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Revealed: Ethereum mining pools plans

Ethereum mining pools
TL;DR Breakdown
  • Ethereum mining pools make plans after the Merge
  • The network has completed the Merge
  • The mining pools were against the Merge

Reports have claimed that several Ethereum mining pools have plans to support the new EthereumPOW. The developers of the new digital asset also confirmed the arrangement following the successful completion of the Merge earlier today. In the company’s statement behind the new ETHW token, they expect nothing less than three mining pools to pool their support for the upcoming token. The hardfork of the new token is expected to happen in some days, after which the pools will commence work.

Ethereum completes the Merge

According to the update, some of the Ethereum mining pools with signified interests are Poolin, F2Pool, and many others. Hours after the first announcement, reports claimed that Nanopool had signified its interest in joining the list of mining pools supporting the new project. Mining pools are groups of individuals who collectively mine digital assets.

This way, they work on shared resources, which gives them a higher chance of being chosen to verify and process transactions. With that, they earn the rewards and share them as a group. Over the last few months, Ethereum has been mulling a transition dubbed the Merge. This transition saw the mechanism of the second token, according to market cap, move from Proof of Work to Proof of Stake.

Ethereum mining pools were against the Merge

The Merge, completed today, has eliminated miners from confirming transactions as validators will be called upon when that need arises. According to previous posts, the initiative will help Ethereum embrace a greener environment, leaving the energy-intensive mining for Bitcoin and a few other digital assets. With the update announced months ago, there have been calls against the initiative, with popular miners voicing their displeasure.

Most were wary that miners could end up with useless rigs after the transition. The proposed new digital asset has been tipped to save them as they will need to continue their operations in the market. The tweet also mentioned that some new pools are still testing to see how feasible it is for them to join the Ethereum mining pools, which have already signified interest. Reports also claim that some top digital asset exchanges have given positive signals towards the new hardfork, with most claiming that there could be a chance of listing the token when it eventually goes live.

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Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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