Ex-Ethereum Miners Token bound to be active after the Merge

The situation of miners post Merge is in very bad condition.
Thousands of miners along with their equipment are now left with no work.

Ethereum Merge made the world difficult for miners to survive. At present, miners have to settle for less as compared to the time when they were into mining. In September 2022, the Merge was launched in which the proof of work consensus mechanism was shifted to the proof of stake model.

Despite the advantage that due to proof-of-stake, the energy consumption will be reduced by 99.99%, thousands of miners along with their equipment are now left with no work. Also, it was the prime source of income for the majority. As a consequence, less than 20% of miners were able to secure their place in crypto mining but also had to settle for less.

Talking about altcoins, it pays less for the work done by miners as compared to ether or bitcoin. Also, the miners with good machines which are cost-effective are eligible for mining altcoins.

Soon after the Merge was launched, miners of altcoins immersed a token leading to more difficulty and finally leaving the network. However, many of the miners mined until the very last minute till possible. But, some of them were still confused about what to do further once the Merge takes place.

Majority of miners had plans and they knew what to do, some of them were remodeling their GPUs for artificial intelligence and cloud computing, but many individual miners had to proceed instinctively as per the results and circumstances instead of going through the rules or plans.

The hope of miners

A representative for mining software provider Hiveon stated that “after the proof of stake came into force, miners were very desperate with majority of them beating from token to token trying to be advantageous as possible. However, as a consequence it resulted in vicious cycle in which miners drenched a market till they were pressurized too abolish it.

Talking about the hashrate of Ethereum Classic, it plunged about quadruplicate from September 12 to 16 during the time of Merge to about 200 terrahash second. The difficulty level has also multiplied from that very factor.

As same as the aforementioned trends, it was apparent for mining ravencoin (RVN), beam (BEAM) and ergo (ERG).

GPU miners are now shifting towards ravencoin as Ethereum Classic is mostly led by application- specific integrated circuits (ASIC), the computers only used for bitcoin mining. Also, many of them are anticipating for a bull market and have kept their machines hoping that the value of coins will rise in the coming days or years.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing