Less than a day after the merger, Ethereum Miners Abandon Ship

Less than a day after the merger, Ethereum Miners Abandon Ship

Less than 24 hours after the merger, Ethereum miners desert their ship. According to CoinDesk, Ethereum miners are migrating to other coins, which has a negative impact on mining profitability.

The second-largest blockchain network in the world changed its consensus mechanism from proof-of-work to proof-of-stake on September 15.

The decision, according to CoinDesk, was made to increase efficiency and reduce energy use. The “Merge” is the name of the software upgrade

Less than 24 hours just after Merge, according to Ben Gagnon, chief mining officer of bitcoin miner Bitfarms, GPU mining is dead.

According to Ben Gagnon, chief mining officer of bitcoin miner Bitfarms, via Twitter, the only currencies making a profit have no market size or liquidity.

Just hours after the Merge, the hash rate—the amount of computer power—used to produce PoW cryptocurrencies like Ravencoin and Ethereum Classic quadrupled. The difficulty also rose at the same moment, making it less probable for miners to successfully mine a block.

The price of Ethereum Classic fell from roughly 70 cents to about 11 cents in a day, according to information from Minerstat. According to Ethan Vera, chief operating officer of mining services provider Luxor Technologies, too many ETH miners shifted to ETC.

Even using modern hardware at about $3 per hour is currently not profitable on ETC. According to Ethan Vera, executive officer of mining services provider Luxor Technologies, that power price is far less than what American homes spend and even what industrial customers like bitcoin miners pay in some regions of the nation.

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