The fate of Ethereum Classic was not that bright after all. It’s also working under a Proof-of-Work model. You might not remember, especially if you are relatively new to crypto, that current Ethereum is a fork of the original one.ĭue to security concerns Vitalik Buterin and his colleagues decided to make a more secure fork and moved away from the original concept of Ethereum, which stayed alive under the name Ethereum Classic (ETC). Is there a coin that might become the next Ethereum? And maybe not.ĮTH might as well jump really high after switching to Proof-of-Stake, thus pushing less known coins even deeper into the shadows. Maybe a huge flow of miners to some previously unknow coins will cause them to rise. Only if the prices of these coins increase, the mining will be more profitable.īut nobody knows how things will turn out to be. Consequently miners will experience significantly lower profitability than now, before the ETH 2.0. Statistically, you will receive smaller amounts of coins than today with the same hardware. the block reward will be split among a higher number of miners than currently. Even now when there is very little hashrate pointed to their direction.Īfter most ex-Ethereum miners switch to these coins, it will cause higher difficulty in mining.
Yes, they admit these coins are currently less profitable for mining. Guys from NiceHash or 2Miners keep calmly saying that the hashrate will be distributed to other coins like Ravencoin, Ethereum Classic, Ergo, Conflux, Cortex, Firo, and others. Well, if you listen to the biggest mining pools, you will feel endless optimism all around. Where will it all go once the Merge happens? There is a huge collective hashrate mining ETH right now. Basically, the miners will be switched of the Ethereum network.
Once the Merge is completed there will be no more need in mining. The more Ether a validator stakes, the higher likelihood they’ll be picked for a reward. Validators who want to stake Ether and participate in the Beacon Chain can earn yields in return for their support. Proof-of-Work mining will simply become obsolete. Once the Merge is complete, Ethereum’s blockchain will shift fully to the Proof-of-Stake chain, called the Beacon Chain. While both chains have validators, only the Proof-of-Work chain currently processes users’ transactions. That’s the Merge (sometimes called ETH 2.0) that the Ethereum community is really excited about.Ĭurrently, Ethereum has both a Proof-of-Work and Proof-of-Stake chain running in parallel.
#Ethereum cryptocurrency jettison mining proofofstake upgrade
Ethereum switching to Proof-of-Stake explainedĮthereum, the blockchain powering Ether, migrates to a Proof-of-Stake model due to an upgrade slated for this year. There are no signs of troubles that might prevent this to happen. Keeping all that in mind, it is fairly easy to conclude that as soon as Ethereum switches to Proof-of-Stake, the mining industry will be effectively killed. Other tokens that you can mine these days trail far behind Ethereum in terms of profitability. And it is quite profitable, especially if you have access to cheap electricity and know where to get hardware discounts. Mining Bitcoin is still very profitable, but you do need enormous investments to take part in it.Īs for Ethereum, mining is still possible with usual gaming GPUs. What to mine after Ethereum goes to Proof-of-Stake?īitcoin mining requires so much computational power now, that if you have enough money to buy those hell machines, why do you need mining Bitcoin at all?Īll right, that’s a joke. The so-called Merge will definitely kill ETH mining as soon as in June 2022. Ethereum is about to make the most significant change in its history.
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