Digitizing Blockchain: Ethereum Miners Crash when The Merge was successful
When The Merge was successful, many miners said that they lost all hope and did not know what to do with the billion-dollar mining rig.
"Goodbye Ethereum", "no more chance", "shutdown, discharge the buffalo"... are the keywords that are flooding in cryptocurrency mining groups in Vietnam after The Merge event was completed. all afternoon 9/15. The majority of miners in Vietnam are mining Ethereum, so the merger affects this community immediately.
Ngoc Can, administrator of a large cryptocurrency mining pool, said: "Everyone knows this day will come and has been prepared, but there are still people who hope The Merge is late so they can continue mining. However, the merge was successful, immediately the mining pools closed the server, miners could not mine, forced to withdraw power, shutdown."
Ethereum miners continuously shared images of the mining pool being closed after The Merge event on the afternoon of September 15.
Shortly after The Merge ended, Ethermine - the world's largest Ethereum mining service provider - also announced a server shutdown. "A few days later we will enable automatic liquidity for miners if they have not withdrawn in time. At the same time, the company will open a branch of PoS so that people can join early and make a profit", Ethermine notification.
A cryptocurrency miner in Dong Nai said that the most damaged were large mining workshops. "I mined digital money four years ago, after breaking even, I continued to expand the factory, invested a few billion more. Now I have not been able to recover my capital, I am 'unemployed'. Even now I want to sell loss cutting machines. The supply of VGA in the market has been stable. Gamers also almost do not buy cards from miners. Many of my friends are really depressed, don't know what to do with the fortune waiting to be covered with dust." this person said.
Another miner in Binh Dinh said that he tried to switch to another cryptocurrency, but after calculating, he lost electricity. "I spent all my savings to buy a machine. Now I don't know how to recover my capital. Some 'buffalo drivers' contacted me to buy it but the price was too cheap. Selling at a heavy loss, so I don't know what to do. what," he shared. He and some people are considering whether to sell the ETH they have mined to cover their losses or continue to hold and wait for the price to rise. "Everything is like a gamble, miners are the passive ones in this game. I regret betting on cryptocurrencies," he added.
According to Ngoc Can, some started mining smaller-cap digital currencies but quickly gave up because there was no profit. Not even Ethereum Classic (ETC) can "save" them. "Too many people switching to ETC mining will cause the difficulty to increase while the token price has not kept up, making mining almost a capital loss," he analyzed.
According to data on 2miners , ETC difficulty on September 15th hit an all-time high. As of tonight, ETC's hashrate is up to 290 terahash per second (TH/s). The reason is that too many people simultaneously switched to mining this coin.
Many people are also hoping for Ethereum to fork a new fork, continuing to maintain the PoW mechanism for miners to mine. However, no one knows exactly when this fork will go live and whether the price of that Ethereum coin will be enough to guarantee a profit for miners. While waiting for the next market movement, the excavator was forced to stop working. In the worst case, these machines will have to be cheaply liquidated, even covered with mats.
The Ethereum consolidation event took place around 2pm (KST) after the network reached the terminal Total Difficulty of 58750000000000000000000.After this milestone, the Ethereum validation process switched from proof of work (PoW) ) to proof of stake (PoS).
The switch from PoW to PoS is seen as Ethereum's goal in limiting carbon consumption, with a reduction of up to 99.95% compared to before. This can also be considered the end for Ethereum miners, because current mining systems mainly use PoW mechanism to operate. Meanwhile, PoS only does the authentication task, thereby not consuming as much energy as before.
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