One month after the Merge, what happened to the hashrate of former Ethereum miners?

Former Ethereum miners immediately migrated to new networks after the merger. The search for profitability with this activity put networks such as Ethereum Classic, Ravecoin, and Ergo at the forefront. Since then, things have changed a bit.

During the early hours of this Ethereum extractor migration.has been registered an increase in hashrate of more than 400 TH/s on different networks. This increase was equivalent to 45% of Ethereum’s hashrate before the fork. That is, before the change that would usher in Ethereum a method for validating and securing transaction history, known as the Proof of Participation (PoS).

Cryptocurrency mining via GPUs is showing a clear trend. Now, 45 days after the Ethereum merger, the networks chosen by miners in the early hours have decreased their hashrate or computational capacity.

Where is the hashrate that migrated from Ethereum to other networks?

By looking at the hashrate readings of the major cryptocurrency mining networks on GPUs, it can be determined that miners have performed tests over a two-week time span.

Ethereum Classic

Since its inception, Ethereum Classic has been the leading network of choice for GPU cryptocurrency miners. Its hashrate increased by a factor of 5 to reach 286.29 EH/s. Sept. 15.

Over the course of a week, there was a gradual decline in the Ethereum Classic hashrate to the 150 TH/s. Although this setback is equivalent to 50% of the maximum recorded, it is still 3 times higher than the average capacity of the network before the merger.

Ethereum Examiners currently contribute at least 100 TH/s of hahsrate to this network. While cryptocurrencies (ETC) is traded in the markets at $24.

Ergo

In terms of hashrate, Ergo experienced one of the most dramatic changes following the migration of former Ethereum miners. In fact, this network has received more 150 TH/s during the first hours of the migration, almost as much as Ethereum Classic.

However, in the days that followed, the hashrate contribution of miners decreased. And the computational capacity of this network now stands at 47, 49 TH/safter exceeding 180 TH/s in September. Even so, this represents more than double the hashrate that Ergo was recording as of November 2021.

The main reason for former Ethereum miners’ interest in mining Ergo is related to the cryptocurrency’s price (ERG). In August, it increased by 50 percent compared to July. In the days leading up to the merger, the price of this cryptocurrency had increased by 20 percent. But then underwent a correction that may be the cause that discouraged many minersThat it went off. Today its price is at USD 1.8.

Ethereum PoW

Ethereum PoW is a project that aims to continue, in a forked network, the original Ethereum project. That is, through a system that copies the Ethereum code, as it was before the Merge. In this way, cryptocurrency miners can get rewards for maintaining network security and transaction history with their mining equipment.

The hashrate of this network has also been reduced by about 45%.from its inception to the present. Today its hashrate is 31.57 TH/s.

The price of this cryptocurrency has suffered a similar fate to that of its hashrate, as it has fallen by more than 50 percent since its creation. The price of the cryptocurrency (ETHW) is. USD 6.45.

Ravencoin

The case of Ravecoin is similar to other transaction recording networks already mentioned. Ravecoin’s hashrate before the Merge hovered above 2 TH/s. With the migration of Ethereum miners, the increase in this parameter exceeded 20 TH/s.

When considering the regression of the hashsrate to the current level of. 13.80 TH/sresults in a decrease of just over 30%. In terms of numbers, Ravecoin bucks the trend, and corresponds to a hashrate shrinkage close to 50 percent among the networks with the highest computing capacity.

Other networks

There are also other lesser-known networks that can be mined with GPUs. These have also received, albeit to a lesser extent, some of the computing power previously allocated to Ethereum.

As in the case of the entities mentioned above, there was also a subsequent decline in their hashrate. Also in the case of Neoxa, Callisto, and Firo (Zcoin), the decline was as much as 50 percent from the mid-September peak, when the Ethereum fork occurred.

In search of profitability

It should be noted that the hashrate of these networks provides only an indication of the behavior of cryptocurrency miners on GPUs. As we reported in CryptoNews, former Ethereum miners were preparing to migrate or sell their mining equipment.

The debate over what is the best strategy to continue mining cryptocurrencies with GPUs centers on what is most important to miners: profitability.

In GPU mining groups such as Joako’s Mining, individuals discuss, ask questions, and express their concerns about the current landscape. Of this activity.

One of the most frequently asked questions among miners is. Which network is the best for mining at the moment. In general, most of those who share their impressions agree that none of them are cost-effective. Especially in cases where you have mid-range or low-end graphics cards.

The figures described in this article may be an indication that there are still miners who are testing the efficiency of their equipment on networks other than those of Ethereum or calculate its profitability.