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Where did the Ethereum miners migrate after the merger upgrade?

Where did the Ethereum miners migrate after the merger upgrade?

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Answer Where did the Ethereum miners migrate after the merger upgrade?

With the Ethereum network successfully transitioning to a Proof of Stake mechanism, miners had to look for alternative options.

The developers of Ethereum suggested miners move to mining-based networks such as Ethereum Classic.

Prior to the merger, there was reasonable social activity around Proof of Work networks.

On the other hand, a White House report on energy use indicated that the US government will have to reduce mining that relies on excessive energy use.

The report suggested limiting or banning cryptocurrency mining, particularly the unclean method of energy extraction.

The White House has stated that it can impose its limitations on consensus mechanisms that rely on high energy density.

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Migration of Ethereum miners after the integration upgrade to other networks:

After Ethereum switched to a new consensus mechanism, miners turned to a few other projects.

Miners have shifted towards mining-powered networks. Among the most prominent of these networks are:

Ethereum Classic, Ergo and Ravencoin.

According to a reportForbes“These projects are reasonably better options given the mining capabilities and rewards.

It is worth noting that on the day the merger was successfully completed, the aforementioned cryptocurrencies experienced a significant rise in their hash rate.

The hash rate is the total computational power that cryptocurrencies use to mine and process transactions.

Mining profits decline:

The hash rate on Ethereum Classic, Ravencoin, and Ergo increased by 124%, 98%, and 146%, respectively, after the completion of the Ethereum merger.

For information, the mining capabilities on these networks represent only a small part of what the Ethereum network provided before the merger.

The hash rate of Ethereum before the merger was around 867 (TH/s), of which these three networks offer only 28%.

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In addition, as the traffic of miners on these networks increased, profits decreased compared to pre-merger levels.

Meanwhile, the price of Ethereum Classic (ETC) fell after the merger and has failed to recover since then.

At the time of writing this article, Ethereum Classic is at $33.35, down 1.21% in the last 24 hours, according to price tracking platform CoinMarketCap.

Same thing with Ethereum which continued to fluctuate after the merger.

At press time, Ethereum is at $1,432, up 0.21% in the last 24 hours.

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