Ethermine, the world’s largest Ethereum mining pool, has decided to drop Ethereum Proof-of-Work (PoW) mining after Ethereum’s upcoming transition to Proof-of-Stake (PoS) or the merge, according to a blog post published by the mining company.
The merge, slated for 15 September, is the most anticipated event in the crypto calendar for the year. The set date will also be the last day PoW miners on Ethermine can mine Ethereum using the PoW consensus mechanism. Ethermine’s miner dashboard will display a countdown to the exact time until users can continue to mine Ether using PoW.
The blog post further states that miners will no longer be able to mine Ether by validating the network using computer video cards (GPUs) or specialized ASIC rigs. As a result, Ethermine’s ETH mining pool will switch to withdrawal-only mode upon the merge.
The platform will, however, support the mining of Ethereum Classic, Ravencoin, Ergo, and Beam, all of which follow a PoW consensus mechanism. Besides, Ethermine is offering a 0% fee promotion throughout September for the coins mentioned.
Cost to miners
The company’s decision to drop Ethereum PoW will affect its 228,121 active miners, who generate a total hashrate of 262.8 TH/s. Many miners have been pushing to keep the current PoW consensus mechanism going as the switch to PoS will lead to losses to the tune of billions of dollars in terms of mining hardware, not to mention the loss of revenue. Many miners have threatened to maintain the original PoW protocol to protect their investment.