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ETH is the native token of the Ethereum network, and serves as the main medium of value circulation in the network ecology. Ethereum is currently the most active platform for blockchain application development. Through thousands of global nodes, it gradually realizes the vision of world computer instead of centralized servers. Through the Ethereum network, users can also transfer financial value directly and quickly.
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Basic information and characteristics of ETH mining
The initial total amount of ETH is 72 million, with an increase of about 15 million each year. From the beginning of 2020 to July 7th, an additional issuance of about 2.33%, 2,547,043 ETH, the overall inflation rate of ETH is on a relatively smooth gradual rise line, and there has never been In the case of substantial additional issuance or sudden deflation, the overall economic model is in a model of decreasing issuance year by year. In terms of market value and circulation, there are slight differences in the statistics of different data sources, which may be related to factors such as statistical algorithms and network delays.
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As of July 8th, the overall network computing power of Ethereum is currently estimated to be about 180TH/s. The peak computing power recorded on the Ethereum browser appeared on 2018-08-09, and the computing power is about 296TH/s. The lowest value appeared on 2015-07-30, when it was only 11.5297 GH/s, but 2015 was shortly after the establishment of Ethereum, so the computing power of the whole network was generally low at that time.
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In the computing power market of ETH products, the main shares are shared by mining pools such as Sparkpool, Ethermine, F2Pool, SpriderPool, NanoPool and small miners, among which SparkPool and Ethermine account for about 50.5% of the computing power market share. The block market share distribution of miners in the past month (6.8-7.8) is as follows:
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In the past seven days (July 1-July 8), the share of computing power of major miners and the number of blocks produced by the top 10 are shown in the figure below:
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Among the current mainstream mining graphics cards for Ethereum mining, the computing power of vii is 78MH/s, and the daily output of a single card is about 11 yuan. The computing power of 2080Ti is about 52.5MH/s. The daily output of a single card is currently about 7.2 Yuan. Among the professional mining machines, the computing power of the ETH A10 500M mining machine is about 500MH/s, and the daily average mobile phone for a single machine is about 71.7 yuan.
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The transition form of ETH 1.0 to 2.0 mining products
According to Glassnode data, the total number of Ethereum addresses with more than 1 ETH is about 1.08 million, the wallet addresses with more than 1,000 ETH are about 7,500, about 4,300 addresses have been added within 24 hours, and the number of active addresses is about 26,500. , indicating that the entire network ecology of ETH is currently in a relatively active state.
The mining during ETH1.0 is mainly based on graphics card mining, and the models are mainly supplemented by some ASIC mining machines. In the current market, second-hand transactions are mainly used. There are not many types of newly developed mining machines, and the models are mainly vii , mainly 2080Ti, and the difficulty fluctuation is relatively stable. Objectively speaking, the transition from ETH 1.0 POW to ETH 2.0 POS will most likely be a parallel transition, and it should not be possible to completely switch to the POS network in the short term. The main reason is that the ecosystem of ETH 1.0 is large and the entire blockchain world The sharding technology is immature and in the exploratory stage, so the overall transition is not a very simple matter. The release of the primary version of ETH 2.0 (Phase 0) has been delayed from the beginning of the year to the fourth quarter, but the current hot spots are mainly around ETH 2.0. We can see that the fragmentation and transition of 2.0 are not so easy, so the POW mining of ETH 1.0 Equipment and products will not be eliminated soon, and many graphics card mining can be reused in multiple environments.
ETH 2.0 mainly has the following reward and punishment features:
1 ETH 2.0 validators need to mortgage 32 ETH to participate in the consensus mechanism of the 2.0 ecological network to obtain rewards. If participants do not want to configure their own facilities and want to participate in staking, they can entrust the verified private key to a third-party pledge service provider to participate in the consensus, but it is necessary to prevent the risk of single point of failure such as running away and being punished by the third party. On July 8, 2020, there are currently about 30,253 validators participating in the network test of ETH 2.0. Most of the participants pledged about 32ETH. The current total amount of the number one address is 32.4371ETH. The current income It is 0.437ETH.
2. Validators get rewards through LMD-GHOST and Casper FFG voting.
3. Validators who maintain high-quality contributions online will be rewarded.
4. Validators who report serious violations will be rewarded.
the costing payment:
1. Beacon node and client costs.
2. If the verification node is fake, it will be punished.
3. If the node is inactive, it will be punished by elimination if it fails to work.
The picture below shows Vitalik’s ETH 2.0 Staking proposal, which is a gradual deflationary issuance mechanism: it has nearly 20% expected staking income, so it is also highly attractive
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In summary
The benefits of the staking mechanism of ETH 2.0 to the network are mainly focused on the fast verification and confirmation speed and large throughput, avoiding network congestion due to short-term high-frequency dapps during the POW mechanism. Refer to the situation that occurred during CryptoKitties, and does not require large-scale mining Mining equipment can participate in the construction of the network only by mortgage. It is conducive to the application of financial products. The Ethereum Dapp network is currently dominated by finance (Compound, MakerDAO) and exchanges (IDEX, Kyber, Uniswap). For a network with a relatively sound ecology such as ETH, the POS mechanism is a A better mechanism can avoid the contradictory situation of too centralized staking tokens in the early days of many similar POS projects.
However, the POW consensus mechanism ecology of ETH 1.0 has formed a large system. The vision of transitioning to 2.0 is very good, but the actual operation is difficult. The transition at lightning speed is not realistic, and the sharding technology is not yet mature. It is more likely that POW will continue to operate, and POS will gradually transition as a small branch, with a little bit of testing. From this point of view, the mining industry of ETH 1.0 will continue, and the construction of 2.0 will also proceed steadily.
