Developers say the move away from a proof-of-work (PoW) system will make the network much cheaper, faster and environmentally friendly. It will also mean the end of an income stream for Ethereum miners, who are rewarded with ether (ETH) tokens for supplying resources to the blockchain. Miners produced over $620 million worth of ether in July alone, data show, making The Merge akin to a death knell for a significant chunk of cash.
Source: https://www.coindesk.com/business/2022/08/05/justin-sun-backs-ethereum-hard-fork-as-merge-approaches/?utm_medium=referral&utm_source=rss&utm_campaign=headlines