repeatedly and very quickly guess answers to a puzzle until one of them wins .

More specifically , the miners will run the block’s unique header metadata (including timestamp and software version). Through a hash function (which will return a fixed-length . Scrambled string of numbers and letters that looks random), only changing the ‘nonce value’ , which impacts the resulting hash value .

If the miner finds a hash that matches the current target , the miner will be awarded ether and broadcast the block across the network for each node to validate and add to their own copy of the ledger.

It is a good time to mine Ethereum , If miner finds the hash, miner A will stop work on the current block and repeat the process for the next block .

BNB-Free-Coin

It’s difficult for miner to cheat at this game. There’s no way to fake this work and come away with the correct puzzle answer. That’s why the puzzle-solving method is called ‘proof-of-work’ .

It is a good time to mine Ethereum for GPU.

On the other hand , It takes almost no time for others to verify that the hash value is correct , which is exactly what each node does .

Approximately every 12–15 seconds, a miner finds a block. If miners start to solve the puzzles more quickly or slowly than this . The algorithm automatically readjusts the difficulty of the problem so that miners spring back to roughly the 12-second solution time .

The miners randomly earn these ether , and their profitability depends on luck and the amount of computing power they devote to it .

The specific proof-of-work algorithm that ethereum uses is called ‘ethash’ , designed to require more memory to make it harder to mine using expensive ASICs – specialized mining chips that are now the only profitable way of mining bitcoin .

In a sense , ethash might have succeeded in that purpose , since dedicated ASICs aren’t available to mine ethereum .

Furthermore, since ethereum aims to transition from proof-of-work mining to ‘proof of stake’ . which we discuss below – buying an ASIC might not be a smart option since it likely won’t prove useful for long .

Shift to proof of stake.

Ethereum might not need miners forever,

Developers plan to ditch proof-of-work , the algorithm that the network currently uses to determine which transactions are valid and protect it from tampering , in favor of proof of stake , where the network is secured by the owners of tokens.

If and when that algorithm is rolled out , proof-of-stake could be a means for achieving distributed consensus that uses fewer resources .

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