Ethereum merger - What will happen to Ethereum miners after the merger?
The long-awaited Ethereum merger has been successfully completed. Months (years) talking about it, about its possible consequences, and the most important event in the history of cryptocurrencies since the creation of bitcoin and ether has already passed. It's time to analyze the consequences: a very obvious one is that ethereum miners have no future on this network.
With the transition from Proof of Work (PoW) - Proof of Work- to Proof of Stake (PoS) - Proof of Stake - miners are no longer needed, but validators, who must have, at least, 32 ETH and who will be chosen randomly.
As noted on the official Ethereum website itself, with the PoS protocol "validators do not need to use significant amounts of computing power, since they are randomly selected and are not competing. They do not need to mine blocks, but only need to create blocks when they are chosen and validate the proposed ones when they are not."
Ethereum merger
How much do ethereum miners earn?
The fact that miners can no longer carry out their activities on the Ethereum network is by no means trivial.
As pointed out in Arcane Research, ethereum miners have earned 11,025 million euros (11,000 million dollars at current exchange rates) so far in 2022 (more than bitcoin miners).
In 2021, ETH miners earned 18,042 million euros (18,000 dollars) and BTC miners 17,040 million (17,000 million dollars).
It is not easy to know exactly where Ethereum miners are going, but one way to get a fairly close idea of reality is to analyze how the hashrate (hash rate) has varied, that is, the total computational power of the miners in a particular network. If this rate grows, it stands to reason that it occurs because there are more nodes mining cryptocurrencies.
Based on these parameters, it would be said that many of the Ethereum miners (who have taken advantage of every last second to continue generating coins) have chosen the Ergo cryptocurrency to continue with their work.
Ethereum merger statements
According to 2miners.com , Ergo's hash rate has gone from 32.94 TH/s on September 14, to 136.31 TH/s at the time of writing this article (September 15, 2022). That is, an increase of 313.81%.
It seems that a good number of miners have also opted for Ethereum Classic, whose hashrate has increased by 218.27% in just one day.
Neoxa is another one that has significantly increased its hash rate: from 2.11 TH/s to 3.99 TH/s, that is, 89.09%.
And the fourth in discord is Ravencoin, which, between September 14 and 15, 2022, has seen its hash grow by 57.93%.
Ethereum merger facts
And Bitcoin?, is the leading cryptocurrency taking anything by market capitalization? Its hash rate has also increased. In this case, with data from minerstat, Bitcoin has gone from 191.3476 EH/s to 245.2500 EH/s, growth of 28.17%.
To finish this analysis on the future of Ethereum miners, it is necessary to know how the hash rate has changed, precisely, of Ethereum. On September 14, 2022, according to Coinwarz, it closed at 964.2183 TH/s, while, in the last update before the merger, the Ethereum hashrate was 753.9739 (down 21.89%).
