Why do we need to mine POS coins?

[metalbean]

Isn't proof of stake distributing coins based on claiming it? Then why do we still need to mine coins like ETH?

Thanks in advance for the answers

[fraggyb]

Isn't proof of stake distributing coins based on claiming it? Then why do we still need to mine coins like ETH?

Thanks in advance for the answers

ETH isn't POS yet.

[QuintLeo]

Current plans from the ETH devs is that ETH won't even START moving to POS 'till the end of the year - and it's going to phase POS in across multiple stages.

 At THIS point and for a few more months, ETH is still 100% a PoW coin.

[metalbean]

I had people telling me not to start getting into mining back in April 2016 because Eth was going to be PoS by the summer.

No one actually knows when it will transition (if ever), except the developers, so just enjoy Eth as a PoW coin for now

Interesting, and I read somewhere that it's gonna be PoS end of the year

[DaMut]

I had people telling me not to start getting into mining back in April 2016 because Eth was going to be PoS by the summer.

No one actually knows when it will transition (if ever), except the developers, so just enjoy Eth as a PoW coin for now

Interesting, and I read somewhere that it's gonna be PoS end of the year

And you will hear it again in the next year,
Do not believe a rumor or an article without an accurate evidence,they won't do it in these days because a lot of problem happened with their system and also sometimes their wallets in some exchangers had a problem.like shapeshift.io in a week ago or two,
Plus if they move it to POS is not it make their value decrease?

[syrne]

@kryptonite13

Eth will move to POS by year end.  I have read that in numerous forums.  If you think that may be a more feasible option for you, consider your the weight of your wallet compared to whats out there. I would start mining eth today, get a decent bankroll and sit on it until PoS phase 1.  

There are some assets aside from eth to look at if your GPU mining. like MAR a uber shiz coin. goes for .04 mBTC (currently) however you can both PoW mine this and PoS mine this.  

I would stick to Eth if thats your primary interest though, maybe diverse into tokens when Visa picks that up.

Good luck!

[carlisle1]

@kryptonite13

Eth will move to POS by year end.  I have read that in numerous forums.  If you think that may be a more feasible option for you, consider your the weight of your wallet compared to whats out there. I would start mining eth today, get a decent bankroll and sit on it until PoS phase 1.  

There are some assets aside from eth to look at if your GPU mining. like MAR a uber shiz coin. goes for .04 mBTC (currently) however you can both PoW mine this and PoS mine this.  

I would stick to Eth if thats your primary interest though, maybe diverse into tokens when Visa picks that up.

Good luck!

still have some talks about this transition and I'm sure it will be update by the team if ever that its will really change to PoS,  a lots of miner will
lose their investment if ever or lessen the profits if ever they will change what they going to mine, so lets hope for the best.

[QuintLeo]

ETH devs have announced plans to go POS "by" a certain timeframe a few times - and *SO FAR* that timeframe has been pushed back every time, usually by flaws being found that needed fixing, and one time by the big fork and related problems due to the DAO disaster that led to the split between ETH and ETC.

 The "current" announced plan is to start phasing in PoS over a period of time in multiple steps, starting with a "1% PoS" step somewhere in December (I'm not 100% sure it was December, but definitely end of year timeframe).

 It remains to be seen if this announced timeframe actually happens, but it IS the "current" plan.