Im writing this article as I haven't seen anything covering the topic recently. After all the craziness over the past week in bitcoin, cryptokitties and a mass sell from most of the alts into bitcoin, you can see ethereum is taking some strain over the sheer amount of icos that are appearing on the platform and attracting a lot of new and old investors to ethereum and the erc20 tockens.
As of the 4th of december crypto kitties is now accounted for around 12% of all the ethereum traffic which is astounding. If one ico can grow the transaction que that drastically what does this mean for the future of ethereum.
CryptoKitties now has the busiest address on the ethereum network, accounting for nearly 12% of all transactions. That’s a threefold increase from Saturday (Dec. 2) when it was responsible for about 4% of all ethereum transactions. - qz.com
I mine with four rigs that have seven nvidia GTX 1070’s in each totaling twenty-eight cards and a total hash rate of 330MH/s. Seeing as the profitability is falling through the floor with more new miners coming online and price flux, it's getting to the point where i'm considering moving my miners to much more profitable coin. After having a look at whattomine.com ethereum has fallen down to the 17th spot on the recommended list. What worries me about this is there is nothing other that having faith in the coin which is keeping a lot of the miners on ethereum, that's why i'm still here but the profits really are dwindling now. Now if you consider the danger that ethereum faces with a mass exodus of miners what does this mean for the platform that is already extremely congested.
Coin Profitability
At this point in time if ethereum was to gain more miners there would have to be a much higher incentive for them to get onboard and at this moment in time I just don't see new miners moving to the platform seeing as the profit is just dropping off the chart. So if new miners start thinking twice does this mean the bigger mining players will have to fill the void to fix the congestion issue's before proof of stake or will this issue simple get exponentially bigger with more and more ICO's hitting the chain until POS is fully implemented?
I'm unsure how this will all play out but this week has been a slightly worrying moment for ethereum and I really hope the team can work something out. Sadly I don't really have any suggestions on how to fix this, whats your thought on the issue? am I missing something and its not really that big an issue or is this a real threat? let me know in the comments as I could love to hear your thoughts on this matter.
If you've made it this far thanks for taking the time out your day to give this a read,
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