Good news ! Ethereum miners will soon no longer need graphics cards

news material Good news ! Ethereum miners will soon no longer need graphics cards

The second largest cryptocurrency behind Bitcoin is a delight for graphics card vendors. Indeed, for several years, Ethereum has established itself as the first choice for crypto miners. Thus, this strong demand has partly recovered from the stock shortage of 3rd generation Rtx graphics cards. However, these components taken by miners will soon no longer be needed for the Ethereum miner.

The merge event that will revolutionize Ethereum is coming soon

For several months, Ethereum users have been impatient (or not) with the idea of ​​The Merge update. The second largest cryptocurrency, at the genesis of the phenomenon of non-fungible tokens (NFT) among others, has finally announced the timetable for the launch of the long-awaited update.

According to Ethereum estimates, The merge should arrive in mid-September…

Behind this technical name hides a concept that will change the use of this cryptocurrency and impact graphics card consumers. This innovation will move the Ethereum blockchain from proof-of-work (POW) to proof-of-stake (POS)…

Ethereum: What is proof of work?

Since its launch in 2015, Ethereum has operated more or less like Bitcoin for exchange validation. Blockchain, the network architecture behind cryptocurrency, a vocation to digitize trust. To exercise this principle, it uses a validation system to allow exchanges from individual to individual, without going through an intermediary. For the moment, the validation of transactions on Ethereum is done by proof of work. It is precisely this system that has made use of graphics cards.

Concretely, to secure and operate its network, Ethereum encountered several miners in competition and their computing forces represented by machines (graphics cards, ASICs, etc.). This process aims to validate blocks and thus reward miners with ETH. For this reason, cryptocurrency uses an abundant amount of electricity. In addition, the blockchain adapts to miners and they need ever more powerful hardware, accepting a significant amount of electronic waste since the appearance of cryptocurrencies. For these reasons, cryptocurrencies are often singled out for their polluting aspect.

However Ethereum has the solution to drastically reduce the greenhouse gas emissions of its blockchain: proof-of-stake.

What is proof-of-stake?

Proof-of-stake represents a more eco-responsible alternative to proof-of-work. This system replaces the mechanism based on calculation strength with another, based on the active use of its treasury. Therefore, the proof of stake allows the holders of the asset in question (in this case Ethereum) to use their capital, instead of a graphics card, in the validation of the blocks. Specifically, using this system, an individual will be able to mine Ethereum using their ETH in-game.

This good news for gamers is also good news for the ecosystem since the consensus by proof of stake (PoS) is considered, rightly, as more respectful of the environment. Nevertheless, it could be that Ethereum miners will switch to another proof-of-work cryptocurrency like Ethereum classic, to be commendable at the end of the month.

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