After The Merger, The Fate Of Ethereum Miners Now Is Not Clear
JAKARTA - It has been almost two weeks since Ethereum made its historic transition from proof-of-work to proof-of-stake, some former ETH miners have now stated that they no longer know their future.
After the Merger, many used crypto Twitter to discuss what they believe will happen to these former Ethereum miners. On the day of the merger, Twitter hashoveride users made a tweet expressing their frustration and decision.
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
While BakaMori Desu's Twitter account suggests in a tweet that the former miner will only switch to the next profitable coin. "As an RVN miner, I doubt it will benefit you after half," he explained.
Cointelegraph contacted several former Ethereum miners to find out what their plans are going forward. However, the general consensus revealed that many are still unclear about their next move.
"Honestly, I don't know yet. Selling GPU power to other intense computing services is far from as profitable as before," former Ethereum miner Christian Ander told Cointelegraph.
I did my own research and partner looked for options, Ander added. He also noted that GPU owners are conducting research and selling power to non-crypto projects. When energy prices are very high, they close and sell excess power to the network. Ander said while stating that he is currently not mining any crypto, and only evaluates the market.
Another former Ethereum miner, Kevin Aguirre, also shared with Cointelegraph that he had sold his hardware to his colleagues, who are now using it to mine other coins.
"I have some regrets in my results with my mining machine, but in the end, it supports me and my family through the pandemic," Aguirre said.