Ethereum Core Devs greenlight ASIC-resistant update, but launch timeline still uncertain

Quick Take

  • The Ethereum Core Development meeting pushed forward an ASIC-resistant Ethereum proposal, “ProgPoW,” on Friday
  • ProgPoW aims to curb the commercial ASIC chip arms race by minimizing the marginal benefit of mining with ASICs vs GPUs
  • According to ProgPoW contributer, new Ethereum-focused ASIC chips set to launch this year could widen reward benefit to ~2x that of GPU devices; ProgPoW reduces that benefit to 1.1 – 1.2x
  • The timeline for ProgPoW implementation is uncertain, with client teams set to explore realistic implementation schedules for the next development call 

Friday’s Ethereum Core Dev Meeting agenda discussed the approval of a proposal to update the current Ethereum hashing algorithm. The proposal, referred to as ProgPoW, aims to reduce the incentive to mine ETH with ASICs — a specialized mining chip — by optimizing GPU efficiency and minimizing the gap between ASICs.