New ETH Hardfork May Limit ASIC Miners Influence

Ethereum developers are considering EIP1057 ProgPow implementation in Istambul hard fork
13 March 2019   314

During the conference call, project managers in the Ethereum ecosystem suggested activating the EIP1057 code as part of the next major update called Istanbul. It is reported by CoinDesk.

EIP1057 or ProgPoW is a modified mining algorithm aimed at reducing the impact of ASIC devices, which has become the subject of fierce disputes within the community.

Note that project managers intend to support the activation of EIP1057, if two independent audits do not reveal vulnerabilities.

On Friday, Ethereum’s leading developers will also discuss the feasibility of activating the EIP1057 in Istanbul, the code of which is expected to be approved until mid-May.

According to the Hudson Jameson's head of public relations at the Ethereum Foundation, the main question that should be answered by the audit is whether the implementation of ProgPoW makes sense, given the current flexibility of ASIC devices. He is convinced that if the ASIC miners regain their former control over the network in less than 9 months, the update is not appropriate.

At the same time, part of the community believes that the fight against ASIC devices does not make sense at all, since Ethereum is already moving in the direction of Proof-Of-Stake (PoS).

Mining Ban in China Won't Affect Bitmain & Canaan

This is said by the companies themself; also, Bitmain and Canaan did not indicate whether they intend to move the business abroad
11 April 2019   183

The prospect of a ban on mining in China will not have an impact on the operating activities of mining giants Bitmain and Canaan in the short term. This was stated by representatives of the press services of companies, 8btc reports.

At the same time, Bitmain and Canaan did not indicate whether they intend to move the business abroad, if the mining ban is set at the legislative level.

Note that China currently holds a dominant position in mining Bitcoin and Ethereum.

According to local cryptoexperts, mining equipment manufacturers will exist as long as Bitcoin has value.

Earlier in April, the National Development and Reform Commission of China issued a bill that called mining an “undesirable industry” and proposed banning it.

So far, the initiative has no legal force. Public discussion of the bill will last until May 7.