Ethereum's biggest mining firm turns off servers after merge

livemint.com:

Ethermine, the world's largest Ethereum mining pool provider by computing power, shut down its servers for miners after the Ethereum blockchain underwent a major software upgrade, drastically reducing its energy usage.

The move followed Ethereum’s highly-anticipated software revamp, dubbed the Merge, which shifted the most used blockchain from a proof of work consensus mechanism to proof of stake earlier today.

It is no longer possible to mine Ether on the network, since the powerful graphic cards used to validate transaction data are being replaced with investors that stake Ether. The validators will secure the Ethereum blockchain and validate data on the network.

A few days after the Merge, the company will trigger an automatic payout to its miners for any unpaid balances. Ethermine has also launched an Ethereum staking pool last month, where Ether holders will be able to deposit their coins and earn yields.

Nearly 10 lakh people with more than $10 billion worth of computer equipment had mined Ether at one point.

According to the Ethereum Foundation, the new system will use 99.95% less energy. The upgrade, which changes how transactions occur and how ether tokens are created, could give Ethereum a major advantage as it seeks to surpass rival blockchain bitcoin.

"We believe this is a significant moment that will lead to ETH outperforming the broader crypto market for some time," said Richard Usher, head of over-the-counter trading at London-based crypto firm BCB Group.

Ether mining had developed into a multi-billion dollar industry over the last several years. The activity involved miners competing against each other to be the first to solve mathematic puzzles and earn a reward in the token. 

Mining pools like Ethermine