Ethereum Miners , Abandon Ship Less Than, 24 Hours After the Merge.<br />CoinDesk reports that Ethereum miners are switching to alternative coins, crushing mining profitability.<br />On September 15, the world’s second-largest blockchain network switched its consensus algorithm to proof-of-stake from proof-of-work. .<br />According to CoinDesk, <br />the decision was meant to boost efficiency <br />and lower energy consumption.<br />The software update <br />was dubbed "the Merge.".<br />Graphics processing units <br />(GPU) mining is dead less than <br />24 hours after the Merge, Ben Gagnon, chief mining officer <br />at bitcoin miner Bitfarms, via Twitter.<br />The only coins showing profit <br />have no market cap or liquidity, Ben Gagnon, chief mining officer <br />at bitcoin miner Bitfarms, via Twitter.<br />The computing power, or hashrate, used to <br />mine PoW altcoins like Ethereum classic and <br />Ravencoin doubled in just hours after the Merge.<br />At the same time, difficulty also increased, <br />meaning that miners are less likely <br />to successfully mine a block.<br />According to data from Minerstat, the price <br />or Ethereum Classic tumbled from about <br />70 cents down to about 11 cents in 24 hours.<br />As suspected, too many ETH miners switched over to ETC, Ethan Vera, chief operations officer of mining services firm Luxor Technologies, via Twitter.<br />Even running new generation hardware <br />at sub 3 cent power is not profitable <br />on ETC now … That electricity price is <br />much lower than what households in <br />the U.S. pay, and even to what industrial <br />consumers like bitcoin miners pay <br />in several parts of the country, Ethan Vera, chief operations officer of mining services firm Luxor Technologies, via Twitter
