ETH miners continue to traverse challenging path days leading to the much-awaited Ethereum Merge. Here’s how recognized miners are progressing amidst the countdown.
To-Do List Outlook
The PoS (proof-of-stake) validators would soon replace Ethereum miners, a move aimed at reducing the Ethereum network’s consumption by 99%. Moreover, the migration will affect the respective miner revenue. Ethereum miner revenue dipped to around $66 million, following August’s figure of $750 million. Glassnode’s graph highlighted the slump since January this year.
Nevertheless, the question lingers about miners’ stance on the same. How will these operators cope with the awaited change? F2Pool, ETH’s 2nd-largest mining pool, addressed the concern lately. Meanwhile, the Ethereum miner would suspend operations between September 10 and 20.
F2Pool’s September 7 report revealed that the pool will keep operating until the ETH mining termination. It also invited users to continue minting through their ETC, CFX, and RVL pool post the Merge. Meanwhile, the pool would support ETC mining amid Ethereum’s shift to PoS from PoW.
Besides, mining infrastructure firms Hut 8 Mining Corp and Hive Blockchain released notices entailing how their operations wanted to shift from ETH mining. Even the leading player Ethermine introduced a staking pool for its users. Here, respective users have a chance to stake the ETH (collectively) and earn 4.4% annual interest on top of the Ethereum deposits.
Indeed, miners resorted to a different strategy to satisfy demand as Ethereum shifted its demographics. Meanwhile, the Ethereum miner community wanted to retain the present proof-of-work mechanism. Remember, the switch would make their costly and high-powered mining rigs useless.
Maintain Caution
Whether miners join or leave, operations do rely on ETH’s price. Ethereum experienced declines during this publication, suffering a 10% drop to change hands near $1.5K. Such a massive price fall might bring liquidity concerns.
Meanwhile, Bitcoin endures a similar case. The leading BTC mining pool by hashrate Poolin recently froze withdrawals from the PoolinWallet, citing liquidity issues. Also, the crypto space sees bearishness at the moment, with Bitcoin hovering below the vital $20K mark.
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