2 years ago
The Ethereum Merge was an incredibly anticipated upgrade, with bully reason. It not lone drastically accrued the fig of transactions that the web could handle, but it besides greatly diminished the vigor depletion of the network. However, Ethereum miners person recovered themselves arsenic collateral harm successful the upgrade arsenic determination is nary longer a request for their highly specialized mining hardware. Given this, ETH miners person had to find alternatives for this hardware.
The Great ExodusIn little than 1 hour, Ethereum miners, who had been 1 of the astir important parts of the network, had recovered themselves obsolete. With the determination from impervious of enactment to impervious of stake, determination was nary longer a request for highly blase machines arsenic the web present makes usage of validators to corroborate transactions.
Now that the Merge is complete, Ethereum miners are incapable to excavation the cryptocurrency and person alternatively moved to different GPU mineable tokens. This exodus from the Ethereum web has sent the miners into the arms of networks specified arsenic Ethereum Classic and Ravencoin.
ETH falls to $1,500 | Source: ETHUSD connected TradingView.comEthereum Classic has proven to beryllium a earthy destination for the miners since it is simply a fork of the archetypal ETH network. As for Ravencoin, the squad had been pushing hard to onboard displaced ETH miners to its network. This determination has seen involvement summation successful some networks and has triggered monolithic maturation successful some successful specified a abbreviated time.
Ethereum Classic, Ravencoin Hashrate SoarAt the clip of this writing, it has lone been a mates of hours since the Ethereum Merge was completed, but determination are already monolithic changes happening crossed the market. As displaced ETH miners determination into different coins specified arsenic Ethereum Classic and Ravencoin, some networks person seen their hashrate soar.
In the past 24 hours alone, the hash complaint has much than doubled crossed some networks. Ethereum Classic had already been signaling accelerated maturation since the day for the Merge was announced. On Wednesday, its full hash complaint had sat astir 52 TH/s, but by the aboriginal hours of Thursday, the hash complaint had grown to much than 102 TH/s.
The same is the lawsuit for Ravencoin during this time. Similar to Ethereum Classic, its hashrate is up much than 100%, rising from astir 7.4 TH/s connected Wednesday to much than 14 TH/s connected Thursday, aft peaking astatine 14.8 TH/s.
However, contempt the determination to these networks, it is inactive not capable to accommodate the full mining powerfulness of ETH. Experts estimation that each GPU mineable coins volition lone beryllium capable to sorb 15% of the full ETH hash complaint earlier mining the coins halt being profitable.
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