How to mine after the merger of Ethereum? The method of earning mining income through Ethereum pledge
- By bitcoincasts
- December 01, 2022
How to mine after the merger of Ethereum? If you are considering trying Ethereum mining, your time is not right. The Ethereum blockchain has just undergone a major change, which has changed the nature of Ethereum's creation and verification methods. Therefore, it is no longer possible to dig Ethereum coins. That is to say, it is impossible to obtain Ethereum through the workload proof of the mining machine, but this does not mean that you have lost the opportunity to make profits by providing services for this rapidly expanding blockchain network. This is the way to earn mining income through Ethereum pledge. Next by（wakuang58.com）Our experts introduced us how to mine and earn profits after the merger of Ethereum?
proof of work (PoW) To equity certificate(PoS)
In the proof of workload, every 10 Minutes will create a new block containing various transactions that must be independently verified.
In order to verify these transactions, thousands of people around the world use their computing power to solve cryptographic algorithms.
Thousands of personal devices compete to become the first to solve the password algorithm. Whoever can do this first will be rewarded.
For simplicity, it requires all miners to try to solve a complex problem, and the person with the best hardware equipment will be Be identified as the winner.
This is not a fair system, because those who have the most powerful and expensive hardware always have the greatest chance to win rewards.
Moreover, such hardware is indeed energy intensive, making power become Ethereum PoW The lifeblood of the mechanism.
In the equity certificate, you need to put coins in a specific wallet to have the opportunity to verify the transaction.
The wallet froze tokens, indicating that they were being used to mortgage the network.
Therefore, the person who creates the next block is a mortgage based token, which makes it more fair to choose the winner.
Winners here will not receive large rewards, but are entitled to transaction fees.
majority PoS Blockchain has minimum requirements for the coins needed to start pledge, which is a huge early investment.
Advantages and disadvantages of mining with certificate of equity
As I mentioned above, in PoW The person with the best hardware has a better chance of winning. And you think that to get the best equipment, you need to pay the most favorable price, which is inconvenient for many people.
This led to the birth of centralized organizations, which purchased thousands of equipment (called ASICS）This operation is called ore pool.
Ore pool makes mining an unfair system, and ordinary people have little chance to win mining rewards.
But,PoS Different. It prevents a group of people from uniting to control the network for profit, thus leading to decentralization.
Here, those who contribute to the network by freezing tokens will be rewarded in proportion to their investment amount 。
The workload proves that the blockchain uses a lot of power. This is because the cryptography problem that miners must solve is very difficult.
This is not only bad for the environment, but also slows down the application speed of cryptocurrency in reality. This is because it is necessary to use legal tender to pay the electricity bill.
The equity certification does not need to solve very complex problems, nor does it need energy consuming hardware equipment, which means that the power cost of the verification transaction is much lower.
51% Attacks are used to describe when a group or individual gains more than50% Of the total mining capacity.
If this happens in the proof of work blockchain, it will allow that person to make changes to specific blocks. If the person is a criminal, they can change the block for their own benefit.
As mentioned in the first advantage,PoS Support decentralization, and the possibility of such attacks is very small, because no one may hold the total amount of cryptocurrency in circulation51%。
one）Risk of Double Flower Attack-
Equity certificates allow people to Validate transactions on multiple chains, making them vulnerable to double flower attacks.
This happens when someone transfers money to someone else, but before the transaction is confirmed, the hacker tries to spend the money again.
two）Help the rich become richer-
PoS Help the rich become richer, because the more money you have, the more money you can buy, and the more your investment returns.
Is this the beginning of the end of blockchain mining?
There is no doubt that PoW comparison,PoS Is much less energy intensive and much more scalable. But based onCointelegraph Writer's encryption expertJagjit Singh "Equity certification is still in its infancy, which may completely change blockchain security and make mining obsoletePoS Whether consensus algorithm will lead toPoW It remains to be observed that the mining is completely stopped. "
Can I dig Ethereum for free?
It will never be possible to dig Ethereum for free, at least not successfully.Ethereum.org The page dedicated to mining on the - now for historical reference, with a disclaimer on consolidation at the top - lists some cost considerations.
just as Ethereum.org It is pointed out that although "anyone can use their computer to mine on the Ethereum network before", it is impossible to make profits without purchasing dedicated computer hardware and obtaining cheap energy.
Many miners combine their resources in"Ore pool" - but this will only increase the cost. According toEthereum.org "These ore pools usually charge a fixed percentage fee for each block generated by the ore pool."
Other costs of maintaining so-called mining equipment include ventilation, electrical wiring and energy monitoring equipment.
Some people choose cloud mining to outsource the demand for expensive special hardware and equipment. Miners can use the cloud mining platform to complete blockchain work on a standard computer. The cloud mining platform can remotely maintain the required servers and grant users access rights——Fees.
Some cloud services allow miners to mine for free when testing their services.
After the merger of Ethereum, how can I begin to excavate Ethereum?
Ethereum no longer uses traditional PoW Mining to build and maintain its blockchain. So if you want to know how to start digging Ethereum, you can't -- but you can participate in its new verification mechanism, calledstaking。
according to Coinbase According to, "'proof of workload' and 'proof of equity' are two main consensus mechanisms used by cryptocurrency to verify new transactions, add them to the blockchain and create new tokens. Proof of workload was first created by Bitcoin, which uses mining to achieve these goals.Cardano、ETH2 The equity certificates adopted by blockchain and other companies use mortgages to achieve the same purpose. "
OK, if I can't dig Ethereum, how can I start pledging?
Ether (ETH) It is the original token of the Ethereum ecosystem and the currency supporting all pledge processes on the blockchain.
There are four different ways to mortgage Ethereum:
one）Single family setting out
two）Pledge as a service
four）Pledge in the centralized exchange
Each method has its own responsibility, reward, control and contribution to the blockchain, but Ethereum.org It is considered that the pledge at home alone is the "gold standard".
You need to own and deposit 32 ETH Only then can we start a separate mortgage, which is the behavior of running Ethereum nodes connected to the Internet.
Each node contains a consensus layer client and an execution layer client. The client is a software program that uses a set of valid signature keys to work together to propose blocks, aggregate proofs, verify transactions, and perform other necessary maintenance tasks to keep the blockchain healthy.
As a pledgor, your job is to operate the hardware on which the client program depends.Ethereum.orgIt is recommended to invest in a dedicated machine that is always online. In exchange for keeping your verifier online and running normally, you will receive the highest reward every month. Because this is a system that does not need trust and never requires you to hand over your key, you can retain full control while maximizing your access to newETH Rewards in the form of.
Which method do you choose to obtain the benefits of Ethereum?
You can no longer mine Ethereum as before, but you can mortgage Ethereum to perform the same service and obtain similar rewards.Solo home staking It requires the least trust and provides the most control and maximum return - but it also requires the most responsibility and the most technical know-how. Errors such as offline will be punished, which will reduce yourETH Holdings.
If you want to participate in it, but are not fully ready for a separate household pledge, please consider taking the pledge as a service, joint pledge or pledge in a centralized exchange. All three forms pay lower returns and require a higher degree of trust, but they are easier to obtain.Ethereum.org Outlines all the information you need to know about all four processes.
The above content introduces how we can make profits by mining after the merger of Ethereum. At present, it is mainly through the pledge of Ethereum to obtain the income from the equity certificate. Proof of ownership is an improvement on proof of work because it does not require hardware or energy consumption. Equity certificate (PoS) It is an alternative consensus mechanism that delegates network control to token owners.