The ETH developers are discussing to bring Ethereum Improvement Proposal in motion. This proposal is aimed at improving the proof-of-work algorithm. It would reduce the incentive distributed to mine Ethereum via ASICs.
Known simply as ‘ProgPoW’, the proposal is for the current hashing algorithm that closes the efficiency gap available to specialized ASICs when compared to GPUs. One of the core developers, Hudson Jameson, believes that ProgPoW will be implemented unless there are any major problems found when testing it on the testnet.
The proposal presents an algorithm that is tuned for commodity GPUs and reduces the advantages specialized ASICs have in mining on the Ethereum network.
In the race of refining ASIC to Mine Ethereum
Motivation for the EIP to reduce the competitive advantage ASICs have over GPUs comes after it was observed that chip manufacturers such as Bitmain and Canann Creative, are constantly refining their ASICs to mine ETH more efficiently. Those supporting ProgPoW believe that implementing it will slow down this race to create the most efficient ASIC as well ass providing more even distribution of blocks for miners using GPUs.
The proposal will also increase security on the ETH network as it moves to a Proof of Stake algorithm.
ProgPoW contributor, Mr. Else, explained to The Block how the EIP plans on reducing this advantage.
ETHhash ASICs on market can be about 2x better… the ones on the market right now that use DDR4 are [marginally better].. the DDR6 base ETHhash set to launch will be ~2x better than any [chips] existing…but ProgPoW takes that 2x down to 1.1x – 1.2x.