Ethereum miners continue down a difficult path leading to the long-awaited ETH merger. Here’s a quick look at how famous miners handle this ticking (ticking) bomb.
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ETH miners will soon be replaced by point-of-sale validators, which could reduce the consumption of the ETH network by 99%. Needless to say, the profits of the miners involved will be affected. Earnings for ETH miners plummet by $66 million after enjoying the August statistic of $750 million.
Here’s a Glassnode chart showing revenue declines since January 2022.
Now the question arises about the miners’ view on itself. Mostly about how these operators handle this change. The second largest Ethereum mining pool, F2Pool, was the most recent that addressed this issue.
Notably, ETH miners will end their operations between 09-10-20 2022 and 09-20-2022. In a report dated September 7, the operator further added,
“Our ETH pool will operate as normal until ETH mining stops. We invite you to continue mining with our pools of ETC, RVN, CFX and more coins after The Merge.”
Instead, the entire mining pool will support ETC mining as Ethereum shifts from PoW to PoS.
In addition, mining infrastructure companies Hive Blockchain and Hut 8 Mining Company They also released announcements detailing how their company aims to move away from Ethereum mining.
Even the biggest player in Ethermine has introduced a new batch of stakes to users. Here, the respective members have the opportunity to collectively participate in ETH and earn 4.43% interest annually in addition to their ETH deposits.
To be fair with the changing demographics of ETH, miners have taken a different approach to meet the demand. At the same time, ETH miners pushed to maintain the existing Proof of Work consensus mechanism, mainly because the transition would render redundant and expensive mining rigs.
Whatever it is, miners get in or out, the action depends on the price of Ethereum. At the time of writing, ETH has suffered another 10% correction as it traded around $1.5000.
Such an annoying reduction can lead to liquidity problems.
On the other hand, Bitcoin has had a similar accident. Recently, Poolin, one of the largest bitcoin mining pools by hash rate, has frozen withdrawals from PoolinWallet due to liquidity issues.