ethereum cryptocurrency jettison mining proofofstake

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Still, the development is good news for graphics card supplies. A lot of node operators have a lot of work to do between now and then, and targets help to focus minds,” wrote (Opens in a new window) Ben Edgington, one of the developers behind The Merge. “It’s not do-or-die, it’s a coordination point to help everyone plan. However, the Ethereum community is cautioning that the date is merely meant for planning purposes, and assumes the process can occur without a major hitch. Tim Beiko, an engineer at the Ethereum Foundation, mentioned the proposed timeline last week during a meeting (Opens in a new window) with developers. 19 as a “potential” date to kick off The Merge, or when the cryptocurrency transitions from its traditional mining model to a ' Proof of Stake' algorithm. Instead, the Ethereum community is targeting (Opens in a new window) the week of Sept. But it won’t occur next month as originally thought. The developers behind Ethereum remain confident the cryptocurrency will phase out GPU-based mining soon.

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How to Save Money on Your Cell Phone Bill.How to Free Up Space on Your iPhone or iPad.How to Block Robotexts and Spam Messages.Nvidia recently announced that newly-manufactured high-end RTX 30-series cards will include anti-mining measures similar to the one found on the 3060. However, the ongoing GPU shortage is due to a variety of factors, including a global lack of semiconductors that have affected many different kinds of consumer electronics, such as game consoles.

ETHEREUM CRYPTOCURRENCY JETTISON MINING PROOFOFSTAKE UPGRADE

However, Bitcoin does not rely on GPUs to crunch numbers, instead using application-specific integrated circuits (ASICs) on special-purpose mining rigs to grind out new coins.Īs anyone trying to build or upgrade a PC in the past few years is well aware, the increasing popularity of cryptocurrency mining has contributed to graphics card shortages from time to time.

'Ethereum’s power-hungry days are numbered, and I hope that’s true for the rest of the industry too,' a portion of the blog post reads, reflecting the oft-repeated criticism that cryptocurrency requires immense (and wasteful) amounts of power.

ETHEREUM CRYPTOCURRENCY JETTISON MINING PROOFOFSTAKE SERIES

Now Playing: Which Nvidia 30 Series Card Is Right For You? (RTX 3090, 3080, and 3070) Ethereum will switch over to proof-of-stake 'as soon as possible,' which will be an event known as 'The Merge.'īy clicking 'enter', you agree to GameSpot's However, if Ethereum switches to the 'proof-of-stake' model instead-which offsets the work of verifying transactions onto the Ethereum network itself-the amount of energy consumption involved will apparently decrease by a factor of 'at least' 1000. And that could result in a decline in the demand for graphics cards, meaning that it'll be easier for your average PC player to find and buy one.Īs the blog post announcing this change states, the current 'proof-of-work' model results in gigawatts of energy being used by crypto chains. The Ethereum Foundation announced recently that the mining model that the cryptocurrency relies on to generate new Ether will soon change from 'proof-of-work' to 'proof-of-stake,' which the foundation says will cut the energy used by the coin by 'at least 99.95%.' While that might not mean much to non-crypto heads, it does suggest that the use of high-end GPUs to mine Ether might be curtailed by this change.

Ethereum cryptocurrency jettison mining proofofstake