Bitcoin
BTC$19 940.57

3.80%

Ethereum
ETH$1 349.46

4.24%

Tether
USDT$1.000154

0.01%

USD Coin
USDC$0.999970

0%

Binance Coin
BNB$291.87

2.18%

XRP
XRP$0.470970

5.78%

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 need a driver
Cryptocurrencies need a driver
Ethereum is gaining 3.5% overnight to $1330
Ethereum is gaining 3.5% overnight to $1330
ETH After the Merge: Fall Instead of Growth
ETH After the Merge: Fall Instead of Growth
All Hope for Ethereum
All Hope for Ethereum
ETH price outlook for The Merge: Bullish or bearish?
ETH price outlook for The Merge: Bullish or bearish?
Ether fights for the trend
Ether fights for the trend
ETH whales move holdings onto exchanges before Merge
ETH whales move holdings onto exchanges before Merge
If the fork is unsuccessful, ETH could fall sharply but hold above $800
If the fork is unsuccessful, ETH could fall sharply but hold above $800
ETH devs move up the date for Merge
ETH devs move up the date for Merge

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 83.2% 20 $19 940.57 3.80% -1.66% $382 236 859 011 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 63.6% 82 $1 349.46 4.24% -3.17% $165 508 092 492 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 95.2% 1 $1.000154 0.01% 0.01% $67 959 858 423 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 92.8% 1 $0.999970 0% -0.01% $47 232 999 984 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 85.6% 15 $291.87 2.18% 2.56% $47 090 040 247 BNB 7 days price change
6 XRP (XRP) XRP XRP predictions 60% 86 $0.470970 5.78% -0.24% $23 501 695 248 XRP 7 days price change
7 Binance USD (BUSD) BUSD Binance USD predictions 92.4% 1 $0.999720 -0.07% -0.07% $21 036 338 983 BUSD 7 days price change
8 Cardano (ADA) ADA Cardano predictions 78.4% 46 $0.431681 2.42% -5.35% $14 786 421 309 ADA 7 days price change
9 Solana (SOL) SOL Solana predictions 87.6% 22 $33.62 3.77% -3.47% $11 939 451 332 SOL 7 days price change
10 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
11 Dogecoin (DOGE) DOGE Dogecoin predictions 88.8% 14 $0.060668 0.97% -2.90% $8 048 894 841 DOGE 7 days price change
12 Polygon (MATIC) MATIC Polygon predictions 69.2% 61 $0.828976 7.27% 6.49% $7 240 542 782 MATIC 7 days price change
13 Polkadot (DOT) DOT Polkadot predictions 66.4% 68 $6.44 2.68% -4.41% $7 236 548 542 DOT 7 days price change
14 Dai (DAI) DAI Dai predictions 91.6% 1 $1.000031 0.04% 0.01% $6 786 897 014 DAI 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 90.4% 5 $0.061359 0.11% 1.47% $6 238 726 805 WTRX 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.

© 2015-2022 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.