Ethereum project, since its beginning, had one of its main focuses on its transformation to Proof-Of-Stake (PoS) in terms of its consensus mechanism. Following a long period of operating, developing as well as researching for up to seven years within the industry, the mining phase will now be ended on the Ethereum platform this September 15th.
Ethereum Network Declares Ending PoW Phase
In this respect, the company has made an official announcement for the miners operating on the network. That announcement was published on the formal online portal of Ethermine (a multi-token mining pool operating under Ethereum). In the announcement, it dumped the hopes of the miners and declared the termination of their mining operations on the network. It mentioned that following the respective date, it will become impossible for the Ethereum miners to mine with the utilization of ASICs or Graphic Cards on the Ethereum Network.
As a result of the present transition of the venue, the mining pool called Ethermine will convert to a mode where only withdrawals will be possible after the conclusion of the mining phase. On the platform’s miner dashboard, there will be available a precise countdown timer. The miners who are still interested in mining are permitted to mine Ether tokens until the completion of the countdown.
In this way, it is clarified that the entirety of the stratum servers of Etherime will be closed, and the miners will not be allowed to link their miners to the venue’s Ethermine pool. To get a conclusive payout of the unpaid balance, miners will have the possibility of triggering a manual payout option on the page of their Dashboard. They can additionally request a manual payout facility if the amount of their unpaid balance is above 0.005 ETH.
The Miners Are Not Abandoned Completely
To carry out the manual payouts, a deduction of the transaction charges will be carried out from the unpaid balance of the miners. The platform disclosed that following a cautious assessment it has been decided by bitfly not to provide any facility of a devoted pool for mining in the case of any of the scheduled PoW forks. It added that there is a substitutive suggestion for the miners who are still pursuing the chances to get involved in the activities of mining, taking into account the rest of the tokens.
They can carry out the mining by taking part in the rest of the mining pools of the platform. While moving forward, the venue specified that there are several mining pools specified for different tokens offered by the network. These pools are associated with Ethereum Classic (ETC), Ravencoin (RVN), Ergo (ERGO), and Beam (BEAM).
Apart from that, the network will facilitate the miners with zero-percent fee promotion throughout the coming month in the case of the mining pools of Ethereum Classic, Beam, Ergo, and Ravencoin. In the announcement’s conclusion, Ethereum Network asserted that the miners will not require paying any pool charges for their operations of the above-mentioned pools for a complete month.
