Major Mining Pool F2Pool Votes ‘Yes’ For the Implementation of ProgPow on Ethereum
China-based crypto mining pool F2Pool announced support for the ProgPow (Programmatic Proof-of-Work), the ASIC resistance upgrade for the Ethereum network on Thursday as the vote on Ethereum’s potential mining algorithm change has been on-going for three days.
The ProgPow, a change to Ethereum’s Proof of Work (PoW) algorithm,is designed to minimizes the efficiency gap between GPU miners and specialized ASICs. Developed by the team known as IfDefElse, the algorithm utilizes almost all parts of commodity hardware (GPUs), and is pre-tuned for the most common hardware used in the Ethereum network.
F2Pool, currently the fourth largest mining pool for Ethereum with roughly 11% of hashrate, voted ‘yes’ on the vote asking “ whether or not you support the ProgPow”, which is advocated on Twitter by Hudson Jameson, who handles handles developer relations at the Ethereum Foundation.
At press time, 73.2574% of Ethereum (nearly 525392 ETH ) vote in favor of the ProgPow upgrade, according to data from ProgPoW CarbonVote. In addition to F2Pool, Ethereum’s largest mining pool Ethermine supports this proposal too, while other major pools such as Sparkpool and Nanopool haven’t voted. It’s unclear how long this vote is to last. Although the vote result is not a binding or finance say in whether Ethereum will adopt the ProgPow, it is a strong indicator of the community’s attitude towards the issue.
Ethereum wants to avoid the problem of the high levels of centralization faced by the Bitcoin network which favors ASIC miners, therefore the community intends to adopt the ASIC resistant upgrade.
According to F2Pool, implementing the ProgPow on dedicated ASIC mining rigs will not significantly improve the the computational efficiency, making them less competitive against GPU miners. With the ProgPow, GPU miners have larger possibilities to compete against ASIC miners.
However, some Ethereum developers are still worried that the implementation of ProgPow is unable to lead to a more decentralized network. Ethereum core developers held a meeting on February 1 and decided to postpone the deployment of ProgPow upgrade in favor of waiting until the algorithm is audited by a third party. So far, it is still uncertain what will happen with the ProgPow and its implementation.