PoW Miners Rake in Profits Mining ETH Until the End, Ethash Networks Expect a Boost, JPMorgan Strategists Say ETC Could Benefit – Mining Bitcoin News

In just over a month’s time, The Merge is likely to be implemented on the Ethereum blockchain and the network’s proof-of-work (PoW) miners will be forced to mine another coin. It seems that the profits of ethereum miners have increased and they will stick with the PoW Ethereum network until the last. Although Ethereum is expected to change the consensus rulesets, many members of the crypto community are trying to predict where the hashrate will be after The Merge transition.

The Crypto Community Wants to Know Where Ethereum Miners Will Go After the Merge — There’s a Myriad of Different Theories

Ethereum developers informed the community during Consensus Layer call livestream on August 11th, 2022 that The Merge would most likely take place between September 15th and 16th. The Merge will likely take place on September 15, according to Vitalik Buterin (ETHC co-founder). “The terminal total difficulty has been set to 58750000000000000000000. This means the ethereum PoW network now has a (roughly) fixed number of hashes left to mine,” Buterin said.

The question that everyone is asking since then has been where will the Ethereum hashrate go when the transition occurs. There’s always been a lot of speculation that most of the ETH hashrate will move to Ethereum Classic (ETC), but that’s not everyone’s opinion. The ETHW Fork, expected to occur, could very well take a fraction ETH havehrate. There are also crypto coin enthusiasts that might be interested in it. expectThey will have additional security on their chain. We also don’t know how much hashrate the potential proof-of-work Ethereum fork called ETHW will get after The Merge.

A supporter for the crypto asset ravencoin project (RVN), believes that RVN will see a boost. “If there has ever been a time to own ravencoin, it’s right now,” he said. “Thousands of ethereum miners will be moving to ravencoin due to the end of mining next month for [Ethereum]. The next 2 years is huge for RVN.” So far, however, there’s been no meaningful transitions from the Ethereum network to any Ethash blockchains like RVN and ETC.

The ETH network suffered a significant hashrate loss on June 6, when it experienced its first drop. According to statistics, the ETH network experienced a 1.23 petahash (PH/s), or 1,230 terahash (TH/s) on June 6. According to the data, approximately 230 trillion hash has been lost from the network. But none of Ethash supported blockchains have experienced an accumulation this large of hash.

Ethereum Miners Are Seeing Bigger Profits by Sticking With the Chain Until the End — JPMorgan Strategists Think Ethereum Miners Will Face Shifts, Ethereum Classic Could Benefit

It is still profitable to mine ETH compared to alternative Ethash support chains. Data shows that Bitmain’s Antminer E9 gets an estimated $60.55 per day with electrical costs at $0.12 per kilowatt hour (kWh). Bitmain’s machine is 2,400 megahash per second (MH/s), and Innosilicon’s A11 Pro with 1,500 MH/s can get an estimated $34.53 per day with energy costs at $0.12 per kWh. A number of the most prominent ETH mining pools also mine the ETC Chain. Some of ETH’s top miners also contribute hashrate to Ravencoin’s 2.31 TH/s and Ergo’s 11.95 TH/s.

With profits like these and the new Antminer E9 released during the first week of July, it’s more than likely that miners mining ether will stick to the ETH chain up until the very end. ETC saw a slight spike in July 2022 when the network was expanded by 7.12 TH/s. While ETH suffered a loss of 230 TH/s on July 4, 2022. JPMorgan’s recent weekly fund flows note, published on Wednesday, explained that The Merge transition could become volatile for ETH miners and ETC may reap the rewards. ETC’s July spike was noted by JPMorgan. Additionally, the weekly fund flow note also highlighted alternate crypto assets such as ravencoin or ergo that utilize Ethash.

How do you feel about The Merge? Will miners have to decide in just 32 days whether to choose an Ethash-supporting blockchain or not? Please comment below to let us know your thoughts on this topic.

Jamie Redman

Jamie Redman is the News Lead for Bitcoin.com News. He also lives in Florida and works as a journalist covering financial technology. Redman joined the cryptocurrency community in 2011 and has been an active participant ever since. Redman is passionate about Bitcoin and open-source codes. Redman is a prolific writer for Bitcoin.com News, with over 5,700 articles on the most disruptive protocols currently in development.