In the near Ethereum network hardfork, the algorithm for increasing the complexity of cryptocurrency mining on ASICs will not be introduced. This became known after the developers' teleconference, held at the end of last week. In this way, they are trying to maintain the interest of large market players in this asset.
For the past few months, the Ethereum team has been failing. In February, an attempt to conduct hardfork Constantinople again failed. And initially, its launch was planned for October 30, 2018.
Moreover, the constant transfer led to the automatic triggering of the “complexity bomb”, which was also planned to be postponed. Against this background, it was decided to abandon the decrease in the profitability of mining for professional equipment. At the conference, Greg Colvin said: "we are all very tired of this." It was decided not to launch the long-planned separation with the next update, but to find out the opinion of the community.
There are risks that after launching the ProgPow technology, the network hash rate will drop significantly. And there is no guarantee that GPU-miners will be able to support its operation in normal mode.
Initially, cryptocurrencies were created as a decentralized means of payment and peer-to-peer system. However, now the situation has changed. Professional pools control up to 70% of coin mining, which makes developers dependent on their wishes.
The influence of pools is growing very rapidly due to a decrease in the profitability of mining on consumer video cards. More precisely, even now this method of mining coins was below the threshold of profitability. Therefore, in Ethereum, it was decided to separate the complexity of the mining, which could attract non-professional miners.
However, in the current situation, it is a too risky step. There is a possibility that after crowding out the Asics, the video card simply will not be able to ensure sufficient transaction speed in the blockchain. However, the Ethereum team does not abandon its plans to decentralize. It was stated that this is a temporary solution. Which can be revised at any time.