Is it profitable to mine ethereum 2017

The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment. Ether, which runs on a technology system known as the ethereum blockchain, is worth over ten times the price it was when it bottomed during the COVID market panic of March And the cryptocurrency is still only five years old. In part, this remarkable rise in the value is due to excess money flowing into all the leading cryptocurrencies, which are now seen as relatively safe store-of-value assets and a good speculative investment. Ether has outperformed partly due to several improvements and new features being rolled out over the next few months. So what are ether and ethereum and why is this cryptocurrency now worth more than corporate giants such as Starbucks and AstraZeneca?

We are searching data for your request:

Wait the end of the search in all databases.
Upon completion, a link will appear to access the found materials.

Content:

• The Political Geography and Environmental Impacts of Cryptocurrency Mining
• CryptoKitties Transaction Network Analysis: The Rise and Fall of the First Blockchain Game Mania
• How To Mine Ethereum
• The crypto scam on Instagram that cost Jonathan and his friends $20k
• What is ethereum mining?
• What to Mine when Ethereum Goes POS
• Ethereum Mining Profitability historical chart
• Own a gaming PC? Here's how to mine Ethereum for some passive income
• Ethereum mining will soon be obsolete, as 'London' update moves key deadline to December

WATCH RELATED VIDEO: PROFIT 2017 Ethereum mining 48 hour update

The Political Geography and Environmental Impacts of Cryptocurrency Mining

CryptoKitties was the first widely recognized blockchain game. Players could own, breed, and trade kitties, which are the only prop in the game. The game gained explosive growth upon its release but quickly collapsed in a short time.

This study analyzes its entire player activity history for the first time in literature and tries to find the reasons for the rise and fall of this first blockchain game mania. First, we extracted the five million transaction records among thousand addresses involved in CryptoKitties in the past three years. Based on the numbers of addresses involved in the game each day, we divide the game progress into four stages: the primer, the rise, the fall, and the serenity.

We construct a temporal kitty ownership transfer network and analyze the varying network parameters in the four stages. We find that a large number of players poured in during the 10th and 18th days since the game release and quickly exited in the following month.

Since then, a few big players have gradually dominated the game, concentrating the game resources. Through further analysis, we find that the main reason for the rapid increase in the game popularity was the increase of public attention by media outlets, while the reasons for the rapid decline in the game popularity include the oversupply of kitties, the decreasing of player income, a widening gap between the rich and poor players, and the limitations of blockchain systems.

Based on these observations, we advise on the further blockchain game design: 1 to finely control the production of props and avoid an oversupply, 2 to balance the gaming cost and revenue and protect the enjoyment of players, 3 to narrow down the gap between rich and poor and create an equal gaming community, 4 to consider the limitations of blockchain systems in their game designs.

Blockchain, emerged as the underlying supporting technology for Bitcoin [ 1 ], is a distributed ledger system providing non-tampering and traceability functionalities. Ethereum [ 2 ], also known as the blockchain 2. Developers can use smart contracts to create various decentralized applications, especially games. Blockchain games are considered to have unique advantages over traditional online games in that their gaming data and logic are transparently stored and executed on blockchains [ 4 ].

These advantages particularly suit games with in-game payment and chance mechanisms, e. As a result, current designs of blockchain games mainly revolve around the generation, ownership, and trading of virtual assets [ 5 ].

Cryptokitties is a blockchain game released on Ethereum in late November Players can own, trade, and create virtual kitties, represented by non-fungible tokens meeting the ERC token standard in the game.

The attributes and transactions of kitties are recorded in the Ethereum blockchain. Nonetheless, Min et al. Not surprisingly, the popularity of CryptoKitties only lasted for a short period, too. Specifically, we first construct a kitty ownership transfer network and investigate the network structural changes over time. Based on our observations, we pinpoint the deficiencies in the design of CryptoKitties and provide suggestions for further development of blockchain games.

Network analysis methods have been applied to cryptocurrency transaction records in many previous works. Chen et al. Somin et al. Guo et al. Except for the Ethereum blockchain, similar methods have also been used to analyze transactions on other blockchains, such as EOSIO [ 10 ]. The rest of this paper is organized as follows. In Section 3, we construct the kitty ownership transfer network and define network structural properties. In Section 4, we divide the progress of the game into four stages and examine the changes of network parameters in different stages.

