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Ethereum 2.0 – the long-awaited update of the Ethereum network – has been in the works for some time. Since then, the society has been discussing the ramifications of the shift in the consensus process, including miners.
The update will include Ethereum switching from its tried-and-true PoW protocol to the PoS protocol. The 2.0 blockchain has been in use for over six years. The single-laned 1.0 blockchain will be replaced by the multi-laned 2.0 update, which would serve to increase the amount of transactions handled simultaneously.
With time, PoS would gradually put a full stop to Ethereum mining. A few from the community have already started urging miners to “conservatively put an end to mining by the end of the year.” However, pointing out the feasibility of the same, Chinese journalist Colin Wu clarified,
“We consulted some ETH miners in China, they generally believe that ETH cannot end PoW by the end of this year. Developers hope to complete ETH2.0 before the end of the bull market, but this is an impossible task.”
Colin Wu further added,
“There is even a view in China that ETH2.0 will never be completed.”
The 2.0 launch has been delayed for quite some time now. In August last year, Vitalik Buterin, Ethereum’s co-founder, said,
“I definitely freely admit that Ethereum 2.0 is much harder than we expected to implement from a technical perspective. I definitely don’t think that we discovered any fundamental flaws that make it impossible, and I do think it will be finished. It’s just a matter of time, and it’s actually been progressing quite quickly lately.”
In terms of energy efficiency, the shift from PoW to PoS is going to be advantageous. Highlighting the reduced power consumption and lesser equipment costs, one miner said,
“I have a lot of belief that their network will be a serious space for change. Adoption is happening. People are interested.”
However, he was quick to also add,
“I am not destroying the earth by mining… Let me remind you that PoW got Ethereum to where it’s at today. It will fall when miners shift. ”
People in the group have always argued over PoW vs PoS in the past. The planned “show of force” and “miner revolt” for the beginning of April was cancelled. The competing mining party took a step back after realising the devastating effects of a chain break.
So, even as the current controversy heats up, a chain break or hard fork is highly doubtful because miners will not “point a shotgun at their own feet” by opting for losses over marginal profit margins.
The switch to 2.0 would make network attacks much more expensive; however, it should be remembered that the PoS protocol has never been tested on such a large scale before. Ethereum will be the first cryptocurrency to use the PoS consensus method.