How will the upcoming Ethereum 2.0 affect miners?
Ethereum 2.0 will have a genesis block tomorrow, which will become a milestone event in the history of the blockchain. While people are paying attention, we also need to see the story behind it.
Some people are happy and some are worried about this matter. The conversion of Ethereum to PoS means that the income of PoW miners will gradually decrease until they cannot obtain income.
Today, the pledged number of Ethereum 2.0 addresses has exceeded 850,000. Before the genesis block appeared, there was an event such as "4G graphics card stopped mining", so there was a hot topic of "how long can Ethereum mine?" , although the mining on the PoW chain is still the same, how should the miners deploy it?
First of all, we need to know that the official launch of Ethereum 2.0 must reach at least the 1.5 stage, and it may take up to two years to wait during this period, and it will take longer to fully switch to PoS after the launch, so worrying now is too much to worry about.
But there is still no clear answer to this question. Eth1 is the PoW chain that miners have been participating in, and Eth2 is the Ethereum 2.0 of the PoS consensus. After the merger of Eth1 and Eth2, the PoW mining of Eth1 will stop, and the consensus upgrade of the entire Ethereum network will be completed.
Image source: Feixiaohao
Image source: Feixiaohao
To completely change from ETH1 to ETH2, it is necessary to complete the blockchain witness mechanism, modify the current Ethereum virtual machine, and change the data structure from hexadecimal to binary. It is equivalent to changing from a consensus bottom layer to one of the shards closer to the user layer. The workload is by no means as simple as we imagined.
And the interests and positions of all parties involved in this, in addition to the consideration of miners' mining income, a more practical question is whether the Eth2 code can be sufficient for the existing DeFi projects with a lock-up value of more than 13 billion US dollars. Safe to undertake? The transition of wallets, exchanges, stablecoins, and many infrastructures will take more time.
Image source: Feixiaohao
Image source: Feixiaohao
Image source: Feixiaohao
Image source: Feixiaohao
Generally speaking, we can see that although Ethereum 2.0 phase 0 will start, the atmosphere of continuing to mine and hoard coins is still high. Whether it is the improvement of Eth1 or the change of Eth2, every step taken by the "big ecology" of Ethereum is still the main concern of people.
Among them, people in the secondary market are just constantly hoarding coins. They only know that ETH2 will drive up the price of coins, but how many people are really willing to become miners and earn benefits by contributing their own strength? From the penalty mechanism of Ethereum 2.0 pledge, we can see that it wants to change the vision of the blockchain world today, but whether it will be realized or not depends on the future.
