Ethereum 2.0 is coming, where will POW miners go? ETH chip mining machines are competing for the top spot, and the Lemon Miner is born!

What is Ethereum 2.0?

Ethereum 2.0, also known as ETH 2 or "Serenity", is the next major upgrade to the Ethereum blockchain.

Since the birth of Ethereum, the development team has planned four development stages for it, namely Frontier, Homestead, Metropolis, and Serenity.

What is different about Ethereum 2.0?

Compared with 1.0, 2.0 mainly introduces two improvements: PoS (Proof of Stake) and Shard Chains.

For miners, the biggest difference between Ethereum 2.0 and Ethereum 1.0 is that it will adopt the "Proof of Stake (PoS)" mechanism to replace the currently used "Proof of Work (PoW)" mechanism.

To illustrate: Imagine Ethereum 1.0 is a busy road with only one lane in each direction, meaning that in times of congestion, all vehicles have to crawl through at a slow speed.

Ethereum 2.0 will introduce sharding, which will have the effect of turning the blockchain into a highway with dozens of lanes, all of which will increase the number of transactions that can be processed concurrently.

The impact of Ethereum 2.0 on existing miners

Some are happy while others are worried. Ethereum’s transition to PoS means that the income of PoW miners will gradually decrease until they can no longer earn any income.

You should know that the launch of Ethereum 2.0 must reach at least stage 1.5, which will take about two years of waiting, and it will take even longer to fully switch to PoS after the launch, so there is no need to worry too much.

First of all, we know that ETH 1 is a PoW chain that miners have always participated in, and ETH 2 is Ethereum 2.0 with PoS consensus. After ETH 1 and ETH 2 merge, ETH 1's PoW mining will stop, and the entire Ethereum network will complete the consensus upgrade.

The expected time for the merger of the two chains is in phase 1.5.

At that time, we will enter Phase 0 of the main network, but due to the development process, any economic activities of Ethereum will still run on ETH 1, and the underlying consensus will still be completely determined by PoW mining.

The complete change from ETH 1 to ETH 2 requires completing the blockchain witness mechanism, modifying the current Ethereum virtual machine, and converting the data structure from hexadecimal to binary. This is equivalent to changing from a consensus bottom layer to one of the shards closer to the user layer, and the workload involved is by no means as simple as we imagine.

In addition to the consideration of the mining income of miners, the more practical question is whether the ETH 2 code can safely take over the existing DeFi projects with a locked value of more than 13 billion US dollars. The transition of wallets, exchanges, stablecoins and many infrastructures will take more time.

Until all this happens, Ethereum still needs PoW mining to support the smooth operation of this system.

How long can miners continue to mine?

In fact, miners are not only facing the problem of mining machines. As Ethereum 2.0 is getting closer, miners will also be nervous. How long can they continue to mine? In the process of transitioning from PoW to PoS, how can they obtain the greatest value?

During the PoS conversion process, it may run in parallel with PoW for a period of time before switching. No one knows the specific time and cycle, and the official progress is not certain. However, for miners, once the switch or partial switch occurs, it will definitely have a huge impact on their income.

From the perspective of miners, they cannot get any value, because miners mine and protect the network through computing power. When the Ethereum network transitions to the PoS stage, PoW miners are no longer needed. The current benefit to miners is that the ETH in their hands will bring some changes to the price of the currency as the throughput capacity of the Ethereum network increases and the economic model is iterated, but for the miners themselves, this is not a good thing.

"Miners will be concerned about the sustainability of POW mining, so they should be cautiously optimistic. From the recent decline in machine prices, it can be seen that they are not likely to blindly increase their chips. The machine upgraded from 4G to 8G can still mine for 4 years. Rome was not built in a day. The ETH beacon chain only supports the Staking function. The Phase 1 sharding will be launched in 2021. After the launch, it can only be run on a trial basis, and transfers and smart contracts are still not supported. The new virtual machine eWASM in Phase 2 and the supporting smart contracts and cross-shard transfers will take a long time to achieve. ETH2.0 will not affect PoW miners in the next few years. The eventual replacement of PoW requires ETH2.0 to be successful enough. During this period, miners with large video memory and chip supercomputing mining machines can enjoy the increase in revenue after the decline in the computing power of the entire network for a period of time. The first phase of ETH2.0 will attract a certain amount of ETH to lock positions, which will be more beneficial to these miners.

Shenzhen Jiquan Electronic Technology (Jinhe Cloud Storage) and Lemon Technology jointly launched the Lemon series of mining machines, the first batch of two specifications of computing power mining machines, Lemon L3 and Lemon L6.

Advantages of Lemon Miner

Of course, there are many advantages, including shortened payback period, high daily return rate, more valuable machines, high equipment residual value rate, and more energy saving.

Currently, the Lemon Miner is firmly ranked first in the yield ranking of the F2Pool mining machine.

Lemon Miner FAQ

Q Lemon Equipment Details

: The video memory is 8G, which is the same as the mainstream graphics cards on the market, eliminating the trouble of upgrading the video memory later. The power supply configuration is 10A and the power consumption is 2100W. The ETHASH algorithm has a computing power of 1600M

Q: What are our advantages compared to ASIC chip machines?

:Compared to ASIC, we use FPGA chips. Our advantage is that we can flexibly switch between multiple currencies, and FPGA has residual value.

Q What is FPGA?

FPGA devices are a kind of semi-custom circuits belonging to application-specific integrated circuits. They are programmable logic arrays. FPGAs can be infinitely reprogrammed, and loading a new design only takes a few hundred milliseconds. For details, please refer to https://baike.baidu.com/item/FPGA/935826?-aladdin

QWhy can the chip be upgraded with a computing power package?

:The chip architecture uses FPGA and has an ARM module inside. It can be understood as a smart phone microsystem. Together with the ROM on the control board, it can implement OTA program push upgrades. The device can not only be updated remotely, but also locally transmitted and updated through the LAN, which has higher transmission efficiency.

QIn addition to ETH and ETC, when will the software for other currencies be developed? What kind of guarantees are there?

: The computing version uses FPGA. At present, all algorithms based on EH1 station ~ can be developed in theory, but the chain based on ETH is not very valuable except ETC. The development also includes some currencies developed with reference to ETH, such as CKB (no need to replace the computing version. The control board needs to be replaced). As long as the algorithm uses video memory, our computing version has an advantage, but similar to BTC and LTC, there is no advantage. It can be understood that as long as GPU can do it, FPGA can also do it. Subsequent customized algorithms need to be developed as appropriate according to market orders.

QHow to compensate for the computing power if the delivery is delayed for more than 60 days?

AIf the current delivery period exceeds 60 days, the user can provide a miner wallet address, and our own machine will cut a portion of the computing power to the user for computing power compensation until the customer receives the equipment.

Mining machine warranty period

: The current warranty period for mining machines is one year. We are very confident in the mining machines we produce, so our warranty period is one year.

Mining machine reservation and delivery time

At present, our test mining machine has been running stably for more than three months. The test data can be viewed through the Spark Mining Pool. The mining pool link is: https://www.sparkpool.com/miner/sp_gang127/data?currency=ETH

Subaccount: sp_gang127

Mass production can now be carried out at any time, and we can assemble, produce and ship the products after the chips arrive.

For details, please contact Zhian: BTC1850