According to online sources, the largest Ethereum cryptocurrency mining service provider, Ethermine, will close its servers to miners after the blockchain completes a historic technical update. The news comes ahead of an Ethereum network upgrade called Merge that will move the blockchain from proof-of-work to proof-of-stake.
The “merger” has been repeatedly delayed for a variety of reasons, but is set to take place today and result in wider use of the Ethereum blockchain. Against this background, the growth rate of “Ether” is expected. In addition, it will be impossible to mine cryptocurrencies on the Ethereum network, as the graphics cards used to verify transaction data will be replaced by investors betting on “Ether”.
“After this transition, the Ethermine mining pool will move to a payout-only mode when the proof-of-work mining phase is complete.”, — says the message Ethermine published on the company’s Twitter account. At the same time, a countdown timer appeared on the platform, measuring the time left for miners to mine cryptocurrency. After the time expires, users cannot connect to Ethermine servers. A few days after the “merger”, the platform arranges for all remaining credit to be paid out to the users.
Once the “merger” is complete, around a million people around the world, who have more than $10 billion worth of mining equipment, will have to turn off the GPUs previously used to mine Ethereum. Ethereum mining has grown into a multi-billion dollar industry in recent years. Mining pools like Ethermine pool miners’ computing power to increase the chance of mining cryptocurrencies before rewards are distributed to miners.