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- Over 80% of the Ethereum miners gave up after the Merge.
- As the post-merge effect, the hash rate of Ethereum Classic dips by almost 48%.
According to a crypto mining pool, 2Miners, eight out of ten Ethereum miners became offline after the merge. The website indicates that the miners turned off their systems after soaring hash rates offered many networks supporting EtHash miners unprofitable.
Ethereum Miners
An Ethereum Classic miner, TheCrowbill stated that “I’m mining at a loss, Probably will remain that way for some time.” The transition on the Ethereum network on September 15, 2022, dropped proof-of-work (PoW) miners from the network in favor of proof-of-stake (PoS) validators. Additionally, this move cut down the energy consumption of Ethereum by 99.8% and prompted miners to unplug an estimated $5 Billion worth of mining hardware.
Ethereum Classic
As per the data sourced by 2miners, Ethereum Classic is down 47.6% since its highest point of 307 terahashes per second (TH/s) on ‘The Merge’ day. It must be noted that Ethereum Classic ranked third on the Proof-of-Work network, just behind Bitcoin and Dogecoin.
While as per CoinMarketCap, the native coin of Ethereum Classic, ETC is currently trading at a price of $27.26 USD with a down of 8.24% in the recent 24 hours.
The above chart clearly shows the one-month price performance of ETC. We can see the drop in its trading price after the Merge, which is still performing downward.
However, Ergo was the chain that enjoyed the second greatest influx of hashing power after The Merge Just behind Ethereum Classic, Ergo is the second greatest influx of hashing power with its hash rate spiking 590% to 234 TH/s on merge-day.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She 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. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
