Ethereum may be on the verge of phaseing out GPU-based mining after several delays.
Vitalik Buterin, co-founder of Ethereum, announced today that the cryptocurrency will switch from its old mining approach to a “Proof-of-Stake” algorithm later this summer, most likely in August.
“We’ve been working on Proof-of-Stake for almost seven years, but it’s finally coming together,” he stated at the ETH Shanghai Web 3.0 Developer Summit(Opens in a new window).
The huge PC graphics card shortage, which only began to ease late this year, has been blamed in part on Ethereum mining. Because of the scarcity of GPUs, prices have soared and scalping has become commonplace.
Of course, long-time Ethereum watchers might be rolling their eyes at Buterin’s announcement. Developers behind the cryptocurrency have been promising a transition to Proof-of-Stake for years, only to delay its implementation over and over again. In his comments on Friday, Buterin acknowledged it’s possible…