Many experts are beginning to wonder what will happen if mining is not sufficient to play for power. Ethereum miners are really worried about the computing power they use to secure the world’s second-largest cryptocurrency by market capitalization. With the emergence of Ethereum ASIC miners, many miners stated their intention to move over to other cryptocurrencies.
ASIC Miners revolutionized the game
This shared frustration is increased further when more specialized mining hardware is released frequently. The hardware is specially designed to maximize the software’s processing power and without a large sum of money, such hardware is almost impossible to acquire.
That’s why many miners are beginning to wonder of the eventual possibility of a mass exodus. How well will Ether fare when the majority of miners just stop? These questions gather steam before the next big software upgrade which is scheduled for October.
Constantinople will be conducted via a hard fork and will reduce the amount of coins being awarded to miners from 3TH to 2ETH per block. This isn’t incredibly heavy for the miners, but these changes will eventually start to add up. According to Etherscan the current amount of blocks found per day is around 6000. This makes roughly 17 000 ETH or $3.5 million payout for the miners by the protocol.
This of course brings up the possibility for ASIC miners being used and even further hitting small-scale miners. Combined with the October update, this will be a very hard hit for every small miner. So recently in small-miner circles, miners are starting to back a proposed code change, which will stop ASIC miners from completely dominating the platform.
Several sources state that the proposed issuance reduction will not be fair to all miners. Many believe that it’s possible to focus the mining power in a limited number of pools, which have access to cheap electricity and the needed resources to acquire ASIC.
So an implementation of an ASIC-proof code is welcomed by many developers and seen by users as a “gift from above” Miners who use GPU’s feel very happy that such codes are being considered, but it’s highly unlikely they will be implemented if they eventually lead to the currency losing a lot of value. The support to implement such a code seems to be limited and at this time it’s not clear if such a change can be implemented.