I have a tiny mining rig running at 17 mhs. What will happen if Ethereum changes to PoS? Will it still be profitable to mine ETHs? Will there be a lot of miners changing to another crypto-currency? And when can we expect PoS to happen? Thanks for answers!
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1 Answer
Mining (PoW: proof of work) is a mechanism used to verify transactions on the Ethereum Virtual Machine (EVM), miners are responsible for doing this.
When Ethereum switch to PoS (proof of stake) you can't mine, Ethereum won't be minable anymore, instead, those who are holding Ethereum Tokens (Ether) will be responsible for verifying transactions, by holding their Ether for a long period, and they get paid for doing this.
There a lot of other minable coins, including but not limited: Bitcoin, Litecoin, Zcash, Monero, Dubaicoin..etc You can look up for a website called "whattomine". it will give you a good idea about what to mine.
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Thanks for your answer Jamal! What is - in your opinion - the best coin to mine (wich GPU-power)? Jul 10, 2017 at 7:25