Mining profits of the PoW cryptos have gone into the negative following the Ethereum merge as ETH miners flood the hashrates of these other coins.
Mining Profits Of Popular Proof-Of-Work Cryptos Like Ethereum Classic Crater After The Merge
A couple of days ago, the much awaited ETH merge finally arrived and transitioned the network into a PoS-based consensus mechanism.
Since proof-of-stake chains don’t rely on miners for hashing blocks, every miner attached to Ethereum was left without the whole of their revenues.
Some of these miners have sold off their mining rigs in order to exit the market, while others have moved onto the remaining proof-of-work networks.
There is, however, one problem with miners shifting to other coins and it is that all the PoW cryptos that utilize graphics cards for mining (that is, those other than Bitcoin) had magnitudes lesser hashrate than ETH did before the merge.
There is a general concept of mining difficulty across crypto chains, where the network...
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