The largest ETH mining pool to stop mining crypto after The Merge

Photo - The largest ETH mining pool to stop mining crypto after The Merge
There are only a few weeks left before the termination of Ether mining in the Ethermine pool. The largest ETH mining platform has announced that after The Merge, users will only have the option to withdraw the cryptocurrency.

Ethermine will drop Ethereum Proof-of-Work mining

The world’s largest ETH mining pool has announced that it will stop mining Ethereum using the Proof-of-Work consensus method. The decision was made against the backdrop of the highly anticipated The Merge event, which implies the transition of the Ethereum blockchain to the Proof-of-Stake (PoS) mechanism.

Ethermine will stop ETH mining immediately after the merge. The network’s core developer Tim Beiko notes that The Merge will take place on September 15. The very next day, it will not be possible to mine Ether in the Ethereum blockchain using integrated circuits and graphics cards. The company said it would stop mining ETH after some community members suggested creating a hard fork of Ethereum with the PoW method.

A special panel on the platform displays a countdown to halt mining. Until it reaches zero, Ether mining will continue. When the blockchain switches to Proof-of-Stake, only the withdrawal mode will remain in the pool. If a miner has more than 0.005 ETH on his/her balance, s/he can request a manual payment of the cryptocurrency. The transaction fee will be deducted from the unpaid balance.

However, Ethermine will not stop supporting Ethereum Classic (ETC), Ravencoin (RVN), Ergo (ERGO), and Beam (BEAM) mining. These pools will have commission-free promos in September.

Ethermine provides the largest mining pool for ETH. Its hash rate (i.e., the amount of processing power) used to secure the blockchain is 262.79 terahash per second. The pool is significantly ahead of the second largest Ethereum mining platform, F2pool.

As a reminder, earlier, the Ethereum team conducted the latest test migration to PoS in the Goerli testnet. You can read about it here.

The value of ETH surged by 36% in the last month and 114% from its June low of $882. On the one hand, this is related to the general change in the market due to the containment of inflation, but in part, the price rise is caused by the upcoming merger. A successful transition to PoS is predicted to lead to an increase in ETH stakers. Therefore, Ethereum has an excellent prospect.