Cryptocurrency News

Ethereum Merge prompts miners and mining pools to make a choice

08/20/2022

Less than a minute

2022.08.20 04:30

Ethereum Merge prompts miners and mining pools to make a choice

The Ethereum blockchain is all set to make its highly anticipated transition from its current proof-of-work (PoW) mining consensus to proof-of-stake (PoS). The Merge date is officially scheduled for Sept. 15–16 after the successful final Goerli testnet integration to the Beacon Chain on Aug. 11.

At present, miners can create new Ether (ETH) by pledging a huge amount of computing power. After the Merge, however, network participants, known as validators, will be required to instead pledge large amounts of pre-existing ETH to validate blocks, creating more ETH and earning staking rewards.

08/20/2022

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