News: Nearly 80% of Ethereum miners go offline after the merger

More than 80% of Ethereum miners opted to give up after the merger.

Due to the post-merger effect, Ethereum Classic’s hash rate dropped by nearly 48%.

According to data from crypto mining pool 2Miners, 8 out of 10 Ethereum mining pools were offline after consolidation. The site notes that miners shut down their systems after the hashrate spike caused many networks supporting EtHash miners to become unprofitable.

Ethereum miners

As a miner of Ethereum Classic, TheCrowbill said: “I’m mining at a loss, and it could last for a while.” On September 15, 2022, the transition on the Ethereum network removed Proof of Work (PoW) miners from the network and replaced them with Proof of Stake (PoS) validators. In addition, the move reduced Ethereum’s energy consumption by 99.8 percent and prompted miners to unplug about $5 billion worth of mining hardware.

Ethereum Classics

According to data provided by 2miners, Ethereum Classic fell 47.6% from its highest point of 307 TH/s on the day of the “merge”. It must be noted that Ethereum Classic ranks third in the Proof of Work network, behind Bitcoin and Dogecoin.

According to CoinMarketCap, Ethereum’s classic native token ETC, currently trading at $27.26, is down 8.24% in the last 24 hours.

News: Nearly 80% of Ethereum miners go offline after the merger

Source: Ethereum Classic Chart, CoinMarketCap

The chart above clearly shows the price performance of ETC for one month. We can see a decline in its trading price after the merger, and it is still a downward performance.

Ergo is the chain with the second largest inflow of hash power after Ethereum Classic, and its hash rate soared 590% on the merger day by 234 TH/s.

Posted by:CoinYuppie,Reprinted with attribution to:
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