Ethereum Closes Security Hole with Energy-Saving Update

Interesting example of Security problem.

Ethereum Closes Security Hole with Energy-Saving Update

By New Scientist,May 26, 2023.

Running an Ethereum node allows a user to create transactions and broadcast them across the network without relying on a third party.

An update rolled out by the Ethereum cryptocurrency reduced the energy needed to produce it by 99.99% by transitioning from "proof of work" to "proof of stake," and also fixed a security flaw in the Go Ethereum software used to run Ethereum nodes.

Massimiliano Taverna at ETH Zurich in Switzerland explained that combining the attacks would have reduced the required computing resources to launch the attacks to only 5 graphics processing units.

Ethereum Classic developers patched the vulnerability after being notified by the researchers, but the researchers said the Ethereum POW cryptocurrency has not been updated.

From New Scientist

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Ethereum Mining Going Away

As I understand it, this seems like a very big deal.  Miners out of work.  Will this decrease its security? 

Ethereum Mining Is Going Away

In Bloomberg:  Olga Kharif; David Pan, June 16, 2022

Ethereum mining could end soon due to "the Merge," leaving as many as 1 million miners out of a source of income. The Merge (expected to occur in August, though it has been pushed back several times already) involves a shift from the proof-of-work model, which uses a significant amount of computing power and energy, to the proof-of-stake model to record transactions. The alternative model will slash the Ethereum network’s power consumption by about 99%, but also will put miners out of work. Following the Merge, some Ethereum miners plan to mine other coins that require graphics processing units, like Ethereum Classic or Ravencoin, or to use their equipment for rendering (an aspect of digital video production) or machine learning tasks.  .... '