Dogecoin Could Switch to Proof Of Stake, Impacting Mining Industry
• Rumors have surfaced that Dogecoin may switch from proof-of-work to proof-of-stake, which could have major ramifications for the mining industry.
• If Dogecoin does switch, Scrypt mining could be devastated due to the large percentage of DOGE mined. This could lead to miners having to unplug their non-L7 miners, and a decrease in network difficulty.
• ASIC manufacturers could also be affected if Dogecoin switches, as they could have to adjust their product lines to account for the change.
The recent rumors that Dogecoin may switch from proof-of-work to proof-of-stake have sent shockwaves throughout the cryptocurrency mining industry. This potential shift could have major implications for miners, as well as ASIC manufacturers.
If Dogecoin does switch to proof-of-stake, it could have serious consequences for Scrypt mining. This is because DOGE accounts for over 60% of the revenue from Scrypt mining. Should Dogecoin switch, this could mean that miners would have to unplug their non-L7 miners that are not connected to $0.04-per-kilowatt-hour electricity. This could also lead to a decrease in network difficulty.
ASIC manufacturers could also be affected if Dogecoin does shift to proof-of-stake. This is because they would have to adjust their product lines to account for the change. For example, Bitmain has supposedly paused the manufacturing of both Litecoin and Dogecoin miners. This could have an impact on their bottom line, as they rely heavily on these products to make a profit.
In the end, it is still unclear whether or not Dogecoin will switch to proof-of-stake. However, it is important to be aware of the potential ramifications should the change take place. Miners and ASIC manufacturers should be prepared for any potential shift, as it could alter the landscape of the cryptocurrency mining industry.