There's been a post-Merge plunge in profitability for Ethereum miners who moved en masse to proof-of-work altcoins, forcing huge declines in block rewards at the same time that mining difficulty shot higher. A lethal combination. egreechee reports
Ethereum miners are increasingly finding it hard to make money after the Merge as too many of them are switching to alternative coins, crushing mining profitability.
The world’s second-largest blockchain network, Ethereum earlier Thursday transitioned its consensus algorithm to proof-of-stake from proof-of-work in order to boost efficiency and lower energy consumption. However, the switch – dubbed the Merge – also meant that miners were no longer needed to secure the network, so rig operators moved their machines to other PoW blockchains.Ben Gagnon, chief mining officer at bitcoin miner Bitfarms .
The hashrate, or computing power, used to mine PoW altcoins like Ethereum Classic and Ravencoin doubled in the hours after the Merge took place. Alongside a rising hashrate, however, is rising difficulty, meaning miners are less likely to successfully mine a block and reap the block reward. The reward for mining an Ethereum Classic block about 24 hours ago was ETC 0.0186484, or $0.698, but a check in the past hour found that’s tumbled a full 98% to just ETC 0.00030658, or $0.111, according to data from
. Similarly, RVN miners could earn RVN 30.28478584, or $1.77 per block 24 hours ago, and in the past hour that’s dropped to just RVN 0.82968431, or $0.048.
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