30 million graphics cards are at risk of 'overlapping'
If Ethereum successfully merges and removes the mining mechanism, the approximately 30
In mid-March, the core developer of Ethereum Dapp Lion said that the merging of the Ethereum network could happen in June. At that point, the two Ethereum per block reward will disappear. According to BeinCrypto, this could obliterate the POW (Proof of Work) mechanism. Miners will no longer mine Ethereum with algorithmic machines, but switch to the POS (Proof of Stake - proof of stake) model, which reduces most of the energy used for mining. network maintenance.
According to data on Ouke Cloud Chain, the current computing power of the entire Ethereum network is around 960.58 TH/s. If the average mining speed of each VGA graphics card is 30 MH/s, the world has more than 30 million graphics cards participating in Ethereum mining.
Crypto miner Zhong Jie told Blockchain Daily that when Ethereum consolidates, these 30 million cards are at risk of "overlapping". Some miners can refurbish and resell but not many really want to buy them. Different from normal operations, the lifespan of VGA used for cryptocurrency mining is often much shorter, so it will be difficult to sell in the market.