Ethereum Mining Pool Flexpool Halts All Services to Russia in Wake of Ukraine Invasion
The pool is possibly the first of its kind to cut services to Russian users.
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Feb 25, 2022 at 10:38 a.m. UTC
Feb 25, 2022
After the Ethereum Merge, the Ethereum network transitioned from proof-of-work (PoW) to proof-of-stake (PoS) consensus mechanism, fundamentally changing how Ethereum mining works. In this new system, "mining" is replaced by "staking," where validators participate in securing the network by locking up (staking) a certain amount of Ether (ETH). These validators are chosen to create new blocks and validate transactions based on the amount of ETH they stake and other factors. This process requires significantly less energy than PoW mining and aims to enhance network security and scalability. Validators earn rewards for their contributions, but they risk losing a portion of their stake if they act maliciously or negligently.