Displaced ETH Miners Seek Refuge In Ethereum Classic, Ravencoin
September 15 2022 - 1:02PM
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The Ethereum Merge was an incredibly anticipated upgrade, with good
reason. It not only drastically increased the number of
transactions that the network could handle, but it also greatly
diminished the energy consumption of the network. However, Ethereum
miners have found themselves as collateral damage in the upgrade as
there is no longer a need for their highly specialized mining
hardware. Given this, ETH miners have had to find alternatives for
this hardware. The Great Exodus In less than one hour, Ethereum
miners, who had been one of the most important parts of the
network, had found themselves obsolete. With the move from proof of
work to proof of stake, there was no longer a need for highly
sophisticated machines as the network now makes use of validators
to confirm transactions. Related Reading: Here’s Why $80 Billion
Was Wiped Off The Crypto Market Now that the Merge is complete,
Ethereum miners are unable to mine the cryptocurrency and have
instead moved to other GPU mineable tokens. This exodus from the
Ethereum network has sent the miners into the arms of networks such
as Ethereum Classic and Ravencoin. ETH falls to $1,500 | Source:
ETHUSD on TradingView.com Ethereum Classic has proven to be a
natural destination for the miners since it is a fork of the
original ETH network. As for Ravencoin, the team had been pushing
hard to onboard displaced ETH miners to its network. This move has
seen interest increase in both networks and has triggered massive
growth in both in such a short time. Ethereum Classic, Ravencoin
Hashrate Soar At the time of this writing, it has only been a
couple of hours since the Ethereum Merge was completed, but there
are already massive changes happening across the market. As
displaced ETH miners move into other coins such as Ethereum Classic
and Ravencoin, both networks have seen their hashrate soar. In the
last 24 hours alone, the hash rate has more than doubled across
both networks. Ethereum Classic had already been recording
accelerated growth since the date for the Merge was announced. On
Wednesday, its total hash rate had sat around 52 TH/s, but by the
early hours of Thursday, the hash rate had grown to more than 102
TH/s. Related Reading: Bitcoin ETF Inflows Returns After Abysmal
Phase The same is the case for Ravencoin during this time. Similar
to Ethereum Classic, its hashrate is up more than 100%, rising from
around 7.4 TH/s on Wednesday to more than 14 TH/s on Thursday,
after peaking at 14.8 TH/s. However, despite the move to these
networks, it is still not enough to accommodate the total mining
power of ETH. Experts estimate that all GPU mineable coins will
only be able to absorb 15% of the total ETH hash rate before mining
the coins stop being profitable. Featured image from Forkast,
chart from TradingView.com Follow Best Owie on Twitter for market
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