Ethereum Merge to swamp other coins with miners — Mining CEO
The Ethereum networks transition from a proof-of-work (PoW) consensus is likely to flood the crypto industry with out-of-work ETH miners, causing severe disruption to all PoW tokens. Speaking to Cointelegraph, Andy Long, CEO of Bitcoin miner White Rock naniniwala ang paparating na Ethereum Merge will force PoW miners to look for greener pastures, such as other PoW blockchains, and thus “swamp” other coins — increasing mining difficulty and reducing profitability, stating: “As GPU miners point their hardware at other chains their difficulty will increase causing lower returns and splitting the reward amongst more miners.” Long added that the migration will likely force many crypto miners to give up and abandon their expensive mining rigs. “Hashrate will flow to alternative GPU PoW coins, and many miners will simply give up and try to sell off their farms of cards,” he said. “Some miners will try to sell their High-Performance Computing (HPC) or GPU cloud services and will likely fail since theres too much capacity chasing a limited amount of demand,” he added. GPU prices and demand have already been declining as a result of falling Bitcoin (BTC) prices, leading to some cards selling for below the list price and sellers struggling to offload their mining rigs and