Home » Many cryptocurrency miners complained that the Ethereum PoS merger did not bring enough benefits – CoinDesk

Many cryptocurrency miners complained that the Ethereum PoS merger did not bring enough benefits – CoinDesk

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Many cryptocurrency miners complained that the Ethereum PoS merger did not bring enough benefits – CoinDesk

After Ethereum officially completed the “grand merger” from Proof of Work (PoW) to Proof of Stake (PoS), some miners expressed great dissatisfaction with it.Apart from slashing the energy consumption of the blockchain network, it does not appear to have other tangible benefits for the real world. More importantly, the transformation of ETH 2.0 also means that there will be a large number of mining cards impacting the consumer-grade game graphics card market.

In a list of frequently asked questions (FAQs) on the official website, the Ethereum Foundation confirmed that the “big merger” will not have any notable impact on the transaction speed of the blockchain network, and the fees involved in completing and validating transactions will also be constant.

For those who were expecting PoS to make ethereum gas fees more affordable, this is a bit of a disappointment – even though the blockchain network’s energy costs are expected to be reduced by around 99.95% .

The official reason given is that the busier the Ethereum network, the higher the transaction fee. Even though the processing power required to validate blocks in PoS mode is significantly reduced, the foundation claims this has not had any direct impact on its network capacity or throughput.

The second biggest complaint from a large number of cryptocurrency holders and traders is that PoS exchanges take almost as long as early PoW.

Looking back on history, in PoW mode, the Ethereum blockchain network produces a new block approximately every 13.3 seconds.

In PoS mode, it only produces a block every 12 seconds – such a change is quite trivial to the user.

Investors are also concerned that the Ethereum Foundation may continue to restrict withdrawals, although this safeguard is designed to ensure that there is no knock-on effect due to a large-scale sell-off, it does discourage a lot. investor.

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