Cryptocurrencies
World’s Biggest Ether Mining Firm Turns Off Servers After Merge
- Ethermine launched its own Ethereum staking pool in August
- As many as one million people were mining Ether at one point
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Ethermine, the largest Ethereum mining services provider by computing power, shut down its servers for miners after the blockchain network completed its historic technical upgrade.
The move followed Ethereum’s highly-anticipated software revamp, dubbed the Merge, which shifted the most used blockchain from a proof of work consensus mechanism to proof of stake earlier Thursday. It is no longer possible to mine Ether on the network, since the powerful graphic cards used to validate transaction data are being replaced with investors that stake Ether. The validators will secure the Ethereum blockchain and validate data on the network.