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One of the major ethereum mining pools, Ethermine, has announced that it will stop mining ETH on the Proof-of-Work (PoW) algorithm. On September 15, after the Ethereum merge, the pool will switch to ETH withdrawal mode.
The press release states that the reverse timercountdown will be available on the control panel. Users will be able to continue mining Ethereum until the timer reaches zero. To receive the remaining ETH, miners will need to initiate a payout from the toolbar on their page.
Ethermine said that customers will be able to requestpayout if their balance exceeds 0.005 ETH. In doing so, the transaction fee will be deducted from the user's unpaid balance. The pool emphasized that it would not support the proposed EtherPoW fork or “any planned PoW fork.”
“ETH mining phase will end on September 15, 2022of the year. After this date, it will not be possible to mine ether on the Ethereum network using graphics cards (GPUs) or ASICs. After the completion of the Proof-of-Work mining phase, the Ethermine pool will switch to ETH withdrawal mode,” the press release reads.
Recently, the American cryptocurrency exchange Coinbase announced that it will temporarily suspend deposits and withdrawals of ETH and ERC-20 tokens during the transition of Ethereum to the Proof-of-Stake (PoS) algorithm.