Crypto Miners Peer to Alternative As Ethereum Merge Completed

Crypto Miners Peer to Alternative As Ethereum Merge Completed
  • Vietnam, which has the highest crypto miner facing huge losses.
  • Ethereum Classic (ETC) experienced a surge in hashrate.

Ethereum (ETH), the second-largest cryptocurrency by market capitalization converted from the Proof of Work (PoW) mechanism to the Proof of Stake (PoS) mechanism on September 15. Following that, Vietnam’s cryptocurrency miners faced significant losses with their mining equipment as it turned off, as per the recent report. 

According to recent survey statistics, almost 21% of Vietnamese consumers reported using or mining cryptocurrency, second only to Nigeria at 32%. But following the Merge upgrade, crypto miners faced huge losses.

Crypto Miner Started Looking for Alternatives 

The amount of energy required to validate transactions is greatly decreased through the Ethereum protocol upgrades. Powerful coin minting equipment is no longer required to carry out challenging mathematical computations due to the adoption of the new Proof of Stake (PoS) consensus process, making this equipment all worthless.

Many Ethereum miners intended to continue mining with a well-known faction headed by Chandler Guo to create ETHPoW (ETHW). Currently, ETHPoW is traded at $5.42, ETHW is down 27.82% in the last day as per the CoinMarketCap.

However, before ETHPoW, there was EthereumFair (ETF originally ETHF) which is focusing on Ethereum’s proof-of-work consensus. But compared to EthereumPoW, EthereumFair has received a tiny fraction of the attention. And EthereumFair is run by a group of Chinese miners. 

The block explorer for EthereumFair shows that ETF has 1.8 million wallet addresses and 6.9 million total transactions. According to CoinMarketCap, ETF traded at $4.64, down 41.93% over the last 24 hours. Besides ETHPoW tokens maintained 86.3 million addresses and recorded 1.7 billion total transactions.

Moreover, according to 2miners.com, Ethereum Classic, which was forked off of Ethereum in 2015, experienced a surge in hashrate as a result of the merge. ETC’s current hashrate is 192.09 TH/s and the highest hashrate is 227.95 TH/s, which is recorded on the Merge day (September 15). 

Ethereum classic hashrate (Source: 2miners.com)

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A journalism graduate who is passionate about writing loves to dance and travel currently starts exploring blockchain technology.