Ethereum Mining is over FOREVER!

This feels like a dream or maybe like a nightmare for all GPU miners and to be honest even for me. I first heard of Ethereum mining coming to an end about five years ago and at least since then, the Ethereum developers have been working hard to change from Proof of Work to Proof of Stake however this change was always delayed and postponed and it seemed like it would never happen. It was first announced as a possible Go-Live date back in 2017 but only now in 2022, have all the requirements been met in order for this transition to be ready.

The change or transition from Proof of Work to Proof of Stake will most likely happen somewhere between the 10th and 20th of September since it depends on the network difficulty it can be a little sooner or later so there is not an exact date set in stone.

We are preparing also an article on what other coins will you be able to mine when the merge happens and how to mine these coins with Simple Mining OS so please stay tuned for more information about that.

This article is more about the Ethereum merge and what you need to do as a miner and as an Ethereum coin holder or owner.

The biggest change in Crypto World since ever

This will be the most important thing to happen in Crypto since I can remember. This change will make the Ethereum network 99% more efficient which means that it will use 99% less power to operate because it will no longer require powerful Graphic cards or Asics that use a lot of power but instead will low power nodes to operate using the Proof of Stake consensus.

Also, remember that Ethereum is the most important network in crypto when it comes to applications and uses cases as it has a lot of dapps, tokens and other coins that use this network to operate.

What does this mean for miners?

If you are mining Ethereum right now either with a GPU or an ASIC device when the change to Proof of Stake is done you can no longer mine Ethereum and you will need to find another coin to mine.

Many pools such as Etheremine.org which at this time is the largest operating Ethereum pool is closing their server when the transition happens which means that they will not support a possible fork that can potentially happen.

There is a possibility that many miners will not support this change and there can be a split in the network which will result in a fork and thus creating another coin much like what happened with Ethereum Classic and this will allow miners to keep mining a new type of Ethereum coin, however, in my opinion, this new coin will not be very profitable as it needs to be supported by exchanges, by software and hardware wallets and it needs to have some value in order to be worth something and actually be profitable for miners.

What will happen to the coins we have on pools?

In case you have coins stuck on your mining pools, you will need to manually withdraw them and I urge you to start thinking about that and see if you can reach the minimum payout amount that they require. If needed please contact the mining pool to see how can you get your mined coins right before the merge or soon after it happens.

What will happen to the coins we have in wallets and exchanges?

The short answer to this question is Nothing. There is nothing to be done in case you have Ethereum coins in exchanges like Binance, Coinbase, FTX, or many others. There will most likely be a period where you will not able to make transactions on the Ethereum Network so in case you want to withdraw or send your coins from one place to another, I recommend that you do it before the merge because during the merge I expect for a few hours at least to be a maintenance in place where nobody will be able to send or receive Ethereum coins on the Ethereum ERC20 network.

What will happen to the Ethereum price?

This is probably the most asked question by miners, coin holders, and even traders, and the answer is that nobody knows. This is only my opinion but I believe that if the merge occurs without any problems and all goes smoothly I believe that the price of Ethereum price will skyrocket hence going up a lot. If there will be bugs and problems I expect the opposite to happen and for the Ethereum token to lose a lot of its current value but again please remember this is only my opinion.