- Oct 25, 2021
- Reaction score
Zcash to Change From PoW to PoS
The Zcash network currently leverages a proof-of-work mining algorithm called Equihash, which allows miners to compete in order to find new blocks on the Zcash chain. In a blog post published on November 19, ECC
Furthermore, ECC’s CTO Nate Wilcox also published a
ECC Looks Toward a ‘Reduction of Zcash’s Energy Footprint’ — Zcash-Based ASIC Miners Still Rule the Roost
ECC’s blog post further states that a PoS-based ZEC chain can contribute to the “reduction of the ZEC energy footprint.” During the course of the year, PoW consensus algorithms have received a lot of criticism concerning PoW’s effect on the environment. ECC’s roadmap post adds:
We believe the shift to proof of stake is achievable within three years if we are able to focus our time and efforts and hire additional talent.
The value per zcash (ZEC) has jumped a great deal since the news and is up 23.6% during the last 24 hours. During the initial launch, the Zcash network’s blocks were processed by miners with graphics processing units (GPUs) but during the last few years, application-specific integrated circuit (ASIC) miners have taken over.
At the time of writing, a Bitmain Antminer Z15 that processes the Equihash algorithm at 420 ksol/s gets $33.44 per day in ZEC rewards. Innosilicon’s A9++ Zmaster does around 140ksol/s and gets $8.13 per day in profit using today’s ZEC exchange rate.
What do you think about Zcash transitioning over to PoS? Let us know what you think about this subject in the comments section below.