![]() He didn’t expect people to be greedy, and to mine and sell coins as soon as they’d earned them, and then the ICO completely warped the distribution.” ![]() It is a great concept and was ground-breaking, but it was abused too much. “I feel really sorry for Vitalik Buterin and for Ethereum. “Despite there being a strong core of enthusiasts that mine to contribute, learn and enjoy some reward, they are hugely outnumbered by professional operations and speculators.” An imbalanced ecosystemīuriedOne believes that this is a situation that could have been prevented if interests in Ethereum had been more equitably distributed. “Nearly all the 96 per cent of miners that just voted for ProgPoW did so purely for profit,” says BuriedOne. Buried One believes that, as soon as Ethereum introduces its new method of consensus known as proof-of-stake (PoS)-which will eventually dispose with mining altogether-the majority of miners will desert the blockchain and look for profit elsewhere. ![]() The Ethereum blockchain currently achieves consensus through a system called proof-of-work (PoW), whereby miners validate the transactions, using their computing power. He told us, via email, that the majority of miners only care about the profit from Ethereum mining, they have no loyalty to the blockchain itself, and this is a commonly held view. ![]() He has strong links within both the mining farms and the crypto community. Ethereum, he says, has about 90 per cent of all GPU miners mining blocks on its network.īuriedOne has designed and built more than 50 models of mining rig he’s sold 10,000 rigs in the past two years and has been teaching GPU mining since 2016. Today, Ethereum is one of the most popular coins to mine, according to BuriedOne, the name of a pseudo-anonymous miner and crypto-mining educator from the Netherlands. Yet, the promised update is being audited and it’s uncertain whether, in the end, it will be introduced.ĭecrypt chatted with a mining expert, and a rig manufacturer, to find out how ProgPoW will impact the mining landscape, how miners can optimize for the update and what they think of future plans for the blockchain. They were asked to vote on the proposal and came out overwhelmingly in favor of it. Miners are a large part of that community but-to date-haven’t had much of a voice in the hullabaloo that’s surrounded ProgPoW since August 2018, when it was first proposed. But ProPoW has become a political hot potato, tossed around among Ethereum developers and the wider community. The idea is that they will find it profitable to continue mining while the blockchain evolves. The upgrade would minimize the advantage enjoyed by so-called ASICs-chips optimized for faster mining and employed by large mining farms-and tilt the balance in favor of GPU miners. He wasn’t talking about blockchains, but a blockchain so unprofitable that all the miners have deserted it is just as sad a sight.Īnd it’s to avoid such a scenario that Ethereum, the world’s largest blockchain platform, with thousands of tokens and dapps running on it, has embarked on implementing a contentious update called ProgPow. Rickard, at the beginning of the last century. An unprofitable mine is fit only for the sepulcher of a dead mule.” “Mining is the art of exploiting mineral deposits at a profit.
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