The Ethereum Crisis

The Ethereum community has come to a fork in the road and that is all due to everyones favorite pain Bitmain.

Bitmain went ahead and announced that they are releasing the Antminer E3, this happens to be a specialized miner that mines the Ethash algorithm. (It mines Ethereum and Ethereum Classic) The issue with this is that most GPU miners have built and set up their rigs for Ethereum pouring tons of money and building quite a large group of miners in the Ethereum community. This is leading to quite an upset large group of miners who have all seen what happens to GPU miners previously with other coins when they went the Asic route.

We also know how Bitmain has behaved in the past, this makes the community very nervous as Bitmain has been known to release their older generation hardware while mining on the newer hardware. We have gained more insight to this as well recently with their Monero miner being made all of useless due to the community forking when announced, why would Bitmain not guarantee themselves a return or yet a profit before selling these when the community could easily just fork the algorithm? With such a short time between this massive hit taken by Bitmain why would they announce an Ethereum miner without it already being old? They know the community usually takes ages to fork and they had already made a profit on gen 1 machines, while the community fights the gen 2 pumps out profits, I do believe this slows down a gen 3 R&D while Bitmain is uncertain of the communities actions.

 

Now we have already seen the backlash and had the Ethereum team come out and speak about what their approach will be, and it’s nothing. They are going to let Bitmain obviously mine on Gen 2 and get a corner on the market and they are using the excuse of a price raise on the gen 1 miners to allow this.

Ethereum has been touted to be going POS since it’s inception and it was pushed off and down the road as mining became such an integral part of the community. The Ethereum¬† community needs to go ahead and out their best foot forward and switch to POS now. If they wait Bitmain will carry a huge pile of coins from their miners and be a thorn in stakers sides.

 

Go on Ethereum team and push forward, use this as an opportunity to finally do what was originally intended, gpu miners are going to be pushed out regardless.

 

 

– Monarch

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About the Author: Monarch

The main poster and owner of Monarchcrypto.com , I am trying to use the site to share correct information in a sea of lies and manipulation that is the cryptoworld.