New ETH Hardfork May Limit ASIC Miners Influence

Ethereum developers are considering EIP1057 ProgPow implementation in Istambul hard fork
13 March 2019   536

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).

Argo to Report on Mining Profitability Increase in Q2

It was also reported that by the end of June, company owns about £ 3 million in crypto assets, which is 7.7% higher than expected
03 July 2019   249

The British mining company Argo Blockchain published a financial report for the second quarter of 2019, according to which its revenues increased significantly in the second quarter, exceeding its own expectations.

So, in comparison with the previous report, published in early June, the income from mining Argo Blockchain increased by 24%. The increase in profitability from mining at the same time turned out to be proportional to the increase in the Bitcoin price observed during the recent period.

The Company now expects to generate 161 BTC, or GBP1.38m of cryptoassets, in June based on a BTC price of $10,817.16 USD as of 30 June 2019. This is an increase of approximately 101% from the Company's May mining results and represents a mining margin of roughly 81%. The Company considers that this demonstrates that the Company is one of the most efficient miners in the market.

Argo Blockchain Team

Argo Blockchain also said that as of the end of June, the company owns about £ 3 million in cryptocurrency assets, which is 7.7% higher than expected.

Also Argo Blockchain intends to expand its activities. In particular, the company plans to deploy another 2500 miners in Quebec by the end of the third quarter, which is also expected to significantly increase revenues.

Our better-than-expected mining performance reflects both improving industry conditions as well as Argo's business strategy, which has enabled it to rapidly ramp up operations and thereby take full advantage of the upturn. As a result, we enter the third quarter with a strong momentum to deliver further growth and improving mining efficiency.

Mike Edwards

Executive chairman, Argo

It should be noted Argo Blockchain was the first cryptocurrency company, the placement of shares of which was approved by the London Stock Exchange last June.