--- title: "Crypto Miners Terrified by Ethereum’s Imminent Move to Proof of Stake" description: "Proof-of-Stake Ethereum, the second biggest cryptocurrency in terms of trade volume, is about to implement a huge change dubbed \"The Merge\" to its platform — a change that has crypto miners shaking in their boots, Gizmodo reports. The Ethereum blockchain is about to move from a proof-of-work to a proof-of-stake model in a matter of […]" date: "2022-09-08" modified: "2022-09-08" authors: - name: "Victor Tangermann" job_title: "Senior Editor" link: "https://futurism.com/authors/victor" url: "https://futurism.com/the-byte/crypto-miners-ethereum-proof-of-stake" categories: - "Blockchain" - "Cryptocurrency" - "Ethereum" - "Future Society" tags: - "cryptocurrencies" - "ethereum" - "the digest" --- # Crypto Miners Terrified by Ethereum’s Imminent Move to Proof of Stake ![Ethereum is about to implement a huge change dubbed "The Merge" to its platform — a change that has crypto miners shaking in their boots.]() *\Image: Getty Images\* ## Stake in the Heart Ethereum, the second biggest cryptocurrency in terms of trade volume, is about to implement a huge change dubbed "The Merge" — a shift that has crypto miners shaking in their boots, [*Gizmodo* reports](). "It’s a lot of uncertainty," one miner [told *Bloomberg*]() earlier this summer. "No one really knows what’s going to happen. There are a lot of people who I think are in denial." The Ethereum blockchain is expected to move from a proof-of-work to a proof-of-stake model in less than a week, following years of delays. In simple terms, mining Ethereum will soon no longer involve a highly power hungry process that the crypto mining industry has built entire businesses around. Instead, it'll move to a model in which miners validate transactions on the blockchain through a new consensus protocol. As a direct result, Ethereum is about to become a lot [better for the planet](). In fact, "The Merge" will mean that Ethereum's energy use could soon [fall by over 99 percent]() — a big deal, considering Ethereum mining is currently using [as much electricity per year as the entirety of Bangladesh](). ## The Merge: Anarchy The clock is ticking. Ethereum miners, who have built and maintained expensive computing rigs to mine the token, have mere days to figure out how to adapt to a new reality. "As GPU miners point their hardware at other chains their difficulty will increase causing lower returns and splitting the reward amongst more miners," Andy Long, CEO of Bitcoin miner White Rock, [told *CoinTelegraph*]() this week. Other companies [like HIVE Blockchain](), a massive mining company, are turning to other currencies, *Gizmodo* reports. It's impossible to predict how crypto markets will react to the imminent merge. Will the price of ether skyrocket or plummet? Will miners flock to Ethereum Classic, a proof-of-work chain that split off from Ethereum back in 2016? Miners are likely in for a rocky ride — but that arguably doesn't matter all too much in the bigger picture, given the tangible benefits for the environment. **READ MORE:** [Ether Plans to Lose Proof-of-Work While Crypto Miners Lose Their Minds]() \[*Gizmodo*\] **More on Ethereum:** *[NSFW-Named NFTs on the Rise, Because Nothing Makes Sense Anymore]()* ## Author I've been at Futurism since 2017, where my role has evolved to encompass design, writing, and increasingly editing. I've always been fascinated by space exploration and advanced transportation, which I've leaned into by interviewing luminaries in those fields while closely following the dimensions of policy and regulation that allow next-generation projects to succeed -- or, sometimes, to fail. I'm also keenly interested in the effects of generative AI on society, policies, and democratic institutions, as well as clean energy, physics and biology, and the vagaries of tech leadership. My work for Futurism has been cited by publications including Ars Technica, Gizmodo, PC Magazine, Jalopnik, Fox News, and the New York Post. I spent my childhood living in locations including Manila, the Philippines, and Geneva, Switzerland, attended McGill University, and now live in Toronto, Canada. Before Futurism I worked at AskMen and a small photography studio. In my free time, I'm an avid gardener, foodie, and craft beer lover, as well as a maker of artisanal hot pepper sauces. I have a magnificent dog named Freida. ### Author social links [Bluesky]()