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American company Luxor launched a mining pool of Ethereum

American company Luxor launched a mining pool of Ethereum

The mining company expects to mine the second most capitalized cryptocurrency, saying it will be the dominant method of creating digital coins this year. 

As noted in the Luxor press release, the new mining pool runs on a new strategy, Miner Extractable Value. It allows optimizing the process and getting rewarded for the mined blocks in Bitcoin, not Ethereum.

The company has also launched the formation of a lobbying group that will promote the idea of leaving Ethereum running on the Proof-of-Work (PoW) consensus. Under this consensus, new coins can only be created by mining. However, due to recent environmentalist pressure, another consensus mechanism, Proof-of-Stake, which suggests issuing digital coins to validators, has been gaining popularity. 

Recall that Luxor has launched a trading system for new and used mining equipment since early 2022. According to their statement, they work with major miners, including such as Hut 8 and Hive Blockchain.

Related info:

What is mining? 

In simple terms, mining means providing the power of one's computer equipment to form a chain of blocks in a particular blockchain, writing transactions in that blockchain. In return for participating in this process, the miner, namely, the owner of the equipment, gets remuneration in coins of the blockchain with which the miner works. In other words, serving the Bitcoin network, the remuneration will come in BTC, for example, and the Ethereum network, the remuneration comes in ETH. Read more about mining here

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