JPMorgan mentioned in his research report that Ethereum miners are facing an abrupt change after the network shifted towards the proof-of-stake (PoS) consensus principle from the proof-of-work (PoW) system, and their role effectively ends, forcing them to seek alternative income stream.
The switching of mechanisms is likely taking place because of the upgradation of the Ethereum blockchain, also known as Merge. And the upgrade will likely take place on 15 September 2022 in Paris.
Mining of Ethereum could be dominated with the help of the GPU method. In this method, the mining procedure is performed with the help of high-performance graphic cards. GPU can be done for mining compatible cryptocurrencies such as Ethereum Classic, Raven Coin, and Ergo, as well as for gaming.
It is likely believed that after the launch of the upgraded version of Ethereum, also called Ethereum Version 2.0, the power consumption rates will decrease, and transaction speed will increase because of switching toward the Proof-of-stake mechanism.
JPMorgan said that ETC (Ethereum Classic) miners could be the switch’s major beneficiaries and that miners of ETC decided to become validators on Ethereum 2.0.
JPMorgan said that “hedge against any potential disruptions in the Ethereum blockchain during the shift from PoW to PoS.” It is seen that from May 2022 till date, the Hasrate of Ethereum Classic is rapidly increasing.
The Ethereum 2.0 will have improved network productivity and security and decreased carbon impression by diminishing energy utilization by almost 100%.
Ethereum advocates have the motivation to celebrate, yet the ride has not been a simple one. The local area has seen everything from evolving guides, confounding phrasing, and the most recent being resistance to the actual progress.
As per the data of The Coin Market Cap, Ethereum has followed an upward trend after the announcement of the launching of ETH V2.0.
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