The Ethereum network’s 2.0 transition has pushed the protocol to become one of the largest staking networks in the world with 1,683,905 ether locked into the contract worth $1 billion today. According to reports from China, while proof-of-work ethereum miners have two years left to mine the leading crypto asset, ten Chinese mining rig manufacturers are reportedly racing to create a next-generation ether mining rig.
The Ethereum 2.0 project has become one of the biggest proof-of-stake (PoS) networks worldwide but while people can stake, miners still have two years to leverage ASIC mining via proof-of-work (PoW).
According to etherscan.io stats, the ETH 2.0 contract has 1,683,905 ether locked up which is equivalent to more than $1 billion USD using today’s exchange rates. This week, regional reports from China disclose that ten mining rig manufacturers are allegedly “speeding up” development for a new type of ethereum miner.
The reason for the rush to build a next-generation ethereum miner is because of the limited time left PoW will be available. Financial columnist Vincent He said that an ethereum mining rig called the “E7” was produced by Bitmain in July 2020. According to reports at the time, the E7 produced 800 megahash per second (MH/s).
However, there was never any mass production of the E7’s sales even though monitored data had shown the miners were operating in the wild. A new miner being discussed and speculated upon is called the “E9” miner and Vincent He says that theoretically, the E9 has twice the performance speeds of the E7.