Where do Ethereum miners go when they can’t mine Ethereum anymore? It’s a question that many people are curious about, and if everything goes according to plan, Ethereum’s The Merge is expected to occur in late September, transitioning from proof-of-work (PoW) to proof-of-stake (PoS) and will force the network mining industry which research firm Messari estimates is worth as high as 19 billion dollars Had to find another way to make money.
An alternative to the mining pool is the redirection to Ethereum Classic that emerged from the 2016 hard fork, when last month the Ethereum Classic ETC token price rose 150% and its market capitalization as of August 4th. July is estimated at $5 billion.
However, many miners have signaled a variety of ways to adapt after Ethereum’s The Merge finishes.
For example, AntPool, a mining pool affiliated with mining giant Bitmain. Last month, it announced it had invested $10 million in app development for Ethereum Classic, while Ethermine, the largest Ethereum mining pool, announced the beta of its EtherMine staking pool service.
Then there are rumors that Chinese Ethereum miners will hard-fork or make major changes to the network to protest The Merge, but the chances of that happening and success are slim.
Luxor Technology, a bitcoin mining software provider, has recently invested in Ethereum mining, although there is a possibility that a change is coming, Luxor co-founder and chief operating officer Ethan Vera said: Although there are concerns But at present there is not enough testing of PoS changes.”
“The chances of a failed Merge are zero. This is a serious concern for those who invest in Ethereum,” Vera said.
Vera didn’t say whether Luxor saw Ethereum Classic as a better alternative. It only said it would coordinate with partners to determine how the mining practices will change. If the switch to PoS is successful
Hive Blockchain (HIVE), the first publicly traded miner. Speaking about the challenges facing Ethereum in the post-The Merge era, when asked if Ethereum Classic will bring more value to miners, Aydin Kilic, president and chief operating officer of Hive, said: “This will It depends on the use case of Ethereum Classic.”
“Currently, about 95% of decentralized finance projects are on the Ethereum blockchain and if NFT projects and DeFi developers realize that blockchain proof-of-work layer 1 like Ethereum Classic is the safest place for their projects, then it would be the safest place for their projects. We expect to see more applications on Ethereum Classic,” Kilic said, adding, “We believe there is still real value in the coin. proof-of-work With a broadly decentralized ecosystem, Ethereum Classic could become so if the Merge happens.”
Where will Ethereum miners move when they can’t mine ETH anymore? appeared first on Bitcoin Addict.