Ethereum Merge to ‘swamp’ other coins with miners — Mining CEO

Ethereum Merge to ‘swamp’ other coins with miners — Mining CEO

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The Ethereum Merge may pressure many crypto miners to surrender and abandon their costly mining rigs amid a race to the underside for income.
The Ethereum community’s transition from a proof-of-work (PoW) consensus is prone to flood the crypto business with out-of-work Ether (ETH) miners, inflicting extreme disruption to all PoW tokens. 
Talking to Cointelegraph, Andy Lengthy, CEO of Bitcoin miner White Rock believes the upcoming Ethereum Merge will pressure PoW miners to search for greener pastures, comparable to different PoW blockchains, and thus “swamp” different cash — rising mining issue and decreasing profitability, stating:
Lengthy added that the migration will possible pressure many crypto miners to surrender and abandon their costly mining rigs.
“Hash fee will circulation to various GPU PoW cash, and lots of miners will merely surrender and attempt to unload their farms of playing cards,” he stated.
“Some miners will attempt to promote their Excessive-Efficiency Computing (HPC) or GPU cloud companies and can possible fail since there’s an excessive amount of capability chasing a restricted quantity of demand,” he added. 
GPU prices and demand have already been declining on account of falling Bitcoin (BTC) costs, resulting in some playing cards promoting for beneath the record worth and sellers struggling to dump their mining rigs and playing cards for inflated costs.
No matter what occurs after the Merge, Lengthy says he’s “not strongly opposed” and is to see “how market forces play out.”
“Once I was constructing GPU farms in 2017 the Merge was cited as an imminent risk and would have been rather more impactful then:”
Ethereum is predicted to transition to a proof-of-stake (PoS) mechanism between September 10-20 and is taken into account probably the most vital upgrades within the crypto market this yr.
Associated: Largest Ether mining pool Ethermine opens new ETH staking service
Nevertheless, there are nonetheless many cryptocurrencies set to proceed alongside their PoW path, together with BTC, Litecoin (LTC) and Bitcoin Money (BCH), in addition to Ethereum Traditional (ETC), Monero (XMR), Zcash (ZEC) and Ravencoin (RVN).
White Rock Administration is a Switzerland-based digital asset know-how firm that mines cryptocurrencies by means of knowledge facilities positioned in Texas and Sweden. 

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