Ethereum miners increasingly choose classic as merger approaches | bitcoinist.com

[ad_1]

The Ethereum merger is expected to go live in less than a day, which would completely transition the network from a proof-of-work mechanism to a proof-of-stake mechanism. This essentially puts Ethereum miners out of business, which means they have to find another place to move their mining machines. As always, Ethereum Classic has been there to take over as miners move their gear to the forked network.

Ethereum Classic cleans it up

With the upcoming merger, Ethereum miners had to find other places to move their mining capacity. Ethereum Classic presents an opportunity for these miners to put their equipment there. A decision that caused not only an increase in the price of the digital asset, but also a significant increase in the mining hashrate.

As Ethereum miners switch to Classic, the hash rate has jumped over 150% in just two months. This is even with a small percentage of Ethereum miners moving their businesses. However, although Ethereum Classic is a GPU-minable coin, it is impossible to completely take Ethereum’s full hash rate.

In light of this, Ethereum miners have also switched to other GPU-mined coins such as Ravencoin. Much like Ethereum Classic, Ravencoin saw its price and hashrate increase with the move, but they are still not able to take all of Ethereum’s hashrate.

Ethereum miners

ETC hashrate grows 150% | Source: Arcane Research

The dilemma for these miners comes from the fact that ETH mining equipment cannot be used to mine bitcoin. It is also assumed that all GPU-minable coins in the crypto market can only absorb 15% of the mineable power of the ETH blockchain. After that, mining becomes unprofitable for miners. It is therefore possible that the majority of ETH miners end up with millions of dollars of machines that are no longer useful for mining activities.

What happens from here?

It is impossible to fully determine what will happen to Ethereum miners after the merger. One thing that has been significant throughout the past month has been the introduction of a hard fork of the ETH proof-of-work network.

Ethereum Price Chart from TradingView.com

ETH drops to $1,591 | Source: ETHUSD on TradingView.com

With this, miners may be able to keep some of their hashrate on this bifurcated network, ensuring that they can continue to make money from mining activities while transferring some of the mining power to other networks.

It is also possible that small GPU-minable coins will grow in size due to new interest from ETH miners. This could mean that they could take a bigger chunk of the mining power, but the vast majority of the ETH hash rate will still have nowhere to go once the merger is complete.

Featured image from The Coin Republic, charts from Arcane Research and TradingView.com

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…



[ad_2]

