History of Ethereum mining

In 2013 Vitalik Buterin described Ethereum in the Whitepaper: “Ethereum: A Next Generation Smart Contract & Decentralized Application Platform” and was introduced at the North American Bitcoin Conference in Miami in January 2014. By July 2015 the operation of the Ethereum network started. The cryptocurrency Ether had market cap over 500 Million US-Dollar in February 2016 and two weeks later it was worth over a billion US-Dollar.

For mining Ethereum the proof-of-work (PoW) consensus mechanism is used. So time and computational power is used by Ethereum miners to create a block of transaction to be added to the Ethereum blockchain.

This PoW algorithm was implemented in 2015. But next year a proof-of-stake algorithm will replace mining and proof-of-work.

In December 2020 the beacon chain started officially and for the first time it was possible to realize and generate a return on Ether, without using external protocols.

For staking through a crypto exchange you can use any number of Ether.

In the current stage of development it is only possible to deposit Ether into the deposit-contract and stake it with the help of a validator. It is not possible to withdraw the deposited Ether after. This is going too change with the next update. But you are able to stop the validator voluntary (voluntary exit), which means it is allowed to be offline without having to pay a fine.

So the next step to change towards a proof-of-stake algorithm is the so called “Sharding”. That means hat the network is split into several shards, which is suppose to help with the burden of each node and improve the scalability of the network. This is suppose to happen in 2021. In January 2022 the final step, the “Docking”, will happen. Which means, that the existing network Ethereum 1.0 will be connected with new network Ethereum 2.0 and this will be the official ending of the PoW algorithm.

Ethereum using by country

We know that the value of ETH has exploded over the past year and investors are having outstanding financial returns, but where are those people located? The Top 10 that are interested most in using Ethereum (storing, transferring, trading, making payments, searching for information, etc):

  1. United States
  2. Germany
  3. China
  4. Singapore
  5. Finland
  6. France
  7. Hong Kong
  8. Japan
  9. Canada
  10. United Kingdom

As an example, there is around 1.116 million enquiries about Ethereum in the United States per month and in Germany around 736,300 people search for Ether. So the interest is huge.

Ethereum Usage

After Bitcoin, Ethereum is the second-largest cryptocurrency based on value. The estimated market cap is at $500 billion. It is an open-source blockchain-based platform that creates and shares business, financial services and entertainment applications.

Ethereum distinguishes itself from Bitcoin as a programmable network that works as a marketplace for different services, apps and games.

Things you can use Ethereum for:

1. Ethereum is a decentralized public ledger for verifying and recording transactions

2. Users can create, publish, monetize and use applications on the platform

3. use Ether cryptocurrency as payment

4. the platform creates and shares business, financial services and entertainment applications.

Ethereum Usage

After Bitcoin, Ethereum is the second-largest cryptocurrency based on value. The estimated market cap is at $500 billion. It is an open-source blockchain-based platform that creates and shares business, financial services and entertainment applications.

Ethereum distinguishes itself from Bitcoin as a programmable network that works as a marketplace for different services, apps and games.

Things you can use Ethereum for:

1. Ethereum is a decentralized public ledger for verifying and recording transactions

2. Users can create, publish, monetize and use applications on the platform

3. use Ether cryptocurrency as payment

4. the platform creates and shares business, financial services and entertainment applications.

What Cryptocurrency has the most potential?

If you are thinking about buying, investing and trading cryptocurrency soon you have over five thousand options to choose from at the moment. In the following we want to help you making a decision that you will not regret.

Your first steps should be organizing a source to buy whatever cryptocurrency you chose to buy and get a wallet for storage.

When you did all the preparation you should start doing your own research about the different cryptocurrencies. Try focussing on the historical performance, liquidity, market cap and technology.

Our top three of cryptocurrency that has the most potential:

1. Bitcoin

– original and well known globally

– highest liquidity value

– about to become fully decentralized

– accepted as payment from many companies

– actual price: ~ 47.000 USD

2. Litecoin

– good market capital and liquidity value

– faster than most cryptocurrencies

– growing popularity

– actual price: ~ 180 USD

3. Ethereum

– allows developers to create desktop and mobile decentralized applications powered by blockchain technology

– very stable

– actual price: ~ 3.500 USD

Other cryptocurrency worth having a deeper look at: Cardano, Binance Coin, Ripple, Dogecoin, TRON, Bitcoin Cash, Zcash, Tezos and MakerDAO

Ethereum – a Programmable Cryptocurrency

Ethereum introduction

Ethereum is – like bitcoin – a public blockchain and the second largest cryptocurrency. This technology makes it possible to transfer digital money without banks or other financial providers.

It is based on the bitcoin innovation and technology, but there are big differences between those two. The biggest difference is, that Ethereum is programmable. So you can not only use it for your payments, but it also powers and provides a building environment for developers and tech teams to establish blockchain applications. Those applications are called DApps. Many people are interested in investing into it because it seems to constantly develop and improve.

Ethereum Mining

Mining is the process of producing a block of transactions to be added to the Ethereum blockchain. If you end up investing in Ethereum you will need a crypto exchange to protect it and hardware wallets to store your assets. In the following we will introduce you to some miners that are worth taking a look at:

Innosilicon A10 Pro+ makes it possible to mine different cryptocurrency coins. Though it is best known for Ethereum at 720mh/s. It has a power consumption of 1300 Watt and all machines include associated power supply. Its memory size is 7 GB VRAM.

Innosilicon A11 Pro is an Ethereum miner with a hashrate of 2000 MH/s and a memory size of 8 GB VRAM and includes a power supply.

Innosilicon A10 Pro+ is similar to the other two above but has a hashrate of 720 MH/s and a memory size of 6 GB VRAM.