Ethereum Aims to End GPU Mining on September 19th
Ethereum is the second most popular cryptocurrency in the world, and there are big changes on the way. Developers are in the process of switching the Ethereum blockchain from a power-hungry Proof-of-Work model to one that uses Proof-of-Stake. It’s taken longer to get there than anyone thought, but the new target date for “The Merge,” as it’s come to be known, is now slated for September 19th.
Despite its ethereal nature, cryptocurrency doesn’t just appear out of thin air — someone has to “mine” or “mint” it. This mechanism is used to add new transactions to the blockchain and keep the machine running. Right now, Ethereum uses Proof-of-Work, which requires computing power. GPUs have become popular in mining Ethereum — the more high-hash rate GPUs you can run, the more coins you’ll earn.
Burning all that energy on mining internet money doesn’t sit right with many, so calls have intensified for cryptocurrencies to move to a more sustainable Proof-of-Stake algorithm, and that’s just what Ethereum is doing. After The Merge, Ethereum nodes will “mint” coins at a rate determined by how many coins a node has and how long it has held them. That, instead of computing power, determines who gets to add a new block.
The Merge has been delayed a few times, and it could be again, but this is a major change for the Ethereum community. Ethereum developer Ben Edgington calls this a “coordination point” for node operators, who have to update their operations to support the new model. That means no more racks of GPUs burning through kilowatt-hours, which is a good thing for everyone.
Your instinct may be to celebrate the end of inflated GPU prices. Ethereum mining was indeed one of the driving forces behind the GPU shortage of the past few years. Soon, spikes in Ethereum price won’t affect the supply of video cards, but this won’t end the problems completely. While Ethereum is a massive cryptocurrency, it’s not the only one that can be mined with GPUs. There are also other factors affecting GPU pricing, like the availability of semiconductors.
The cryptocurrency world is going through a rough time right now. The collapse of a popular stablecoin and the bankruptcy of several prominent crypto financial companies has sent prices spiraling downward. Ethereum is down about 60 percent since the start of the year, and the impending switch to Proof-of-Stake could drive it down further. This still seems like a necessary change, though.
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