In just 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. So far, it looks like Ethereum miners are sticking with the PoW Ethereum chain until the very end as profits have increased. While Ethereum will change the consensus rules, a large number of crypto community members are trying to predict where the hash rate will go after the merge transition.
The Crypto Community Wants To Know Where Ethereum Miners Will Go After The Merger – There Are A Myriad Of Different Theories
On August 11, 2022, Ethereum developers told the community during the Consensus Layer Call livestream that the merge is likely to occur on or around September 15 to September 16. The next day, Ethereum co-founder Vitalik Buterin confirmed that the merge is likely to take place on 15 September. “The terminal total difficulty is set at 58750000000000000000000. This means that the Ethereum PoW network now has (almost) a certain number of hashes left to mine,” Buterin Told,
Since then, everyone has been asking the question of where the current Ethereum hash rate will go once the transition occurs. There has always been a lot of speculation that the majority of ETH hashrate will move to Ethereum Classic (ETC), but this is not everyone’s opinion. In addition to what is expected to be a proposed ETHW fork, which could very well take a fraction of the ETH hashrate, and there are crypto coin supporters who expect His chain will get extra protection. We also don’t know how much hash rate a potential proof-of-work Ethereum fork called ETHW will get after The Merge.
A proponent of the crypto asset project Ravencoin (RVN) hopes to give a boost to the RVN network. “If there has ever been a time to own Ravencoin, it is now,” he Told, “Thousands of Ethereum miners will move to Ravencoin as mining ends next month [Ethereum], The next 2 years are huge for RVN. However, so far, there has been no meaningful change from the Ethereum network to any of the Ethash blockchains such as RVN and ETC.
The ETH network experienced a significant hash rate and it started on 6th June. Statistics show that on that day, there was 1.23 petahash per second (PH/s) or 1,230 terahash per second (TH/s) dedicated to the ETH chain. , Data shows that around 230 TH/s have left the network, but none of the Ethash-backed blockchains have seen an accumulation of hashes of this magnitude.
Ethereum Miners Seeing Big Profits By Sticking To The Chain Until The End – JPMorgan Strategists Think Ethereum Miners Will Face Shift, Ethereum Classic Could Benefit
This is because it is still very profitable for mining ETH compared to alternative Ethash subsidiary chains. Data shows that Bitmain’s Antminer E9 generates an estimated $60.55 per day and costs $0.12 per kilowatt hour (kWh) of electricity. Bitmain’s machine is 2,400 megahash per second (MH/s), and Innosilicon’s A11 Pro can achieve an estimated $34.53 per day with 1,500 MH/s, with an energy cost of $0.12 per kilowatt hour. Currently, a large number of top ETH mining pools also mine the ETC chain. Some of the top ETH miners contribute hash rates to Ravencoin’s 2.31 TH/s and Ergo’s 11.95 TH/s.
With such profits and the new Antminer E9 released during the first week of July, it is more than likely that mined mined Ether will stick to the ETH chain until the very end. While ETH lost 230 TH/s, on July 4, 2022, ETC saw a small spike when 7.12 TH/s was added to the network since that time. A recent weekly fund flow note from JP Morgan published on Wednesday noted that merge transitions could be volatile for ETH miners and ETC rewards. The investment bank noted that ETC saw a spike in July, and the weekly fund flow note also highlighted alternative crypto assets that use Etash such as Ergo and Ravencoin.
What do you think about The Merge and how miners will need to make a choice in 32 days when it comes to choosing the Ethush supporting blockchain? Let us know what you think about this topic in the comment section below.
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