Ethereum has successfully executed its Merge, which has changed its proof of work to evidence of stake modality. However, the Ethereum Miners left high and dry due to the changeover can shift to platforms that still use the proof of work modality, like the Ethereum Classic. The internet was alive with buzz about the future of miners who had to look for alternate options. The issue is gaining even more importance with the release of a White House report on energy usage. The report indicts mining which uses vast amounts of energy, and the US government will curtail such mining.
The report also goes on to suggest that the government must set a limit on the energy consumption of such mining hubs. The Proof Of Work method is a highly energy-intensive process and is one of the biggest reasons for the Ethereum changeover to POS consensus.
Ethereum Miners Shift To These Cryptocurrencies
Post the Ethereum Passover; miners are shifting en masse to other platforms. Miners depend upon a few blockchains — Ethereum Classic, Ergo, and Ravencoin and as per a report by Forbes, such projects offer better alternatives with better mining capabilities and rewards. Hence, on the day The Merge was accomplished, these cryptocurrencies saw a massive surge in hash rate. Hash rate is a benchmark related to the total computational power used by cryptocurrencies to mine and process transactions. This indicates the speed of mining on the blockchain network.
Miner Profits Tank
The Ethereum Merge was completed on September 17, but post Merge, there has been a massive surge in Hashrates on Ethereum Classic, Ravencoin, and Ergo. On Ethereum, the Classic hash rate has surged by 124%, Ravencoin by 98%, and Ergo by146%.
It must be remembered that the mining abilities of these networks are just a fraction of the skills of the Ethereum platform before the Merge. Hash rate for Ethereum post the Merge was around 867 (TH/s). While all three networks combined offered only 28% of it. Moreover, with enhanced miner traffic on these networks, profits have decreased compared with pre-Merge levels.