Bitcoin
BTC$27 058.32

-0.36%

Ethereum
ETH$1 891.68

-0.52%

Tether
USDT$1.000366

-0.01%

Binance Coin
BNB$306.20

-0.05%

USD Coin
USDC$1.000044

0%

XRP
XRP$0.521333

-0.04%

Ethereum Merge to swamp other coins with miners


06 Sep 2022

#Ethereum

The Ethereum Merge could force many crypto miners to give up and abandon their expensive mining rigs amid a race to the bottom for profits. The Ethereum network’s transition from a proof-of-work (PoW) consensus is likely to flood the crypto industry with out-of-work ETH miners, causing severe disruption to all PoW tokens. Speaking to Cointelegraph, Andy Long, CEO of Bitcoin miner White Rock believes the upcoming Ethereum Merge will force PoW miners to look for greener pastures, such as other PoW blockchains, and thus "swamp” other coins — increasing mining difficulty and reducing profitability, stating:

"As GPU miners point their hardware at other chains their difficulty will increase causing lower returns and splitting the reward amongst more miners." Long added that the migration will likely force many crypto miners to give up and abandon their expensive mining rigs. "Hashrate will flow to alternative GPU PoW coins, and many miners will simply give up and try to sell off their farms of cards," he said. "Some miners will try to sell their High-Performance Computing (HPC) or GPU cloud services and will likely fail since there's too much capacity chasing a limited amount of demand," he added. 

GPU prices and demand have already been declining as a result of falling Bitcoin (BTC) prices, leading to some cards selling for below the list price and sellers struggling to offload their mining rigs and cards for inflated prices. Regardless of what happens after the Merge, Long says he is "not strongly opposed" and is interested to see "how market forces play out."

“When I was building GPU farms in 2017 the Merge was cited as an imminent threat and would have been much more impactful then." "There will always be GPUs mining some GPU optimized chains, but I doubt we will return to the levels of revenue seen in ETH proof-of-work at its peak ever again."

Ethereum is expected to transition to a proof-of-stake (PoS) mechanism between September 10-20 and is considered one of the most significant upgrades in the crypto market this year. However, there are still many cryptocurrencies set to continue along their PoW path, including Bitcoin (BTC), Litecoin (LTC), and Bitcoin Cash (BCH), as well as Ethereum Classic (ETC), Monero (XMR), Zcash (ZEC) and Ravencoin (RVN). White Rock Management is a Switzerland based digital asset technology company that mines cryptocurrencies through data centres located in Texas and Sweden. 


Related

Cryptocurrencies wait for a signal
Cryptocurrencies wait for a signal
What are dynamic NFTs?: Use cases and examples
What are dynamic NFTs?: Use cases and examples
Shanghai Upgrade Fires Up ETH and Altcoins
Shanghai Upgrade Fires Up ETH and Altcoins
Challenges of data accessibility in the NFT market
Challenges of data accessibility in the NFT market
Is the A.I. revolution about to pump Nvidia stocks?
Is the A.I. revolution about to pump Nvidia stocks?
Five tips for investing during a global recession
Five tips for investing during a global recession
What is NFT ticketing and how does it work?
What is NFT ticketing and how does it work?
The crypto market is cheaper than a trillion again
The crypto market is cheaper than a trillion again
A beginner’s guide to NBA Top Shot NFTs
A beginner’s guide to NBA Top Shot NFTs

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 87.6% 9 $27 058.32 -0.36% -0.22% $524 718 731 442 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 94.4% 5 $1 891.68 -0.52% 2.24% $227 448 835 503 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 96% 1 $1.000366 -0.01% 0% $83 182 930 558 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 94% 3 $306.20 -0.05% -0.86% $47 723 069 552 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 96% 1 $1.000044 0% 0% $28 905 688 609 USDC 7 days price change
6 XRP (XRP) XRP XRP predictions 76% 45 $0.521333 -0.04% 10.23% $27 102 545 139 XRP 7 days price change
7 Cardano (ADA) ADA Cardano predictions 92.4% 5 $0.378834 0.71% 1.63% $13 219 071 876 ADA 7 days price change
8 Lido stETH (STETH) STETH Lido stETH predictions 96% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 89.6% 10 $0.072796 0.59% -0.20% $10 163 735 289 DOGE 7 days price change
10 Solana (SOL) SOL Solana predictions 84.8% 26 $21.21 0.28% 2.77% $8 418 691 269 SOL 7 days price change
11 Polygon (MATIC) MATIC Polygon predictions 84% 24 $0.900077 0.50% -3.20% $8 352 233 681 MATIC 7 days price change
12 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 78.4% 41 $0.081483 -1.92% 5.23% $8 284 850 754 WTRX 7 days price change
13 TRON (TRX) TRX TRON predictions 77.2% 46 $0.081698 -1.60% 5.15% $7 368 625 872 TRX 7 days price change
14 Litecoin (LTC) LTC Litecoin predictions 79.6% 43 $95.29 0.91% 6.14% $6 962 457 145 LTC 7 days price change
15 Polkadot (DOT) DOT Polkadot predictions 93.2% 7 $5.33 1.33% -0.97% $6 345 019 562 DOT 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2023 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.