When Will Ethereum Mining end forever?
Ethereum mining will soon be obsolete, as 'London' update moves key deadline to December. EIP-3554 moves up the detonation date of the difficulty bomb by six months to December, and once it goes off, it will ultimately make ethereum “unmineable.”
Ethereum moving to Proof of Stake has been in the pipeline for years, but is finally getting closer to happening. Most likely we will see 'the merge' take place in January next year. So what does this mean for GPU mining? Is it really the end and is doomsday coming?
I could have sworn that I read somewhere that during the switchover to ETH2 mining was going to change, where a percentage of the mining would go to miners and a percent to staking, but now after a couple of hours of trying to find where I read that, not only did I not find it but I also could find nothing at all about when mining would actually stop working, or what happens on the day it does, or how to sell existing coins, or anything that would give me actual practical information to plan on the upcoming change.
All I could find were either repetitive rudimentary explanations of what PoW vs PoS is, or why it's going to happen, or what the roadmap looks like (again, without any details of how things will actually play out), or speculations on what will happen to the price, yadda yadda yadda etc etc and so on. Is it going to go from "mining works fine, we're good" to "damn, nothing is happening" at the flip of a switch? If so, do we know when, as in, do we even know which phase this is happening in? When ETH stops mining, this will leave a space where there is less of a gap between profitability of the other algorithms, which is always good for competitiveness, and will likely mean that there is room for rapid growth. We can expect to see other algorithms pick up hashrate and pick up pace in their market cycle.
Miners will not stop mining
As long as there are coins to mine (and there always will be), miners will mine. This means that once ETH goes to PoS, miners will switch to other algorithms. While those may not seem profitable now, that's largely because all the attention is on ETH, once it's gone, the surge in hashrate to other algorithms will increase the level of interest in other coins, which will push their value up.
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