Amid a bearish cryptoeconomy since 2018, Ethereum’s Progressing towards PoS and amid the heated discussions about ProgPoW, Ethereum's processing power has halved since its peak last August when it reached close to 296 terahashes per second. Ethereum hashrate Now, with Ethereum's computational strength circling around 150 TH/s, it's uncertain if we'll ever see those high numbers again before the network fully switches from the resource-heavy proof-of-work (PoW) to a more efficient staking method heralded by the eagerly anticipated Serenity 'ETH 2.0' upgrade.
Ethereum has relied heavily on mining as a stepping stone towards staking. Mining, often requiring powerful GPUs or ASIC machines, involves solving complex algorithms to authenticate transactions and generate new coins. On the flip side, staking needs users to lock up their crypto in specific wallets to secure the network.
Since its peak, Ethereum's computational power has plummeted by 50% with little sign of rebounding.
Hashrate for $ETH In contrast, another cryptocurrency underwent a similar 50% decline but has since recovered, currently boasting an 80% restoration of its peak value. $BTC This dip in processing power is a clear indicator of miners' confidence based on their predictions about the coin's future.
With the initial Ethereum 2.0 specifications released earlier this year and excitement for Serenity growing, it suggests that a significant part of the 50% decline in Ethereum's computational power stems from miners winding down their setups in anticipation of staking rendering their equipment obsolete. pic.twitter.com/63NU9E9tCs
— Dovey \"Rug the fiat\" Wan (@DoveyWan) March 24, 2019
It remains to be seen just how much further this trend of declining computing power will go in the coming months, particularly before Serenity's official rollout. Nevertheless, Ethereum's existing processing power still positions it as the most secure cryptocurrency infrastructure after Bitcoin (BTC), which boasts a staggering processing power exceeding 45,400 petahashes per second. ether mining .
A further complication in Ethereum's shift away from mining is the prospect of moving to ProgPoW, an algorithm designed to be resistant to ASIC mining.
ProgPow Debates Heat Up
Ethereum's developers announced in January their preliminary decision to transition to ProgPoW, aiming to prevent concentration of ETH ownership through dominant ASIC farms before the shift to staking. Thus, ProgPoW would lower ASIC efficiency in ether mining to no more than 20% compared to more accessible GPU technology.
However, recently, conversations surrounding ProgPoW have intensified, with more community members expressing concerns over abandoning Ethereum's existing Ethash algorithm. Prominent voices, like Gnosis founder Martin Köppelmann and Spankchain's Ameen Soleimani, argue that such a shift is needless and a misuse of time.
Meanwhile, ProgPoW advocates stand firm in their stance. Ethereum core developer and Ethereum Name Service (ENS) creator Nick Johnson remarked on March 23rd that ProgPoW aligns with Ethereum's vision of inclusive mining:'Ethereum always aimed for accessible mining; anyone should have a chance using equipment they already own. Regional electricity costs and large-scale operations have hindered this, but conceding to ASIC dominance would end it.'
I oppose #progPOW .
Retweet if you do as well.
— Martin Köppelmann 🇪🇺 (@koeppelmann) March 22, 2019
As it stands, Johnson's challenge raises unresolved questions. argued Regardless of where the ProgPoW discussions lead, a thorough review of the consensus method is underway.
As overseen by the Ethereum Cat Herders, a collective of autonomous Ethereum contributors, according to their documentation on 'Goals and Expectations' for the ProgPoW Audit.
Do we want that?”
The Herders conducted both a survey among coin holders and a poll among miners, both revealing strong support for ProgPoW. Following this, they sought an independent expert to conduct a detailed analysis of the algorithm, selecting Least Authority, a security firm with previous audits of Ethereum and Zcash.
ProgPoW Audit Moves Forward
Consequently, any ultimate decision regarding ProgPoW will occur post-audit, providing the Ethereum community one last opportunity to deliberate on the continued resistance to ASIC mining during the dwindling phase of ether mining. advancing William M. Peaster is a seasoned writer and editor focusing on Ethereum, Dai, and Bitcoin within the crypto sector. His work has appeared in Blockonomi, Binance Academy, Bitsonline, among others, and he enjoys following developments in smart contracts, DAOs, dApps, and the Lightning Network, with an interest in learning Solidity. You can reach him on Telegram at @wmpeaster. GitHub .
Introducing Dojima Network: Paving the Way for a Truly Connected Web3 Platform. @EthCatHerders . Includes a link to our @GetGitcoin bounty! https://t.co/aEWprnlqD1
— Hudson Jameson (@hudsonjameson) March 25, 2019
MEXC reveals its 2024 year-end report, featuring a $100 million token giveaway and reaching a milestone of 30 million users.
MAGAVERSE’s $1 million contribution endorsed by Trump puts meme coins in the spotlight.
