Nvidia is one of the most important companies for mining networks such as Ethereum (ETH). Nvidia’s graphics cards form the basis of GPU-based mining in Ethereum and similar networks, and it is known that there has been a shortage in this regard lately.
Ethereum (ETH) Gains the Trust of Famous CEO
In the previous statements made by Nvidia, it was stated that a series of changes would be made to reduce the demand of miners and increase the opportunities for those who buy graphics cards to really play games. The first element that Nvidia cited as an example of these changes was the reduction of the hash power of the graphics cards.
Nvidia CEO made a very interesting statement after these statements of the company and revealed that he actually supports Ethereum. In a statement on the subject, Nvidia CEO Jensen Huang stated that he supports the Proof-of-Stake based network, which is seen as the new version of Ethereum.
Ethereum Proved Its Reliability
Huang emphasized that Ethereum is seen by many as a reliable, proven and future-proof network. Stating that many people trust the Ethereum network for DeFi or other things, Huang also stated that there could be no better time for Proof-of-Stake to come.
“Excited about Proof of Stake? The answer is yes! I think the demand for Ethereum has risen to such a high level that I think it would be nice if someone could do it with an ASIC device or come up with another method.”
The alternative and non-ASIC device-based method that the CEO stated is known as Proof-of-Stake. Mining in the Ethereum network will be completely finished with this development and the transition to Ethereum 2.0 will be made. It may take more time than the end of 2021 to complete the process started this year.