Genesis Mining and Ethereum Mining News

Currently Ethereum uses the Proof of Work concept, which means Ethereum is released gradually as a reward to miners that spent time and effort (and electricity) on finding blocks. This mining consumes energy and the developers of Ethereum have already mentioned that at some point they might switch the algorithm to the Proof of Stake concept, which, simply put, gives rewards to people who hold on to their Ethereum instead of giving reward to those that mine. When that switch happens, mining Ethereum will no longer be possible. This might occur before the end of your Ethereum mining plan, but your hashrate will not be lost! Instead, we will reconfigure the underlying hardware to mine the most profitable coin, and from then on your hashrate will be mining that other coin. Which coin will be the most profitable is impossible to say. We will decide on that when Ethereum switches from PoW to PoS.

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