Mining algorithm change delayed by Ethereum developers for auditing purposes

Ethereum developers chose to carry out more code audits, postponing the ProgPoW algorithm change in the process.
The algorithm change would have made mining via ASICs increasingly difficult. If carried out, then this algorithm would have theoretically made mining more democratized.

FXStreet Team FXStreet

Some prominent Ethereum developers got together online and opted for a source code auditing by a third-party which will delay the implementation of the “ProgPoW” algorithm. The ProgPoW would have made it increasingly hard for ASIC miners. Some of the developers included in this online meeting this Friday were Hudson Jameson, Lane Rettig, Afri Schodedon, Martin Holst Swende, Danno Ferrin and Greg Colvin amongst others.

The third-party audits will confirm whether the implementation of the algorithm will reduce ASIC mining efficiency or not. Jameson believes that March or early April may be the most realistic of targets for algorithm implementation.

Greg Calvin supported the delay by saying:

“I would happily decide today, but I’m not the expert. I’m happy to wait for the audit but I’m not happy to make this decision in May or something. An awful lot of people would like to know so they can get on with their business. ‘am I going to spend $1,000 to buy a rack of CPUs or not?’”

Author

FXStreet Team

FXStreet

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

BNB Price Forecast: BNB slips below $855 as bearish on-chain signals and momentum indicators turn negative

BNB, formerly known as Binance Coin, continues to trade down around $855 at the time of writing on Tuesday, after a slight decline the previous day. Bearish sentiment further strengthens as BNB’s on-chain and derivatives data show rising retail activity.

Top Crypto Losers: Aster, Midnight, and Ethena extend losses as selling pressure mounts

Aster, Midnight, and Ethena are the altcoins with the most losses over the last 24 hours, as the broader cryptocurrency market weakens amid Bitcoin dropping below $86,000. ASTER, NIGHT, and ENA risk further losses as selling pressure mounts and risk-off sentiment spreads across the crypto market.

Ethereum Price Forecast: BitMine acquires 102,259 ETH as price plunges 5%

Ethereum (ETH) treasury company BitMine Immersion scaled up its digital asset stash last week after acquiring 102,259 ETH since its last update. The purchase has increased the company's holdings to 3.96 million ETH, worth about $11.82 billion at the time of publication.