Source link

Recent Articles

Terra Luna

Wolverine Coin

TABOO TOKEN

Crypto Heirloom

spot_img

Related Stories

Stay on op - Ge the daily news in your inbox

bitcoin
Bitcoin (BTC) $ 16,983.36
ethereum
Ethereum (ETH) $ 1,284.52
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 290.46
usd-coin
USD Coin (USDC) $ 1.00
binance-usd
Binance USD (BUSD) $ 1.00
xrp
XRP (XRP) $ 0.392773
dogecoin
Dogecoin (DOGE) $ 0.099389
cardano
Cardano (ADA) $ 0.319227
matic-network
Polygon (MATIC) $ 0.922555
polkadot
Polkadot (DOT) $ 5.62
staked-ether
Lido Staked Ether (STETH) $ 1,270.12
okb
OKB (OKB) $ 22.13
litecoin
Litecoin (LTC) $ 76.86
shiba-inu
Shiba Inu (SHIB) $ 0.000009
dai
Dai (DAI) $ 1.00
tron
TRON (TRX) $ 0.05444
solana
Solana (SOL) $ 13.69
uniswap
Uniswap (UNI) $ 6.12
avalanche-2
Avalanche (AVAX) $ 13.25
chainlink
Chainlink (LINK) $ 7.55
leo-token
LEO Token (LEO) $ 3.82
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 16,999.68
cosmos
Cosmos Hub (ATOM) $ 10.28
ethereum-classic
Ethereum Classic (ETC) $ 19.71
monero
Monero (XMR) $ 145.88
the-open-network
The Open Network (TON) $ 1.77
stellar
Stellar (XLM) $ 0.088278
bitcoin-cash
Bitcoin Cash (BCH) $ 110.87
quant-network
Quant (QNT) $ 129.42
algorand
Algorand (ALGO) $ 0.245369
crypto-com-chain
Cronos (CRO) $ 0.064632
filecoin
Filecoin (FIL) $ 4.61
near
NEAR Protocol (NEAR) $ 1.73
apecoin
ApeCoin (APE) $ 3.91
vechain
VeChain (VET) $ 0.019331
hedera-hashgraph
Hedera (HBAR) $ 0.049029
internet-computer
Internet Computer (ICP) $ 4.29
flow
Flow (FLOW) $ 1.11
terra-luna
Terra Luna Classic (LUNC) $ 0.000181
elrond-erd-2
MultiversX (Elrond) (EGLD) $ 43.64
eos
EOS (EOS) $ 0.943111
frax
Frax (FRAX) $ 1.00
trust-wallet-token
Trust Wallet (TWT) $ 2.43
the-sandbox
The Sandbox (SAND) $ 0.605371
tezos
Tezos (XTZ) $ 1.03
aave
Aave (AAVE) $ 65.28
theta-token
Theta Network (THETA) $ 0.915343
chiliz
Chiliz (CHZ) $ 0.171243
huobi-token
Huobi (HT) $ 6.85
lido-dao
Lido DAO (LDO) $ 1.11
chain-2
Chain (XCN) $ 0.040428
true-usd
TrueUSD (TUSD) $ 1.00
bitcoin-sv
Bitcoin SV (BSV) $ 42.00
axie-infinity
Axie Infinity (AXS) $ 6.97
decentraland
Decentraland (MANA) $ 0.422255
paxos-standard
Pax Dollar (USDP) $ 1.00
usdd
USDD (USDD) $ 0.989323
bittorrent
BitTorrent (BTT) $ 0.00000070434671
pancakeswap-token
PancakeSwap (CAKE) $ 3.99
kucoin-shares
KuCoin (KCS) $ 6.55
aptos
Aptos (APT) $ 4.93
tokenize-xchange
Tokenize Xchange (TKX) $ 7.80
fantom
Fantom (FTM) $ 0.242294
zcash
Zcash (ZEC) $ 46.22
gemini-dollar
Gemini Dollar (GUSD) $ 1.00
iota
IOTA (MIOTA) $ 0.21348
klay-token
Klaytn (KLAY) $ 0.194128
compound-usd-coin
cUSDC (CUSDC) $ 0.02274
whitebit
WhiteBIT Token (WBT) $ 4.85
maker
Maker (MKR) $ 643.31
ecash
eCash (XEC) $ 0.00003
gatechain-token
Gate (GT) $ 3.62
dash
Dash (DASH) $ 46.07
neo
NEO (NEO) $ 6.97
osmosis
Osmosis (OSMO) $ 0.994196
pax-gold
PAX Gold (PAXG) $ 1,786.77
the-graph
The Graph (GRT) $ 0.065079
arweave
Arweave (AR) $ 9.40
btse-token
BTSE Token (BTSE) $ 2.83
gmx
GMX (GMX) $ 54.27
compound-ether
cETH (CETH) $ 25.79
mina-protocol
Mina Protocol (MINA) $ 0.570555
tether-gold
Tether Gold (XAUT) $ 1,737.97
cdai
cDAI (CDAI) $ 0.022149
curve-dao-token
Curve DAO (CRV) $ 0.644002
havven
Synthetix Network (SNX) $ 1.74
ethereum-pow-iou
EthereumPoW (ETHW) $ 3.82
thorchain
THORChain (RUNE) $ 1.35
radix
Radix (XRD) $ 0.040378
rocket-pool
Rocket Pool (RPL) $ 20.08
ethereum-name-service
Ethereum Name Service (ENS) $ 13.95
nexo
NEXO (NEXO) $ 0.644169
basic-attention-token
Basic Attention (BAT) $ 0.237393
frax-share
Frax Share (FXS) $ 4.88
zilliqa
Zilliqa (ZIL) $ 0.023087
immutable-x
ImmutableX (IMX) $ 0.476324
binaryx
BinaryX (BNX) $ 128.88
blockstack
Stacks (STX) $ 0.251928
1inch
1inch (1INCH) $ 0.50419