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- Ethereum Merge is troubling Crypto miners, and the Merge made mining not profitable.
- Many crypto mining firm based in Vietnam extended their concern on Ethereum Merge.
The Ethereum Merge is the most popular and historical event in crypto history. The Merge took place on 15th September 2022, and before the Merge, many believers predicted the betterment of the Ethereum blockchain.
The Ethereum Merge shifted the working principle of Ethereum Blockchain from proof-of-work (PoS) to Proof-of-stake(PoS). PoS consumes low energy in comparison to PoW.
Vietnam-based crypto miners suffered great losses after the Ethereum Blockchain shifted towards PoS. Although according to reliable data, Ethereum is the second largest and biggest cryptocurrency globally.
The adoption of PoS ultimately changed the process of minting and mining, and this new procedure does not need powerful hardware to operate. Hence, the machines are wasted, and miners are not finding the mining profitable.
Some trending phrases regarding crypto are being circulated in an online group of Vietnam crypto miners “goodbye Ethereum,” “no more chances,” and “sell off rigs.”
An English newspaper highlighted, “Given that the majority of Vietnamese crypto miners were mining Ethereum,many are in trouble.”
Ngoc Can, Administrator of a social group on crypto mining, stated, “We all knew this day will come, and we have been prepared, but some hoped ‘The Merge’ would happen later so we could mine some more.”
Further, “All mining pools have closed down so miners can no longer mine and have to turn off their rigs.” Ethermine, a renowned Ethereum mining pool, announced that it is shutting down its servers and notified miners that they would receive their pending balance in the upcoming few days.
A miner from Dong Nai said, “I started mining four years ago and expanded my farm after breaking even. I haven’t recouped my new investment and it is almost impossible to sell it.” He said many of his colleagues working in a similar field collapsed.
A miner from Binh Dinh shared his opinion: “I have spent my family savings on the mining rig. I don’t know how to recover from that. Binh was planning to mint several other coins on the PoW mechanism, but he was worried about the huge energy consumption.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
