OKEx Pool, one of the major miners of five proof-of-work cryptocurrencies , is ready for the switch to Ethereum 2.0. The new version of the Ethereum network , planned for the near future, is still in the testing phase. 

Alysa Xu, Chief Strategy Officer at OKEx , commented for Coingape:

“Recognizing that I have become one of the first mining pools connected to the Topaz ETH 2.0 test network , with the help of Prysmatic Labs. We are firmly convinced that OKEx Pool, as the main financial products intended for miners, would help miners manage their price risk and their expected cash outflows via staking in the coming days. More so, it would greatly enrich the adherence of users to our OKEx ecosystem . " 

The Ethereum 2.0 Topaz testnet attracted the OKEx pool as one of its supporters. Topaz went online on April 15, 2020, with the support of Prysmatic Labs. OKEx Pool immediately joined Prysmatic, becoming one of the testnet validators. After the launch of Ethereum 2.0, OKEx Pool should launch immediate access to ETH staking for smallholders.

Ethereum 2.0 on the way to launch in July

Based on current readiness levels and testnet performance, the launch of Ethereum 2.0 is planned for the first half of 2020. Most developers expect the new staking mechanism to be ready before July. This will move the current Ethereum network from mining via GPU cards or specialized machines, and to full staking. This means that blocks on Ethereum 2.0 will be produced by validators, with a minimum bet of 32 ETH .

Currently,   OKEx Pool has 151 active miners, for a total hashrate of more than 27 GH / s, on more than 192 TH / s for the entire Ethereum network . After the launch of a staking mechanism, OKEx can start offering rewards for storing ETH in exchange or pool portfolios.

The Topaz network has continued to invite partners as validators in recent weeks. The increase in the number of validators shows hopeful support for the possible launch of the main network. Having more validators means a more secure network, with no entity capable of achieving consensus. Ethereum 2.0 will aim to preserve all the functionality of the old network, including tokens, distributed applications and decentralized financial organizations. Publicity

Is Ethereum Mining still profitable?

Mining, however, remains a possibility of earning ETH or other proof of stake. ETH coin extraction has remained stable over the past few months, allowing both large pools and small operations to continue to earn block rewards. The transition to Ethereum 2.0 also means a dynamic environment for miners, who will have to constantly reassess their profitability. 

Ecosystems like Coinfly   have optimized data mining information in situations such as the transition to Ethereum 2.0. Coinfly has successfully passed through several Ethereum rigid forks and can offer a smooth assessment of profitability. The service but the pool is available for all types of equipment, offering easy switching between different assets. Coinfly also operates its own high performance Ethereum mining pool with nodes on Microsoft Azure for seamless work and PPS + payments with 0% fees. The minimum payment is 0.05 ETH , payments are made every 24 hours.

The most stable, safe and profitable PPS Etherium pool. The nodes are in Microsoft Azure. Today we offer an outstanding opportunity to exploit free with 0% commission, low payment limits, no registration, etc . 

Coinfly, unlike NiceHash, does not depend on the power of the rented computers. Instead, the service aims to send mining back to any computer or machine owner. Mining accelerated for Bitcoin before the halving and for the last few weeks of Ethereum's proof of ownership . For this reason, tracking profitability and moving to the most profitable algorithm is a unique feature available through Coinfly. Their service aggregates extraction for small and large parts, some of which are accessible for CPU extraction.

Ethereum 2.0 will pose new challenges to block creators. Instead of investing in electronics, potential validators will need to hold a certain amount of ETH tokens in a process called staking. At current prices, the ETH is just above $ 200, a base bet of 32 ETH would cost more than $ 6,400. Staking parts will also require reliable partners. 

How will OKEx Pool support help launch Ethereum 2.0?

The OKEx pool can become one of these partners, potentially extending Ethereum 2.0 block rewards to small owners. The announcement of the inevitable upgrade to Ethereum 2.0 is also helping to raise ETH market prices , as tokens will find increased demand for staking. With a limited supply of 110 million ETH , some tokens will be blocked in staking, while others will remain blocked in decentralized financial organizations. Falling traffic and increasing demand will create an additional shortage of ETH . 

In addition, Ethereum 2.0 will generate far fewer new tokens. The expected rewards will be reduced to around 2 million per year, compared to 4.7 million per year. Ethereum has reduced its block reward over the past few years, in an effort to phase out mining. The launch of Ethereum 2.0 is now expected to gain more supporters and popularity, as one of the biggest crypto events for 2020.