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Ethereum Mining Is Going Away

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A cryptocurrency mining setup.

Proof-of-stake could cut the power consumption of the Ethereum network by about 99%. It would also put miners out of a job.


Ethereum mining could end soon due to "the Merge," leaving as many as 1 million miners out of a source of income.

The Merge (expected to occur in August, though it has been pushed back several times already) involves a shift from the proof-of-work model, which uses a significant amount of computing power and energy, to the proof-of-stake model to record transactions.

The alternative model will slash the Ethereum network’s power consumption by about 99%, but also will put miners out of work.

Following the Merge, some Ethereum miners plan to mine other coins that require graphics processing units, like Ethereum Classic or Ravencoin, or to use their equipment for rendering (an aspect of digital video production) or machine learning tasks.

From Bloomberg
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