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Tuesday, May 24, 2022

Ethereum Miners Have Wagered On Upgrade Delay

It has been reported that several mining firms from different cryptocurrencies have been investing in Ethereum. This comes as quite shocking due to the cryptocurrency’s impending switch to a proof-of-stake network. Hive and Hut 8, two of the most popular bitcoin mining companies, have been increasing their load to mine the world’s second-largest token currency by market cap.

At the same time, Bitmain and Innosilicon, two other miner makers, have been looking towards releasing new Ether mining products in the latter part of the year.

Is The Ethereum Upgrade Delayed? 

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This investment would appear strange to anyone who hasn’t been a major part of the cryptocurrency sector- since the system of Ethereum definitely has migrated from a proof-of-work system to a proof-of-stake system in about five months. Also, mining for that system doesn’t really require the usage of such advanced machines.

In hindsight, such a rising demand for cryptocurrency could be directly attributed to the expectations that this migration has been possibly delayed- according to the statements made by industry pros. 

Mark D’Aria, the CEO of Bitpro, has mentioned that they were informed that mining was going to end four years back- but it is still going on strong even now. His firm is a New York-based consulting firm with a major focus on the management and brokerage of Ethereum mining hardware.

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He further added that it was always an approach that needed to be deliberated about- with things taking much longer than what everyone seemed to expect from it. Now, despite the London fork in the previous week bringing the cryptocurrency bringing it one step closer to ETH 2.0, there have been significant delays throughout the history of the cryptocurrency over the last six years. 

Ethan Vera, the COO of Luxor, a mining company based in Seattle, has stated that with the increase in the price of Ethereum, it could get very difficult for the company to move from a proof-of-work to a proof-of-stake system. He further stated that he had seen the operation of Ether on a Defi, which was in itself built on NFTs. 

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