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Ethereum Mining Is Going Away

By Bloomberg

June 20, 2022

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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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