We will discuss the reasons for the rapid change in the popularity of CryptoKitties in Section 5. Section 6 concludes the study and provides suggestions for the further development of blockchain games. The names of these contracts could be found on Etherscan [ 11 ]. Based on these contracts, players can trade or transfer kitties with other players and breed new kitties.

There are three ways to trade or transfer a kitty. The seller lists a kitty for sale with an initial price, a final price, and a price change period to the SalesAuction contract. The initial price is usually higher than the final price. After the auction begins, the kitty price will change linearly from the initial price to the final price at a constant rate during the price change period.

The price will not change after this period. Unless bid by a buyer or canceled by the seller, the kitty will remain in the SalesAuction contract. Upon receiving a bid, the SalesAuction contract will send the kitty to the buyer and transfer the payment to the seller. The game publisher also sells 0-generation kitties to players in this way.

A player can either call the transfer function to transfer his kitty to another player or the approve function to allow other players to transfer his kitty. Transferring a kitty in this way does not necessarily mean that the player is trading the kitty but can also be sending a kitty as a gift to a friend.

In this way, the buyer initiates a request to the seller and sends the purchase fee to the Offers contract. When trading kitties through the SalesAuction, the game publisher charges the sellers for 3. Same rate of dealing price will be charged to the buyers using the Offers contracts. When calling any function in each contract, the players also need to pay gas fees to Ethereum miners through their Ethereum wallet.

The gas fee is usually between 0. There are two ways to breed a new kitty. After this operation, the mother kitties can be arbitrarily chosen between the two will become pregnant for a period. After this period, a player, also called the midwife, will call the give birth function in the Core contract to give birth to the new kitty. The newborn kitty will be transferred to the owner of the mother kitty. The breeding fee will be compensated to the midwife for their Ethereum gas fees paid. A midwife is also needed in this case.

When a kitty is rented out through the Siring Auction contract, the game publisher will charge the lender 3. The breeding fee varied over time see Figure 1. It was set to 0. However, due to the congestion of the Ethereum network resulting from the gaming transactions, the gas fee was raised. The game publisher increased the breeding fee to 0. Such adjustment happened several times afterward, but despite that, the breeding fee has been stable at 0.

The transactions span from November 23, , to May 19, The data involved 1,, kitties, , addresses, and 5,, transfer records. There are nine types of transactions see Table 2 related to the movements of kitties, including the trading, transferring, and the new birth of kitties.

Consider participation rate as the ratio of the number of addresses that take part in a specific activity to the number of all addresses in CryptoKitties, buying kitties through the SalesAuction contract has the highest participation rate Participation rates are also high for breeding kitty Players showed low interest in lending The actual ownership of the kitties only changes when 1 the sales auction on the SalesAuction contract is fulfilled, 2 the trading through the Offers contract is fulfilled, and 3 kitties are transferred directly using functions in the Core contract.

The network contains , nodes and 1,, edges. It can also be considered as the ratio of the number of sellers to buyers in the game. The Gini coefficients for the in-degrees G k in and out-degrees G k out of all nodes can be defined likewise.

The average clustering coefficient c is used to measure the clustering degree of the network, which is defined as. Multiple edges between u and v are considered as one even with the same t in this case. High average clustering coefficient means that players interact closely with other players. Again, multiple edges between u and v are considered as one even with the same t in this case.

High reciprocity means that the relationship between addresses is relatively strong, and the owners of these addresses are likely to know each other. The degree assortativity coefficient r measures the similarity of connections in the network with respect to the node degree:.

The direction of edge is ignored and multiple edges are considered in the calculation. Using the numbers of daily addresses related to CryptoKitties transactions, the game can be divided into four stages: the primer, the rise, the fall, and the serenity, as shown in Figure 2.

The primer: The game was released on November 23, There were not many players before December 2, The rise: A large number of players entered the game since December 2, The game popularity rapidly increased before reaching a peak on December The fall: Since then, the popularity has dropped sharply. The serenity: After January 15, , the popularity stabilized into a long-term slow downward trend.

Figure 3 shows four snapshots of the network in each of the stages. The network size shrinks apparently over time. Four stages of the game. The three dotted lines correspond to December 1, , December 10, , and January 15, , respectively. Visualizations of typical networks in every stage. Nodes in the network are filtered by out-degree. B The network contains a large number of nodes in stage 2.

