2 years ago

The switch in underlying software protocols to mint https://thenewstack.io/as-blockchain-hype-fades-developers-give-ethereum-a-serious-look/ is rendering mining equipment obsolete, and companies running server farms are now repurposing the hardware for artificial intelligence and https://thenewstack.io/web3-architecture-and-how-it-compares-to-traditional-web-apps/ applications. Ethereum recently switched over the cryptocurrency validation system to “proof of stake,” which replaces the older “proof of work” system, which became unsustainable as the energy consumed by the process became a strain on electric grids.

Ethereum’s transition to proof-of-stake has affected companies that made massive investments in server farms dedicated to mining cryptocurrency.

One such company is https://hut8mining.com/, which is pivoting its Ethereum mining hardware to run Web3 applications.

https://bit-digital.com/ — which dedicated its server farms to mining Bitcoin — in an SEC filing this month said it would diversify into validation Ethereum and the proof-of-stake system.