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In a meeting held last week by the core developers of Ethereum, the group has turned its attention to the topic of specific mining equipment for the application of the integrated circuit (ASIC). Reportedly, developers have made the decision to implement a new proof-of-work (PoW) algorithm that could potentially improve the efficiency of GPU-based extraction (graphics processing units), moving away from the 39; activity based on ASIC. This could be the umpteenth nail in the coffin of Bitmain, a Chinese mining producer of Chinese cryptocurrencies, which has long supported and produced ASIC equipment.
ASIC-based miners have long been considered by some to be against the concept of cryptocurrencies. ASIC miners allow more mining power, which could lead to a single entity or a small group of entities, taking control of operations, producing a significant amount of centralization. Bitmain was born as one of the largest manufacturers of ASIC-based equipment, but had a terrible period that kept its momentum during softening cryptography markets last year.
The meeting last Friday, which can be seen in a YouTube video, saw the developer Hudson Jameson mention that he received "very little dissent" on the idea of implementing "ProgPoW", the alternative Poer of Ethereum. It has already been tested on the Gangnam testnet and, so far, seems to work as expected.
"We are provisionally going forward with #progpow"- assuming that no major problems are found during the test. @hudsonjameson on the #AllCoreDevs call today
We are still discussing how long we need to implement and test.
– Lane Rettig (@lrettig) January 4, 2019
Two of the developers behind the ProgPoW project added that the system would make the operation of the ASIC mining equipment "a little bit harder" and that it would also be able to stabilize the mining hashrates. Martin Holst Swende, Ethereum's security officer, believes the system will be more resistant to ASIC equipment and some accelerators that could be used in conjunction with GPU-based miners. He states that switching to ProgPoW "will postpone the ASIC level on our network for at least a year on our network, or perhaps more".
As Bitmain has dumped a considerable amount of money in research and development of ASIC-based mining equipment (after stealing the project for one of its first mining plants), the company is finding ever-increasing obstacles to its technology. Already faced with questions about its financial solvency, product functionality, various lawsuits and doubts about who is responsible, Bitmain is ready to overturn like a house of cards.
Note: Tokens on the Bitcoin Core (segwit) chain are called BTC coins. Bitcoin Satoshi Vision (BSV) is today the only implementation of Bitcoin following the original whitepaper of Satoshi Nakamoto for Peer to Peer Electronic Cash. Bitcoin BSV is the only major public blockchain that maintains the original Bitcoin vision as fast and frictionless electronic money.
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