The ASIC Resistant Mining Campaign from Ethereum Miners Is Just Getting Started
The second largest cryptocurrency and blockchain network in the market, Ethereum (ETH), has been trying to evolve by implementing new upgrades and improving its services.
One of the upcoming improvements is related to the ProgPow implementation, which stands for Programmatic Proof-of-Work (PoW).
Ethereum Fights Against ASIC Miners
The new ProgPow was proposed by the Ethereum developer IfDefElse due to the different challenges posed by ASIC mining activities. As soon as the ProgPow receives the approval from the Ethereum ecosystem, it will extend the current mining algorithm implemented on Ethereum, the Ethhash.
With this ProgPow, graphics cards (GPUs) will become more competitive, allowing Ethereum miners to keep profitable in the market. ASIC miners are very powerful hardware machines that are able to provide a boost in terms of hash power to a blockchain network. In this case, the Bitcoin network has become much more secure due to the increased hash power provided by these miners.
Nevertheless, Ethereum supporters are searching for a more efficient solution, and ASIC resistance can be a momentaneous solution for this issue. Ethereum aims at becoming a full Proof-of-Stake (PoS) network in the future.
With ProgPow, GPU miners on Ethereum will be having an advantage over ASIC miners. ASIC can only be used to mine virtual currencies, but GPU devices can be used for mining and gaming as well. IfDefElse has also been working with leading graphics card manufacturers such as Nvidia and AMD as well in order to test their implementations.
One of the members of the Ethereum Foundation, Hudson Jameson, explained that they are conducting an audit on ProgPow and that there are two processes, Benchmarking and another to check how long it is possible for ASIC miners not to be competitive with this implementation. The benchmarking process is going to be testing how Nvidia and AMD work and perform.
In order to implement this solution, miners had to vote on this issue. 5227 miners (76% turnout) voted in favour of this implementation. This shows that the market is very positive about ProgPow implementation and how it could improve the Ethereum network in the future.
Currently, Ethereum is being traded around $138 and it has a market capitalization of $14.55 billion. Ethereum is the second largest crypto in the market after Bitcoin (BTC).