Banking giant JPMorgan thinks that Ethereum (ETH) miners will focus on Ethereum Classic (ETC) after the Merge update, which is expected to take place in September.
As it is known, the Ethereum network is currently Proof of Work It works with the (Proof of Work) mechanism. Due to this mechanism, miners operating on the Ethereum network approve transactions on the network with high-end graphics cards and earn Ethereum as a “reward” in return. However, it is planned to take place in September. The Merge after update this system will change completely and instead Proof of Stake The (Proof of Stake) system will come.
After Proof of Stake started active on the Ethereum network, it is already mining equipment with thousands of dollars invested and two options for its facilities will emerge; miners or They will turn off their devices and put them on the market at second-hand prices. or can make a profit they will turn to coins that work with other PoW system.
According to a research report published by JPMorgan on Wednesday, Ethereum miners will be following this radical change in the network. Ethereum Classic It seems likely that they will continue to trade on it. But in addition to this, miners can also use Ethereum Classic as well as Ravencoin, ergo coin They have alternatives as well.
Yet it seems In terms of profit margin most attractive option is ETC and already in increases above ETC difficulty level priority of miners It shows us that it is in this direction. Additionally, in the report, mining devices on the second hand market It is also stated that an inevitable increase will be observed.
The difficulty level of Ethereum Classic mining has reached an all-time high at 31.44 TH/S.
Ethereum mining difficulty level has broken down after years of rising, and it seems likely that this decline will continue rapidly as September approaches.
He also spoke at the Ethereum conference held last July. Vitalic Buterineallows miners to continue their transactions on Ethereum Classic. most reasonable option had stated.