Ethereum Miners Migrated To These Altcoins After Merge!

Ethereum With the successful transition to the Proof of Stake consensus protocol, miners can altcoins Had to call.

Ethereum developers have long advised miners to switch to other Proof of Work projects like Ethereum Classic.

Before Merge, there was considerable social activity on Proof of Work-based Blockchain networks. On the other hand, a White House report on energy use indicated that the US government would have to restrict mining due to excessive energy use.

The report recommended a limit or ban on crypto mining, particularly energy-inefficient methods. The White House has mentioned its restrictions on high-energy-intensity consensus mechanisms, such as the Proof of Work method.

Ethereum Miners Turn To These Altcoins

After Ethereum switched to the new consensus mechanism, miners turned to a few other projects. However, there are not many altcoin options that ETH miners can pass through. Among the alternatives, Ethereum Classic, Ergo and Ravencoin stand out.

According to a Forbes report, these projects make more sense given their mining capacity and rewards. So, on the day the Merge was successfully completed, this cryptocurrency units saw a huge increase in hash rates.

The hash rate is the total computing power that cryptocurrencies use to mine and process transactions. This indicates the speed of mining on the Blockchain network.

Miners’ Income Decreases

Hash rates on Ethereum Classic, Ravencoin, and Ergo altcoins increased by 124%, 98%, and 146%, respectively, following the completion of Ethereum Merge on September 17.

However, the mining capacities on these networks only support a small fraction of what Ethereum had to offer before Merge.

While the hash rate for Ethereum before the merger was around 867 (TH/s), these three networks only offer 28% of that. Also, with the increase in miner traffic on these networks, profits decreased compared to pre-Merge levels.

*Not investment advice.