The Merge May Cause ETH Miners To Go Broke; Is It Too Late To Reconsider?

• Ethereum is experiencing difficulties after a problem with the Merge just on the way currently. 
• This time, the problem is with ETH miners. There are some people among miners who think the shift to Proof-of-stake (PoS) can be dangerous for them.

A miner group named Chandler Guo is attempting to not make the Proof-of-Work mechanism dead. He thinks that it will be a hard time for miners when the shift will occur. The main reason behind this is a “multi-billion” world will disappear in one night.

In spite of the fact that what anybody says, the Ethereum Foundation continues to be positive about the shift. As per the Ethereum Foundation, this move will cut off its power utilization of blockchain by 99.95%. This is a shift that will make this technology more attractive and environmentally friendly.

Moreover, Guo has stated that miners who are the “largest investors of this community” are being departed from this business. Guo further added that he has an idea that critics like him are swamped with many significant crypto companies like OpenSea, Tether, and Circle that are all backing The Merge.

Ethereum on the spotlight again

Justin Sun, Founder of the Tron ecosystem, trusts that Ethereum should carry on with the PoW framework. He said in a webinar that Ethereum is leading into an uncharted region. Therefore, this demonstrates to be a catastrophic growth given how it becomes “the base of the crypto world.” 

So, Sun thinks the Merge shift will approve, basically. He elaborated,

“We are 99% sure that it will be a successful launch.”

As per the data provider CoinMarketCap, At the time of writing, Ethereum was trading at $1,725 after witnessing a slight hype of 1.5% on the last day. This is good news for investors as they witnessed Ethereum break the $1,700 fight one more time. Ethereum now received more than 11% this week.

The Market Value Realized Value (MVRV) Ratio has answered likewise on the chart as per the Santiment. At the time of writing, the MVRV Ratio is currently in the green zone. This clearly means that the profit of the trader has entered the green zone once again, just after being in the red zone.

In spite of this, Ethereum’s transaction volume has remained low. As of now, there are over 16.62 billion transactions, according to Santiment.

Considering Ethereum has the largest ecosystem in the crypto industry, this number remains respectable. Nevertheless, the volume did increase as the Merge talks gained momentum in September.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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