The world’s largest ethereum mining pool, Ethermine, has announced the organization plans to drop proof-of-work (PoW) ethereum mining entirely. Ethermine says that the platform’s miner 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 Withdraw Only Mode After Merge
According to a recent announcement by the world’s largest Ethereum mining pool, Ethermine, the platform plans to stop ETH mining as soon as the merger 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. Over the past few weeks, it has been a guessing game as to where Ethereum miners will actually merge.
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 today’s mining pool statistics.
“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 a graphic card (GPU) or an ASIC,” Ethermine elaborated. “As a result of this transition, the Ethereum Ethereum mining pool will switch to withdrawal-only mode after the proof-of-work mining phase is over.” The blog post adds:
An accurate countdown timer will be available on the miner dashboard. You can continue to mine ether until the countdown has reached zero.
Ethermine’s Disclosure Follows Ethereum Classic’s Hashrate Spike
Ethermine’s announcement follows the proposed creation of a proof-of-work version of Ethereum called ETHW. While several exchanges have listed ETHW, the IOU token is down 63% from a high of $139.62 per unit to today’s price of $50.68 per unit. The chain hasn’t forked yet, so there’s no predictable way of finding out what hash rate the proposed ETHW chain will support.
Moreover, during the last four days, Ethereum Classic’s (ETC) network has received a significant boost in hashrate, climbing 39% higher since August 17. ETC’s hashrate tapped an all-time high on August 20, 2022, surpassing 38 terahash per second (TH/s). Other Ethash-centric tokens like RVN, ERGO, and BEAM have not seen hashrate increases of the magnitude ETC recorded this weekend.
