The Ethereum merger was an incredibly anticipated upgrade, with good reason. Not only did this dramatically increase the number of transactions the network could handle, but it also dramatically reduced the power consumption of the network. However, Ethereum miners have found themselves as collateral damage in the upgrade as they no longer need their highly specialized mining hardware. Given this, ETH miners had to find alternatives for this hardware.
The great exodus
Within an hour, Ethereum miners, which had been one of the most important parts of the network, had become obsolete. With the move from proof-of-work to proof-of-stake, there was no longer a need for highly sophisticated machines as the network now uses validators to confirm transactions.
Now that the merger is complete, Ethereum miners cannot mine the cryptocurrency and have instead switched to other GPU-minable tokens. This exodus from the Ethereum network has sent miners into the arms of networks such as Ethereum Classic and Ravencoin.
ETH falls to $1,500 | Source: ETHUSD on TradingView.com
Ethereum Classic has proven to be a natural destination for miners since it is a fork of the original ETH network. As for Ravencoin, the team had made great efforts to integrate displaced ETH miners into its network. This move saw increased interest in both networks and sparked massive growth in both in such a short time.
Ethereum Classic, Ravencoin Hashrate Soar
As of this writing, it has only been a few hours since the Ethereum merger was completed, but massive changes are already happening in the market. As displaced ETH miners move to other coins such as Ethereum Classic and Ravencoin, both networks have seen their hashrate skyrocket.
In the past 24 hours alone, the hash rate has more than doubled on both networks. Ethereum Classic had already experienced accelerated growth since the merger date was announced. On Wednesday, its total hash rate was around 52 TH/s, but in the early hours of Thursday, the the hash rate had increased to over 102 TH/s.
The the same goes for Ravencoin during this period. Similar to Ethereum Classic, its hashrate increased by over 100% from around 7.4 TH/s on Wednesday to over 14 TH/s on Thursday, after peaking at 14.8 TH/s.
However, despite switching to these networks, this is still not enough to accommodate the full mining power of ETH. Experts estimate that all GPU-mined coins will only be able to absorb 15% of the total ETH hash rate before coin mining stops being profitable.
Featured image from Forkast, chart from TradingView.com
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