The core developers of the Ethereum (ETH) project revealed Friday that they plan to delay the upcoming “Difficulty Bomb,” which would promote the transition from the blockchain’s Proof-of-Work (PoW) consensus algorithm to Proof-of-Stake (PoS).
In the recent YouTube meeting, the team confirmed that it has accepted the EIP-1234 scenario to delay the Difficulty Bomb 12 months and reduce the block rewards with the upcoming Constantinople fork, which is designed to smooth the transition from PoW to PoS. With EIP-1234 the mining block rewards will be reduced to 2 ETH and will return to normal in winter 2019.
[LIVE] Ethereum Core Devs Constantinople Session #1 [08/31/18] https://t.co/Jm4v8mecmL
— Ethereum (@ethereum) August 31, 2018
These decisions come at an interesting point, as Bitmain, which designs application-specific integrated circuit (ASIC) chips and manufacturers cryptocurrency miners, is reportedly moving into Ethereum mining by launching a pool that will initially support both Ethereum and Ethereum Classic (ETC). This operation is reportedly being set up by Bitmain-owned BTC.com, which runs the largest Bitcoin and Bitcoin Cash mining pool.
Despite the transition from PoW to PoS, the group still plans to move forward and even believes that it can gain 12% of Ethereum’s total hashrate in the next 12 months.
It’s still possible to host a mining pool in PoS mode. It will increase the complexity to design such a pool since miners need to deposit [E]ther to the mining pool, but we have a lot of hands-on experience with wallet and Ethereum smart contracts to make a PoS mining pool possible.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.