Eight out of 10 Ethereum miners appear to have gone offline after The Merge, in response to information from 2miners, a website monitoring the hash rate of Proof of labor networks.
Data exhibits that many miners are opting to turn off their hardware after soaring hash rates rendered many networks supporting EtHash miners unprofitable.
Mining at a Loss
«I’m mining at a loss,» TheCrowbill, an Ethereum Basic miner, advised The Defiant on Sept. 27. «Probably will stay that way for some time.»
Ethereum’s chain-merge on Sept. 15 dropped Proof of labor miners from the network in favor of Proof of Stake validators. The transfer reduced Ethereum’s vitality consumption by 99.8% and prompted miners to unplug an estimated $5B worth of mining hardware.
Sifu Resurfaces with New Money Market Protocol
Controversial Entrepreneur Forks Lending Venture From Aave
Ethereum Traditional and the newly forked ETHW chain promised to take on numerous Ethereum’s former miners. However questions arose as to whether the networks could help a large influx of hash charge with out their miners being pressured to function at a loss.
The hash price of Ethereum Traditional, which was tipped to be the highest refuge for Ethereum miners, is down 47.6% since peaking near 307 terahashes per second (TH/s) on the day of The Merge, according to 2miners. Ethereum Classic’s And so on token has skidded 4.7% in the last seven days compared to a 0.5% uptick for Ethereum, in response to CoinGecko data.
Regardless of the pull-back, the network’s hash rate is still up 52% compared to when The Defiant last spoke to Ethereum Classic miners and reported EtHash miners could anticipate destructive income for validating the chain.
With $4B in market cap, Ethereum Classic is the third-ranked Proof of work network behind Bitcoin and Dogecoin — neither of which can support EtHash mining hardware.
Hashing Energy
Ergo was the chain that loved the second best influx of hashing energy after The Merge behind Ethereum Traditional, with its hash price spiking 590% to 234 TH/s on merge-day. However, no surprise, the chain’s profitability plummeted, driving most of its newly accumulated hash rate to abandon the chain.
Ergo’s hash fee is now just 25.9 TH/s, its lowest stage since Sept. 13. Ergo is the 19th-ranked PoW network by market cap with $161M.
ETHW, the Proof of labor Ethereum fork launched by miners on Sept. 16 can be failing to be a refuge for Ethereum miners. Its hash charge instantly spiked to 79.Four TH/s, however then grinded right down to a local low beneath 28 TH/s on Sept. 23.
Whereas its hash fee has since picked up to 45 TH/s, the community nonetheless appears sick-suited to assist Ethereum’s miners. It generates $144,500 value of rewards each day.
Mining Rewards
Although the network is host to only 5% of the hash rate on Ethereum prior to The Merge, mining rewards are equal to only 0.7% of those issued by Ethereum before The Merge — suggesting an 86% drop in revenue.
ETHW is the seventh-largest PoW network by market cap with $1.2B.
Ravencoin is the one Proof of labor network supporting EtHash to retain its post-merge, probably as a result of network’s rewards adjusting as its hash price will increase and decreases.
«RVN has a smooth difficulty adjustment, so it did handle the inflow just wonderful,» Tron Black, the president of the Ravencoin Basis told The Defiant. Black added that the network’s problem adjusts every minute.
Ravencoin’s hash rate is now 16.Eight TH/s after pulling back about a quarter from its put up-merge excessive. Ravencoin is the tenth ranked PoW community with a $444.4M market cap.