The Ethereum network is set to eventually not need mining anymore. The question then is what happens to Genesis Mining Ethereum Contracts. The contracts currently are set for 2 years, and if Ethereum adopts Proof Of Stake (a system of verifying transactions without mining) there is a worry that the contracts end prematurely. We contacted Genesis mining regarding this issue, and here is the response:
If I buy Ethereum contract today and the Ethereum network goes full proof of stake next year. What happens to my 2-year contract
Thank you for contacting us.
The Ethereum team would like to switch to PoS for sure, however, it is uncertain if PoS is safe enough, and it is technically possible to implement. Therefore, no one knows how long it might take if it happens in the end. PoW and PoS could even be run in parallel for a while. In any case, GPUs are very flexible and can be used to mine various algorithms and coins such as XMR, ETH and ZEC. In case Ethereum actually switches to proof-of-stake, we will do our best to make the most profitable GPU-mined coins available to our customers.
Genesis Mining Customer Service
The official response establishes two things. Firstly, it points that that Ethereum will not discard the current mining system immediately. Both systems, Proof of Stake (PoS) and Proof of Work (PoW) will co-exist for a while. This means mining will still be valid and used to secure the network during the transition. More importantly, if eventually, Ethereum doesn’t use Proof of Stake entirely, Genesis Mining would allow contract owners to switch to mining other Coins. This is because the underlying hardware (Graphics processors) can be used to work different algorithms like Monero or ZCash.
Ethereum Mining Profitability