The path moving forward for ex-Ethereum miners remains unclear

Published at: Sept. 26, 2022

It’s been nearly two weeks since Ethereum made its historic transition from proof-of-work to proof-of-stake, and some ex-ETH miners say they remain clueless on how to move forward. 

Following the Merge, many took to crypto Twitter to discuss what they believe will happen to these former Ethereum miners. On the day of the merge, Twitter user hashoveride tweeted:

GPU #mining is dead less than 24 hours after the #merge.Here are the three largest #GPU chains and current daily profitability with a 3090 GPU and 6 us¢/kwh#ETC -7 ¢#XMR -37 ¢#RVN 2 ¢The only coins showing profit have no marketcap or liquidity. The profit is not real #btc

— Hashoveride (₿en Gagnon) (@hashoveride) September 15, 2022

Twitter user BakaMoriDesu suggested in a tweet that ex-eth miners were just going to move on to the next profitable coin, adding, “As an RVN miner, I doubt it will be profitable after the halving anymore.”

Ex-eth miners will move to whatever coin is more profitable. As an RVN miner, I doubt it will be profitable after the halving anymore

— Фронтендер Орды ❤️ (@BakaMoriDesu) January 11, 2022

Cointelegraph contacted a few ex-Ethereum miners to find out what their plans were moving forward. However, the general consensus revealed that many were still unclear on their next steps. Former miner Christian Ander shared with Cointelegraph:

“To be honest, I don’t know myself yet. Selling GPU power to other computing intense services is far from as profitable as eth was.”

“I am doing research myself and my partners are looking into options,” Ander added, noting “GPU owners are doing research and selling power to non-crypto projects. And when the energy prices are very high, they shut down and sell excessive power to the grid.” Ander said that he’s currently not mining any crypto, and is just evaluating the market.

Another ex-Ethereum miner, Kevin Aguirre, shared with Cointelegraph that he had sold his hardware to his partner, who was now using it to mine other coins, noting:

“I do have some regret in my outcome with my mining machine, but in the end, it supported me and my family through the pandemic.”
Tags
Blockchain
Ethereum
Mining
Proof-Of-Stake
Proof-Of-Work
Ethereum 2.0
Related Posts
Eth2 is no more after Ethereum Foundation ditches name in rebrand
The Ethereum Foundation has removed all references to Eth1 and Eth2 in favor of calling the original blockchain the “execution layer” and the upgraded Proof of Stake chain the “consensus layer.” Ethereum’s long-awaited transition from a Proof-of-work mining model to a Proof-of-Stake (PoS) consensus mechanism is expected to go live around in the second or third quarter of this year. Announcing the change the foundation cited a number of rationales including a “broken mental model for new users,” scam prevention, inclusivity and staking clarity. In a Jan.24 blog post, the Ethereum Foundation noted that the branding of Eth2 failed to …
Blockchain / Jan. 26, 2022
3 signs Ethereum price is on track toward $2.5K by September
Ethereum's native asset Ether (ETH) has more than doubled in value since bottoming out at around $885 in June 2022. Now, it eyes a decisive move toward $2,500 in August per a slew of technical and fundamental indicators. Ethereum chain split means more tokens A big part of Ether's ongoing rally has appeared due to "the Merge," a network upgrade that will switch Ethereum's underlying blockchain protocol from proof-of-work (PoW) to proof-of-stake (PoS) in September. Simultaneously, switching to PoS will also eliminate the role of miners in the chain by replacing them with validators. This fear has prompted Chandler Guo, …
Markets / Aug. 11, 2022
Ethereum Merge and the hefty tax bill you could be in for
Ethereum (ETH) hodlers that don’t play their cards right following the Ethereum Merge may be in for a hefty bill come tax time, according to tax experts. Around Sept.15, the Ethereum blockchain is set to transition from its current proof-of-work (PoW) consensus mechanism to proof-of-stake (PoS), aimed at improving the network’s impact on the environment. There is a chance that The Merge will result in a contentious hard fork, which will cause ETH holders to receive duplicate units of hard-forked Ethereum tokens, similar to what happened when the Ethereum and Ethereum Classic hard fork occurred in 2016. Tax compliance firm …
Blockchain / Sept. 1, 2022
What is PoW Ethereum (ETHW), and how does it work?
Ethereum blockchain shifted from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism on Sept. 15, 2022. Along with this move, ETHPoW, a distinct PoW blockchain (basically the old pre-Merge Ethereum) forked from Ethereum's Merge, became live. This forked version of Ethereum aims to maintain the proof-of-work mining process for ETH miners. Any miner is permitted to add a block to the PoW network with the clear stipulation that the first valid block published is the correct one. In reality, more than one legitimate block is occasionally discovered by the network due to the latency of data propagation, creating numerous …
Blockchain / Oct. 4, 2022
Is GPU mining profitable after the Ethereum Merge?
What is the future of GPU mining? The future of GPU mining depends upon miners’ willingness to continue mining alternative GPU mineable cryptocurrencies. Mining, the foundation of PoW cryptocurrencies, may continue to flourish, given that energy costs are low for GPU miners. Moreover, the application of graphics processing units beyond mining, including graphics designing, gaming and video editing, make them ideal for fixed capital investment. Also, when one blockchain migrates to alternative consensus algorithms, GPU miners can utilize their rigs to mine other cryptocurrencies. This implies that GPU miners can continue using their mining rigs during events like the Merge, …
Blockchain / Nov. 14, 2022