Ethermine shuts down servers

Ethermine, the world’s largest ethereum mining pool provider by computing power, shut down its servers for miners after a major software upgrade to the ethereum blockchain, significantly reducing its energy usage.

The shift called the Merge doesn't allow miners to use graphic cards to validate transactions. Ethermine said that , a few days after the merger, the company will begin automatic payments to its miners for any outstanding amounts. Ethermine also launched an Ethereum staking pool last month, where Ether holders will be able to deposit their coins and earn yields.

Ether mining has grown into a multi-billion dollar industry over the years. After the Merge takes place, as many as one million people with over $10 billion worth of mining equipment will have to unplug the graphic processing units (GPUs) they have used so far to mine Ether.

According to the Ethereum Foundation, the new system will use 99.95% less energy. The upgrade, which changes how transactions take place and how Ether tokens are created, could give Ethereum a major advantage as it seeks to surpass rival blockchain Bitcoin.

Richard Usher, Head of Over-the-Counter Trading at London-based crypto firm BCB Group, said, “We believe this is an important moment for ETH to outperform the broader crypto market for some time. will inspire.