Ethereum mining algorithm
July in Protocol and Client discussion. Has a specific mining algorithm been decided upon for Ethereum at this point? I may be just overlooking it, but I cannot find an up-to-date mining algorithm mentioned. I know dagger has been discarded. I only ask, as we are creating an Ethereum "Coin Page" and would like to have an accurate mining algorithm assigned to it, if there is one.
This is information can be found in: We're aiming for either a turing complete PoW algo, or a randomized hash function every thousand nonces. The algo has not been decided on yet. That is what I thought, but I did not want to leave the algorithm blank if a decision had been made. I hate to troll here but I've been on this board since March and have been interested in Etherium since late They've been debating about how Etherium will be mined for some time. I've not checked back here for a while but a friend shot me a text and asked me if I was buying during the presale.
I looked back over here to see what was up and saw that several million dollars worth of Etherium has been presold already. Etherium is a very ambitious project and the implementation has been slow because of this I assume.
I believe the initial sale was first scheduled for February or March. Anyhow, maybe mining is trivial compared to the rest of the functionality of Etherium but might I ask why the heck hasn't this been figured out yet especially now that you've collected millions in an IPO? Ether is a necessary element — a fuel — for operating the distributed application platform Ethereum. It is a form of payment made by the clients of the platform to the machines executing the requested operations.
To put it another way, ether is the incentive ensuring that developers write quality applications wasteful code costs more , and that the network remains healthy people are compensated for their contributed resources. If you just want to test the technology, you probably don't need real ether. Download the latest Wallet app and switch to the Test Network. The total supply of ether and its rate of issuance was decided by the donations gathered on the presale.
The results were roughly:. Note that after the Byzantium update is implemented, the mining and uncle reward is reduced to 3 ethers and 0.
This means that while the absolute issuance is fixed, the relative inflation is decreased every year. In theory, if this issuance was kept indefinitely then at some point the rate of new tokens created every year would reach the average amount lost yearly by misuse, accidental key lost, the death of holders etc and there would reach an equilibrium.
But the rate is not expected to be kept: The exact method of issuance and which function it will serve is an area of active research, but what can be guaranteed now is that 1 the current maximum is considered a ceiling and the new issuance under casper will not exceed it and is expected to be much less and 2 whatever method is ultimately picked to issue, it will be a decentralized smart contract that will not give preferential treatment to any particular group of people and whose purpose is to benefit the overall health and security of the network.
Developers who intend to build apps that will use the ethereum blockchain. Users who want to access and interact with smart contracts on the ethereum blockchain. The Ethereum Wallet includes an easy presale import. Download it and it will offer that option automatically. This will prompt for your password and imports your ether presale account. It can be used non-interactively with the --password option taking a password file as argument containing the wallet password in cleartext.
If this does not work, please do not hesitate in contacting us on our forums , reddit or at info at ethereum. If you don't feel comfortable securing your ether right now but just want to check that your presale wallet is included in the blockchain, then use our online balance checker.
The Ethereum network is kept running by computers all over the world. In order to reward the computational costs of both processing the contracts and securing the network, there is a reward that is given to the computer that was able to create the latest block on the chain. Every 15 seconds, on average, a new block is added to the blockchain with the latest transactions processed by the network and the computer that generated this block will be awarded 3 ether.
Due to the nature of the algorithm for block generation, this process generating a proof of work is guaranteed to be random and rewards are given in proportion to the computational power of each machine. If you are on a private network and if you just want to test the technology for free, you should then any normal computer with a normal CPU will be able to run the network and earn test ether ether that is only redeemable on the test network where it was generated through mining.
This is the best choice for small-scale network or testing privately, as it's less resource intensive. On the real or live test network a normal desktop or laptop computer might take a very long time to successfully mine a block and receive ether. Before you do any mining, you need to set which address will receive your earnings called "etherbase".
You only need to do this once. Here's how to set your etherbase and then start mining:. Its goal is to protect miners like yourself so that you will only ever need your home computer to remain competitive. The DAG should take about 10 minutes to generate and as soon as it finishes, Geth will start mining automatically.
If you are serious about mining on the live ethereum network and getting real ether rewards, then you should use a dedicated computer with very powerful graphics cards in order to run the network. If you are using Eth then GPU mining comes out of the box. There are currently two options for GPU mining in Geth available. You can read a more detailed description of how to install it on this mining post.
This is a version for the pro miners. Go experimental GPU branch. It's experimental so you need to build go from source to get it. This version is focused on hobbyists and developers. To install it, clone geth from source and then switch to the GPU Miner branch. You can read all about the theory behind this and its design in the Ethereum gitBook, mining chapter. Note that for Serenity a future release, a major milestone on the Ethereum development roadmap we are planning to switch to Proof of Stake PoS.
Mining prowess roughly scales proportionally to memory bandwidth. Empirical evidence has already confirmed this, with R9 x regularly topping benchmarks. Don't expect to see them on the market, and if you do, proceed with extreme caution. Ethereum would never be possible without bitcoin—both the technology and the currency—and we see ourselves not as a competing currency but as complementary within the digital ecosystem.
Ether is to be treated as "crypto-fuel", a token whose purpose is to pay for computation, and is not intended to be used as or considered a currency, asset, share or anything else. If so desired one could trade bitcoins for ether with the purpose of executing contracts and trade it back immediately in order to keep their value pegged and secured by the bitcoin network.
The latest version of the wallet includes an automatic conversion between ether and bitcoin. Use a pegged derivative: Ethereum is a great tool for creating complex trading between multiple parties.