C The network shrinks in stage 3. D Only long-term players are left in stage 4. The evolution of network structural properties in the four stages are shown in Figure 4. In the first stage, the Gini coefficient of out-degrees decreased suddenly.

Soon after that, players began to breed new kitties and sell them to each other.

CryptoKitties Transaction Network Analysis: The Rise and Fall of the First Blockchain Game Mania

Choose your reason below and click on the Report button. This will alert our moderators to take action. Stock analysis. Market Research.

How To Mine Ethereum

Bitcoin recently suffered one of its biggest monthly drops on record in May. The volatility in Bitcoin — and by proxy, cryptocurrency stocks — this year has rekindled excitement in retail investors in a way it hasn't since the digital coin last peaked in Professional investors, billionaires and even publicly traded companies have maintained a keen interest in cryptos, too. This involvement in both Bitcoin, other cryptocurrencies and blockchain — the secure authentication technology behind digital currencies — are already showing up as a new source of revenue for many companies in mid It's partly thanks to the pandemic. COVID helped accelerate a number of digital reforms in companies large and small. Cryptocurrencies and blockchain have been part of that transformation.

The crypto scam on Instagram that cost Jonathan and his friends $20k

Ethereum Mining software are specialized applications that use the computing power of your system in order to mine cryptocurrency. In exchange for a mining operation, you receive a monetary reward in the form of digital currency. These apps provide a detailed report of your mining activity and total earnings. Since many Blockchain projects rely on Ethereum, Ethereum mining will be profitable as its price is expected to rise. Following is a handpicked list of Top Ethereum Mining Software, with their pros, cons, and website links.

What is ethereum mining?

When you mine the coins, you have income on the day the coin is "created" in your account at that day's exchange value. You can report the income as a hobby or as self-employment. If you report as a hobby, you include the value of the coins as "other income" on line 21 of form If you report as self-employment income you are doing "work" with the intent of earning a profit then you report the income on schedule C. You can fully deduct your expenses if you can prove them see later.

What to Mine when Ethereum Goes POS

CryptoKitties was the first widely recognized blockchain game. Players could own, breed, and trade kitties, which are the only prop in the game. The game gained explosive growth upon its release but quickly collapsed in a short time. This study analyzes its entire player activity history for the first time in literature and tries to find the reasons for the rise and fall of this first blockchain game mania. First, we extracted the five million transaction records among thousand addresses involved in CryptoKitties in the past three years. Based on the numbers of addresses involved in the game each day, we divide the game progress into four stages: the primer, the rise, the fall, and the serenity.

Ethereum Mining Profitability historical chart

I will also share with you how to remove the connections of the websites from your wallet to prevent them from draining or sucking all of your crypto in your Coinbase Wallet. Every free User earning rate is 0. This decentralization made Ethereum open-coded and everyone can mine it.

Own a gaming PC? Here's how to mine Ethereum for some passive income

RELATED VIDEO: Start Mining Ethereum 2017 (Detailed Guide)

Please change the wallet network. Change the wallet network in the MetaMask Application to add this contract. United States Dollar. Ethereum is up 1. It has a circulating supply of ,, ETH coins and the max. You can find others listed on our crypto exchanges page.

Ethereum mining will soon be obsolete, as 'London' update moves key deadline to December

These are the core obsessions that drive our newsroom—defining topics of seismic importance to the global economy. Our emails are made to shine in your inbox, with something fresh every morning, afternoon, and weekend. But a lack of basic infrastructure and policies could be preventing them from being too optimistic. Since May, China has been clamping down on cryptocurrency mining in an attempt to reduce carbon emissions, prevent money laundering, and maintain financial stability. The country has banned banks and payment companies from providing services to digital coin transactions, arrested several people engaged in cryptocurrency dealings, and suspended crypto-related accounts on Weibo. Meanwhile, in India, the cryptocurrency ecosystem has been booming.

In the before-times — the heady days of when the prices of both Bitcoin and Ethereum skyrocketed and seemed immune to gravity — several well-known companies boosted their value by claiming to build new products on the blockchain or to create a solid trustworthy crypto-coin. The trend has continued through the pandemic. We often note a whiff of desperation in old-economy businesses trying to re-invent themselves as blockchain or crypto companies.