The world’s largest ethereum mining pool, Ethermine, has announced that the organization plans to completely drop proof-of-work (PoW) ethereum mining. Ethermine says the platform’s miners dashboard will display a countdown and users can continue to mine ether until the countdown reaches zero.
Largest Ether Mining Pool To End PoW Ethereum Mining – Ethermine Ethereum Mining Pool Will Switch To Withdrawal Only Mode After Merger
According to a recent announcement from the world’s largest ethereum mining pool, Ethermine, the platform plans to halt ETH mining once The Merge takes place. Currently, the Ethereum network will transition from a PoW network to a proof-of-stake (PoS) network on or around September 15, 2022. For the past few weeks, it has been a gamble where ethereum miners will follow exactly The merger.
Ethermine is the world’s largest ethereum mining pool with 262.79 terahash per second (TH/s) dedicated to the Ethereum chain. The pool is much larger in terms of hashrate compared to the second largest ethereum mining pool F2pool, as F2pool commands 127.48 TH/s, according to current mining pool stats.
“The mining phase of Ethereum will end on September 15, 2022. After this date, it will no longer be possible to mine ether on the Ethereum network using graphics cards (GPUs) or ASICs,” explains Ethermine. “As a result of this transition, the Ethermine Ethereum mining pool will switch to record-only mode once the Proof-of-Work mining phase has ended.” The blog post adds:
An accurate countdown timer is available on the miners dashboard. You can continue mining ether until the countdown reaches zero.
Ethermine’s Reveal Follows Ethereum Classic’s Hashrate Spike
The announcement of Ethermine follows the proposed creation of a proof-of-work version of Ethereum called ETHW. While a number of exchanges have listed ETHW, the IOU token has crashed 63% from a high of $139.62 per unit to its current price of $50.68 per unit. The chain hasn’t been forked yet, so there is approximately no way to find out how much hashrate the proposed ETHW chain will support.
Additionally, the Ethereum Classic (ETC) network has seen a significant boost in hashrate over the past four days, up 39% since August 17. ETC’s hashrate reached a record high on August 20, 2022, surpassing 38 terahash per second (TH/s). Other Ethash-focused tokens such as RVN, ERGO and BEAM have not seen hashrate increases of the size ETC has registered this weekend.
What do you think of the world’s largest ether mining pool Ethermine ending ethereum mining? Let us know what you think about this topic in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
#Worlds #Largest #Ethereum #Mining #Pool #Drop #Ether #PoW #Mining #Ethermine #Begins #Countdown #Merge #Bitcoin #News