JAKARTA – Ethereum (ETH) plans to make the switch from Proof-of-Work (PoW) to Proof-of-Stake (PoS) algorithms were forced to experience delays. The switch from PoW to PoS is called The Merge which means 'merger'.
Previously, Bitcoin.com News reported about Ethereum miners who were hashing the blockchain at high speed just before The Merge happened. On April 7, 2022, Ethereum's hashrate hit an all-time high (ATH) at 1.131 petahashes per second (PH/s).
However, one of the ETH developers, Tim Beiko, explained that his party is currently in the final stages of PoW. When asked about whether Ethereum miners will be abandoned, in his Twitter post Beiko explained that he will not invest in any mining tools in the future.
In addition, Beiko explained that currently the ETH transition cannot yet switch to PoS. The transition won't happen in June either, but it will likely happen a few months later. Beiko did not provide more detailed information regarding the exact date.
The statement implies that Ether miners will have more time until The Merge is done. Ethash miners (Ethereum mining consensus algorithm) are some of the most profitable cryptocurrency miners today.
At the time of writing, Miners of the Innosilicon A11 Pro ETH (1,500 MH/s) can earn USD 54.30 per day Ether on electricity costs USD 0.12 per kilowatt-hour and today's Ethereum exchange rate.
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