Influence of Ethereum merging on the ETH miners?

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Influence of Ethereum merging on the ETH miners

Crypto miners of both Bitcoin and Ethereum are still struggling regardless of the crypto winter. The revenue produced by Ethereum miners outshined that of Bitcoin miners, as per the 2022 record. But all that sounding growth might come rushing down very soon. There’s a rising concern that the next merge will be putting Ethereum miners out of their places. This could be tracked to the effect of the cryptocurrency’s merge on the network’s mechanism of operations.

Mining of Bitcoin had been witnessing higher rates of revenue in comparison to those generated through Ethereum mining, as per the records dating 18 months back. Ever since the set of events has been flipping steady in favour of ETH miners. The extreme gain in the revenue generated through the mining of ETH is a result of the versatility of its ecosystem.

Although, there have been events occurring that might change the facts now and can cost the jobs of ETH miners. All of it is in relation to the upcoming Ethereum Merge. This merge would focus on seeing the successful integration of Beacon Chain and Ethereum Mainnet. With this objective being achieved, it will trigger the shift of the ETH network to Proof-of-Stake (PoS).

Influence of Ethereum merging on the ETH miners (1)

ETH miners are aware the Merge completion will put an end to ETH mining. Plus, every transaction performed on the ETH network will be consumed by validators. After the merge, these validators will be rewarded for every effort they make based on the status-quo of the PoS blockchain.

Even though ETH miners can opt to migrate to Bitcoin mining, there is this problem with the idea, which would affect the mining systems of both assets. On a side, ETH miners utilise GPUs to perform their process of mining; BTC miners, on the other hand, use ASIC to perform the same. And this basically would be the problem of compatibility to face.

At the conclusion of the Ethereum Merge, ETH miners will just be left with one choice, and that is to obtain a minor portion of their last amount before the merge. Plus, they will no longer be able to have their GPUs, as they will have to sell them away.

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