Vitalik Buterin is worried about crypto's future

Re:Vitalik Buterin is worried about crypto's future by AlexandrB on Monday March 21, 2022 @10:07AM (#30754271)

I don't know a ton about the subject, but I remember someone mentioning that existing Ethereum miners don't want to move to PoS[1] as it's a loss of income for them. Can anyone confirm/deny?

Incidentally, while searching for the topic I also found an article[2] from August 2021 with this quote:

> Meanwhile, crypto mining manufacturers like Bitmain and Innosilicon are on track to release new Ethereum mining machines this year, all while knowing that Ethereum’s transition to a PoS network is just five months away, effectively making those machines redundant.

I guess the manufacturers were right.

[1] https://old.reddit.com/r/ethereum/comments/ehpp8m/will_the_m...

[2] https://www.benzinga.com/markets/cryptocurrency/21/08/224855...

[ Parent | on HN ]

Re:Vitalik Buterin is worried about crypto's future by 300bps on Monday March 21, 2022 @10:50AM (#30754772)

Confirmed. Miners are angry about EIP-1559 that burned gas fees instead of paying them to miners and are even more angry about the transition to PoS where they will lose their income stream completely.

The computer I'm typing this on is using gminer to mine on the flexpool.io mining pool. But it's just using a computer I would've purchased anyway. Some miners have tens of thousands of dollars invested in mining equipment or more.

[ Parent | on HN ]

Re:Vitalik Buterin is worried about crypto's future by newacc9 on Monday March 21, 2022 @11:19AM (#30755081)

It takes like 18 months to recover the cost of the miners, plus maybe they've leased out a warehouse, and so forth -- so its a sunk cost situation.

[ Parent | on HN ]