As the mining world awaits the Ethereum Merge, the big question is where will Ethereum miners choose to direct their hashing power? Currently, the Ethereum network is secured by over 800TH/s. For comparison, the Ergo network is currently sitting at approximately 27TH/s. Once the merge is complete, Ethereum miners will have an overwhelming and immediate demand for a Proof of Work protocol that supports their hardware.
Historically, Ethereum was adopted as the primary PoW chain due to the value of programmability. The profit incentive (beyond block rewards) and investment opportunities were critical to Ethereum's dominance.
As miners look to adapt post-Merge, this is a long term consideration many are taking into account. The value of block rewards will always be a dominant feature in PoW. However, the crypto industry has evolved since the launch of Ethereum. Programmability which delivers use, utility, and growth potential is a consideration many now take into account. The initial process of rebalancing post-Merge may be long and messy, but the value of PoW has been historically dominant.
As a programmable GPU Proof of Work network, Ergo is designed with miners in mind. The mining algorithm is GPU friendly and ASIC resistant, with GPU’s often running at much lower temperatures than some other PoW algorithms. The infrastructure advantages translate into cost savings.
Miners enjoy governance opportunities (EIP27), as well as the benefit of Storage Rent (where no coins are ever truly lost from circulation). Miners also have the ability to adjust multiple network parameters without permission from a central entity. This is enforced on a protocol level and is a stark contrast to the Ethereum top down model of governance.
Ergo has a capped supply and is designed to be scalable, with tools designed for longevity and growth in mind. The network features many thriving dApps, including Spectrum (formerly ErgoDEX), SigUSD, ErgoPad, and much more. For a complete overview of the Ergo ecosystem, please visit Sigmaverse.
f2pool is one of the largest mining pool operators in the industry, boasting the 2nd largest Ethereum pool and 3rd largest Bitcoin pool. With the addition of the f2pool Ergo mining pool, those who are currently mining ETH (or any other PoW coin) on f2pool, will be able to easily redirect their mining gear to the Ergo network. f2pool has released the following statement endorsing Ergo mining:
“f2pool supports Ergo’s movement as a PoW smart contract platform that ensures the economic freedom of ordinary people.”
If you are a miner on f2pool (or are a miner and exploring Ergo for the first time), take a deeper dive and check out all that Ergo can offer via the Ergo Platform website. There you find several resources on mining (Mining Ergo on HiveOS and Mining Ergo on Windows), as well links to popular Ergo wallets.
For information about f2pool, please visit their website for more information.