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Here’s Where the Earliest ETH Ever Mined Ended Up 5 Years Later

Here’s Where the Earliest ETH Ever Mined Ended Up 5 Years Later
Coinfirm details what happened to the first mined Ethereum after the asset's launch in 2015.

 


 

 

 

 

 

 

 

 

Ethereum, a household name in the crypto industry, fired up its network on July 30, 2015,

ut what happened to the first ETH coin ever mined all those years ago? Blockchain analytics and Anti-Money Laundering company Coinfirm found out. “Another great example of the many benefits of blockchains such as Ethereum compared to the traditional space, we can see and understand the literal creation of value and how it moves," Coinfirm co-founder and CMO Grant Blaisdell told Cointelegraph, adding, "In a time where fiat printing by central banks and other major elements are absolutely unknown to the people and businesses effected by it.” *Image courtesy of Coinfirm.

The fist mined ETH coin came into existence five years back  

Ethereum's inaugural mined block attributed to the following address: 0x05a56e2d52c817161883f50c441c3228cfe54d9f, Coinfirm data showed. The address received a 5 ETH payout.  The noted address racked up 265.63 ETH in mining rewards over time, responsible for a total mining career of 53 blocks. A Kraken crypto exchange address received the first 5 ETH rewarded as payout for mining the inaugural block, Coinfirm data showed. One Wei of ETH, however, went to the address — 0xc130afe98f8c42e19bdacf8c6e63e48a44a26ca8. Wei hold as Ethereum's version of Satoshis, denominating the smallest divisible fraction of a 1 ETH. In total, the address sent ETH to three different locations on four separate occasions. 

Ethereum has come a long way

Ethereum has changed significantly since its first mined block, not only regarding its network, but also in its asset's price. Long-term hodlers likely reaped the benefits of the project, seeing the asset take its place among the largest assets in the industry.Data from ICODrops shows ETH priced at $0.31 per coin during its initial coin offering, or ICO — a hefty profit potential if owners held the asset until its 2018 peak near $1,400 per coin. Ethereum's network has also shown no shortage of changes over the years as it still wages toward a transition to proof-of-stake, or PoS, as part of Ethereum 2.0. 

Article Produced By
Benjamin Pirus

  • Benjamin (BJ) is a full-time writer and trader in the crypto space. A former college hockey player, BJ loves a good burger, volatile Bitcoin charts and chatting about crypto.

https://cointelegraph.com/news/here-s-where-the-earliest-eth-ever-mined-ended-up-5-years-later

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Why Ethereum Could Become the Easiest Cryptocurrency to Mine

Why Ethereum Could Become the Easiest Cryptocurrency to Mine

Why “the Easiest Cryptocurrency to Mine?” Is the Wrong Question 

Easiest Cryptocurrency to Mine The cryptocurrency revolution has arrived. With Bitcoin <span data-recalc-dims=(BTC) hitting all-time highs, peaking at one point around $3,000 per unit" width="300" height="212" srcset="https://i0.wp.com/investorsbuz.com/wp-content/uploads/2017/07/Ethereum-300×212-Small.jpg?resize=300%2C212 300w, https://i0.wp.com/investorsbuz.com/wp-content/uploads/2017/07/Ethereum-300×212-Small.jpg?w=679 679w" sizes="(max-width: 300px) 100vw, 300px" />

FOREX INVESTORS BUZZ  Easiest Cryptocurrency to Mine The cryptocurrency revolution has arrived. With Bitcoin (BTC) hitting all-time highs, peaking at one point around $3,000 per unit—and Ethereum (ETH) going from around $10.00 to over $400.00 in under a year—these two leaders in the cryptocurrency market are making the case that they are some of the most lucrative investments in 2017.

But one of the most important developments in the cryptocurrency trade right now is finding the easiest coins to mine. In fact, the easiest cryptocurrency to mine is going to be a game-changer, because whichever online currency can manage that will ultimately become the cryptocurrency of choice for the world at large.

In the case of Bitcoin mining, for instance, the process involves a third party helping a transaction go through by interacting with the blockchain. In order to do that, they need their computers to solve a complex set of math problems that increase in difficulty depending on how many miners are currently working, and decrease in difficulty if there is a dearth of miners working.

While the process is time-consuming and costly, the reward for helping that transaction go through is a Bitcoin. Not a bad trade, all things considered. Except that mining is by no means a cheap endeavor. Cryptocurrency mining takes a very strong computer, as well as a large amount of energy to power said computer.

One projection argues that Bitcoin transactions may consume as much electricity by the year 2020 as the entire nation of Denmark. (Source: “Proof of Work vs Proof of Stake: Basic Mining Guide,” BlockGeeks, last accessed July 12, 2017.)

Cryptocurrency Mining Hardware

As explained, there is a high barrier to entry when trying to mine for BTC and ETH, as well as severe energy costs. They are not the easiest coins to mine, but they are your best bets if you’re dead-set on going that route.

But a better alternative may be to look at what Ethereum is doing. The company has mentioned that it is looking into changing the way it handles mining from a proof-of-work model to a proof-of-stake model.

Essentially, instead of having miners compete, a third-party peer would be selected to help the process along. They will make a security deposit so the exchange would be done in good faith, and the process will be many magnitudes more efficient, cost-effective, and speedy.

At that point, Ethereum would become the easiest cryptocurrency to mine. With ETH becoming the easiest coin to mine, expect the value of ETH to rise accordingly.

This all makes Ethereum potentially one of the best investment opportunities in the cryptocurrency market, with huge growth on the horizon if this mining process switch is implemented correctly.

(Data source: “Ether Historical Prices (USD),” Etherscan, last accessed Juy 12, 2017.)

Best Cryptocurrency to Mine with CPU

With the Ethereum changeover expected to happen sometime in 2017, that would make ETH a good cryptocurrency to mine in 2017. Not only will the cost of production of a ETH be lowered, and therefore make the mining process more profitable overall, it will be streamlined and simplified, making this one of the best potential cryptocurrency mining opportunities out there.

With Ethereum, you get a rising cryptocurrency with a decent amount of support already in the market, where ETH is one of the more trusted options available.

Original article found here:

Posted by
Thomas Prendergast

 

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