The Merge Coming Nearer
The Merge is anticipated to be implemented on the Ethereum blockchain in a little more than a month, forcing the network’s proof-of-work (PoW) miners to mine a different coin. As earnings have risen, it appears that Ethereum miners will continue to use the PoW Ethereum chain until the very end. Many members of the cryptocurrency world are attempting to predict where the hashrate will go following The Merge transition, even though Ethereum will modify the consensus ruleset.
During a broadcast of the Consensus Layer Call on August 11, 2022, Ethereum developers informed the community that The Merge will probably take place between September 15 and 16. According to Ethereum co-founder Vitalik Buterin, who verified this the next day, The Merge will most likely occur on September 15. The terminal total difficulty has been calculated to be 58750000000000000000000. As a result, Buterin claims that there are currently only a predetermined number of hashes left to mine on the Ethereum PoW network.
Miners’ Shift to Ravencoin
Since then, everyone has been curious as to where the existing Ethereum hashrate will go when the switchover occurs. Although there has always been a lot of conjecture, not everyone believes that the majority of the ETH hashrate will switch to Ethereum Classic or ETC. Supporters of cryptocurrencies believe that their chain will gain more security in addition to the projected ETHW fork that is anticipated to occur, which very likely might use a small portion of the ETH hashrate. Additionally, we are not sure how much hashrate the ETHW possible proof-of-work fork will receive following The Merge.
Numerous miners will migrate to ravencoin when Ethereum mining comes to an end next month. The next two years are very important for RVN. However, to yet, there have been no notable migrations from the Ethereum network to any Ethash blockchains like RVN and ETC.
The ETH network had one big hashrate decline, which began on June 6. According to statistics, the ETH chain received 1.23 petahashes per second (PH/s) or 1,230 terahashes per second (TH/s) on that day. According to the statistics, the network has lost about 230 TH/s, although none of the blockchains that support Ethash have witnessed a hash accumulation of this size.
Source: https://www.thecoinrepublic.com/2022/08/17/eth-providing-huge-profits-to-the-pow-miners-now-the-merge-is-coming-close/