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The merge would shift Ethereum network from Proof-of-work to proof-of-stakes, but Bitmain is still upto selling ETH ASIC.
Cryptocurrencies like Bitcoin (BTC), Ethereum (ETH) and others need to get mined to function and their mining needs high computing power. This kind of computing power could be produced only through intensive systems that were specifically designed for mining purposes. Many companies are there in the field of manufacturing such mining devices that are generally called mining rigs. One such company in the crypto mining rig manufacturing space is Bitcoin.
Bitmain is one amongst leading bitcoin (BTC) miners manufacturers in the world that also produces Ethereum (ETH) miners. Recently it was reported that Bitmain is up to start selling an all new model of Ethereum mining rig that showed up on its website from Wednesday. This step of the crypto mining company came as a surprise and became talk of the town considering the fact that Ethereum (ETH) will be moving soon from PoW mechanising to PoS.
The crypto company has announced about the same on Twitter on Tuesday where it said that the time has come. Mining of Ether (ETH) cryptocurrency is different from Bitcoin (BTC) mining, which leads to using different mining technology.
Bitcoin (BTC) mining is an intense and quite sophisticated task and it needs application specific integrated circuits (ASIC), that are specifically made to serve this purpose. While Ethereum (ETH) mining uses graphics processing units (GPU) that generally other types of computing are also used.
Since the popularity and prices of the second biggest cryptocurrency took an upward move, this also resulted in driving the demands of GPUs to go high which eventually followed by the price. This took enough motion that even the software technology company like Nvidia (NVDA) jumped into the space and launched their GPUs, specific for mining purposes.
However the concern is shifting of the Ethereum network from intensive computing power using a proof-of-work mechanism to relatively less intensive proof-of-stakes mining. This significantly made GPU prices go down by themselves. The transition of the network known as the Merge, which is, however going delayed from its scheduled launch for the past few months.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
