Yugocean
Valued Contributor
The process of converting ETH from PoW to PoS is being completed, miners are tense.
ETH was started as a proof of work, which requires code solving or mining in order to mint new ETH tokens. Ethereum miners used to make a profit by levying huge fees on all transactions, and this situation caused people to migrate to other platforms.
Now when tests of merging are completed, and it is going for final merge in September 2022, ETH will be forked and 2.0 will take its place.
With ETH 2.0, Ethereum will become a Proof of Stake, and it will eliminate the need of mining to create new tokens. Instead, anyone can create new tokens by staking their tokens.
Since miners have no role in staking on other people's assets, miners will not be able to charge gas fees either.
In such a situation, the miners will either have to do some other business, or will have to turn towards mining bitcoin that is already a hard game.
ETH was started as a proof of work, which requires code solving or mining in order to mint new ETH tokens. Ethereum miners used to make a profit by levying huge fees on all transactions, and this situation caused people to migrate to other platforms.
Now when tests of merging are completed, and it is going for final merge in September 2022, ETH will be forked and 2.0 will take its place.
With ETH 2.0, Ethereum will become a Proof of Stake, and it will eliminate the need of mining to create new tokens. Instead, anyone can create new tokens by staking their tokens.
Since miners have no role in staking on other people's assets, miners will not be able to charge gas fees either.
In such a situation, the miners will either have to do some other business, or will have to turn towards mining bitcoin that is already a hard game.
