How are you all? I hope everyone is doing well, Today I will try to learn more about Ethereum mining, So let's start without delay, So first let's learn more about Ethereum, There is no limit to the specific supply of Ethereum, which means we can say unlimited supply, That means Ethereum coins will be created completely like Bitcoin through mining and staking, Ethereum and Bitcoin supply are opposite, For example, after Bitcoin 21 million mining is completed, mining will stop completely, But Ethereum can be mined for life, Now the first question that may come to your mind is, Then Ethereum coins will come more to the market, and the price will decrease further in the future! This is a misconception, like Bitcoin, Ethereum coins also undergo halving, The mining speed is gradually decreasing, It will decrease a lot in the future, We all know that Ethereum mining is Proof Of Work (POW) and Bitcoin mining is done through this consensus mechanism,
And this mechanism is very expensive,
That means a lot of electricity is consumed,
In the past year 2023, about 90 terawatts of electricity was consumed all over the world just by Crypto Currency Mining,
With which the entire Bangladesh will be using electricity for 15 months continuously,
And that is why Crypto Mining is banned in various countries,
Because it consumes a lot of electricity, as a result of which there is a shortage of electricity in the country and then problems like load shedding are suffered,
That is why to solve so many problems, Ethereum POW (Proof of Work) came to POS (Proof of Stake) mechanism,
POS is the cryptocurrency network
The consensus mechanism that is usually used to ensure the validity of blogs and transactions created uses a method called staking,
In detail, this means that those who hold Ethereum can verify the transactions of their Ethereum coins and create blocks by staking a part of them,
The advantages of POS,
The electricity cost is much lower, using POS does not consume a huge amount of electricity for Ethereum mining,
On the other hand, where the POW mechanism uses thousands of computers a day, POS (Proof Of Stake) consumes much less energy,
Many people think that ethereum did not come with the POS (Proof Of Stake) mechanism, this is actually a misconception, Ethereum came with a technical upgrade called The Merge in September 2022, which reduced the size of the network, and it became effective after The Merge was launched,
However, in some cases, Pos (proof of stake) may take some more time to be fully effective,
And this The upgrade will make the Ethereum blockchain more advanced, scalable and secure,
So I hope everyone understands that I'm ending this here today, everyone stay well
0.000 SRY