Ethermine, the world’s largest Ethereum mining pool, has announced that the organization plans to abandon proof-of-work (PoW) Ethereum mining entirely. Ethermine said the platform’s miner dashboard will display a countdown, and users can continue mining ether until the countdown reaches zero.
Largest Ethereum Pool to End PoW Ethereum Mining – Ethermine Ethereum Pool Will Switch to Withdrawal-Only Mode After Merger
According to a recent announcement from Ethermine, the world’s largest Ethereum mining pool, the platform plans to stop ETH mining immediately after The Merge occurs. Currently, the Ethereum network will transition from a PoW network to a Proof of Stake (PoS) network around September 15, 2022. For the past few weeks, it has been a combination of guessing games as to where Ethereum miners are going.
Ethermine is the largest Ethereum mining pool in the world with 262.79 terahash per second (TH/s) dedicated to the Ethereum chain. According to today’s mining pool statistics, this pool has a much larger hash rate compared to F2pool, the second largest Ethereum mining pool, as F2pool commands 127.48 TH/s.
“Ethereum’s mining phase 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,” Ethermine detailed. “As a result of this transition, the Ethermine Ethereum pool will switch to a withdrawal-only mode once the proof-of-work mining phase is over.” The blog post added:
An accurate countdown timer will be available on the miner dashboard. You can keep mining ether until the countdown reaches zero.
Ethermine Disclosure Follows Ethereum Classic’s Hash Rate Surge
Ethermine’s announcement follows a proposal to create a version of Ethereum’s proof-of-work called ETHW. While many exchanges have listed ETHW, the IOU token has plunged 63% from a high of $139.62 per unit to $50.68 per unit today. The chain has not yet forked, so there is no approximate way to determine how much hash rate will support the proposed ETHW chain.
Additionally, the Ethereum Classic (ETC) network has seen a massive increase in hashrate over the past four days, climbing 39% since August 17. ETC’s hashrate hit an all-time high on August 20, 2022, exceeding 38 terahertz per second (TH/sec). Other Ethash-centric tokens, such as RVN, ERGO, and BEAM, did not see the hashrate growth of ETC recorded this weekend.
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