Because Of Ethereum Merger, ETH Miners In Vietnam Are Large

Ethereum miners in Vietnam suffered losses after The Merger (Photo; Doc. Ethereum World News)

JAKARTA Ethereum Merger was successfully carried out on September 15. This is an Ethereum transitional process from a Proof-of-Work (PoW) consensus mechanism that allows mining or mining to Proof-of-Stake (PoS) that allows staking. Ethereum Mercge has a huge impact on ETH miners in Vietnam.

Although PoW is considered energy-intensive and PoW is more environmentally friendly, the Ethereum transition process itself has had a major impact on Ethereum miners. In this case, Ethereum miners in Vietnam are reportedly experiencing heavy losses after Ethereum Merce.

According to local media report VN Express, miners were forced to shut down their mining rigs after the Ethereum shift of the energy-efficient consensus mechanism, Proof-of-Stake.

Last week, Ethereum (ETH) changed its protocol from proof-of-work (PoW) to proof-of-stake (PoS) with an increase called The Merge, which was completed on Thursday, September 15. This significantly reduces the amount of energy burned to validate transactions.

Migration to the new consensus mechanism means that powerful coin printing hardware is no longer needed to perform complex mathematical calculations and this kind of equipment becomes nearly useless.

As a result, the Ethereum miners bid farewell to ETH. Not a few of them were forced to sell mining rigs. Ethereum miners in Vietnam are facing difficulties after The Merger. Some miners also hope The Merger can be postponed in order to mine more.

"We all knew today was coming and we were ready, but some hoped 'The Merge' would happen later so we could mine even more." Ngoc Can, administrator of crypto mining social media groups.

All mining pools have been closed, so miners can no longer mine and have to shut down their rigs, Can explains.

Ethereum's largest mining Pool, Ethermine, announced that it turned off its servers and notified miners that their unpaid balances would be transferred within days.

I started mining four years ago and expanded my farm after breaking even. I haven't regained my new investment and it's almost impossible to sell it," said an Ethereum miner from Dong Nai.

I spent my family's savings on mining tools. I don't know how to recover it," said an amateur miner from Binh Dinh. The man wanted to start printing other coins but gave up on this plan after forecasting electricity bills would be too high to make a profit.

Many Vietnamese crypto miners also hope that Ethereum will be broken down into new branches that still enable the PoW mechanism, but that prospect is uncertain at this point, reads a statement from the VN Express article as reported by Bitcoin.com News.