Ethermine Set to Stop Mining Services for Ethereum Network

The biggest Ethereum mining pool in the world, Ethermine, won’t continue to provide services for the anticipated PoW splits when the Ethereum network converts to proof-of-stake (PoS).

On Thursday, the Ethereum network is scheduled to change its consensus mechanism, doing away with the requirement for miners. Some members of the community had suggested that the network fork in order to keep employing the PoW technique of transaction validation. However, according to a message on the pool’s website on Wednesday, Ethermine chose not to “provide a dedicated mining pool for any of the upcoming Ethereum PoW splits.”

PoW mining won’t be feasible on Ethermine after the move because “all Ethermine stratum servers will be shut down,” according to the pool, and the pool will change to withdrawal-only mode. Users of Ethermine can mine Ethereum Classic on other associated servers. Additionally, users will be able to mine ravencoin (RVN), ergo (ERGO) and beam (BEAM).

According to Mining Pool Stats, Ethermine is the biggest Ethereum blockchain mining pool in the world.

Lido Finance Declines as ETH Merge Approaches

Bears gained control of the price of Lido Finance (LDO), reporting double-digit losses after making significant gains last month. As of the time of writing, LDO was down about 10% over the previous 24 hours and was trading at $1.78. Over the previous month, it too lost more than 40% of its worth.

Due to delayed staking demand and conflicting predictions for the Merge, the token had been in a rise steadily before the event but has lost steam since mid-August. Since that time, its price has moved in a narrow range. However, a lot of industry insiders think that the Merge may eventually turn into a “sell the news” event, prolonging its downward path.

The most well-known supplier of Ethereum 2 staking-as-a-service is Lido. According to a recent Nansen analysis, Lido really accounts for 31% of all ETH invested.

Statistics also show that Lido has, on behalf of its consumers, put more than 4.14 million ETH into the Ethereum 2.0 smart contract.