The cryptocurrency industry is constantly under development as the technology underpinning blockchain is still very new. One such project that may undergo an important update to its mining algorithm is Ethereum.
On January 4, members of Ethereum’s open-source development community came to a preliminary agreement to implement an important new algorithm that blocks specialized mining hardware, or ASICs.
The proposed algorithm change would block ASIC miners, which are primarily used by large mining operations such as Bitmain.
If the proposed code change is accepted by the Ethereum network, mining farms like Bitmain will be prevented from mining Ethereum, and would thus allow for a more decentralized system.
ProgPow Mining Algorithm
The proposed algorithm change is called “ProgPow.”
While this code change blocks ASIC miners, it allows space for general purpose or GPU hardware to mine. GPU hardware can still be used to mine Ethereum today, but powerful ASIC miners have pushed…