After The Merge, former Ethereum miners immediately migrated to new networks in search of profitability.
At the time, networks like Ethereum Classic, Ergo or Ravecoin were on their radars, but things have changed a bit in these 45 days. Below we review where the hashrate of former Ethereum miners has ended up 45 days after the Merge.
In the first hours of the migration of former Ethereum miners, a hashrate increase of more than 400 TH/s was recorded on different networks. This increase before the fork that would convert Ethereum to a PoS network was approximately 45% of the total hashrate of the network.
At this point, 45 days after The Merge, the networks chosen by miners during the first hours for migration have decreased their computing capacity or hashrate.
Where is the hashrate of former Ethereum miners?
Analyzing the hashrate reading of the main networks for mining cryptocurrencies with GPU, it is possible to extract that the miners carried out tests for approximately two weeks.
From the beginning Ethereum Classic Ethereum Classic has been the main network of choice for GPU miners, with its hashrate increasing fivefold to 286,29 EH/s by mid-September. Currently, ex-miners are contributing around 100 TH/s of hashrate to the Ethereum Classic network, which has seen a gradual decline in the Ethereum Classic ashrate, although the figures are still higher than those recorded at the pre-Merge capacity level.
On the other hand, Ergo Ergo is another of the networks that received a more drastic increase in its hashrate, receiving more than 150 TH/s during the first hours after The Merge, a figure almost as high as that recorded by Ethereum Classic. However, in the following days the hashrate contribution of the miners was decreasing and the computing capacity of the network is now at 47,49, although it reached more than 180 TH/s in the month of September. Likewise, the current data still represents more than double the hashrate that Ergo previously recorded.
The main reason why experts believe that former Ethereum miners may be interested in Ergo mining has to do with the price of this cryptocurrency, which increased by fifty percent in August compared to July. In addition, in the days leading up to The Merge its price had risen by 20%, although it later suffered a correction that was also, possibly, what dissuaded many miners from continuing on this network.
The next project that the miners have taken into account is Ethereum PoWThis is an alternative that aims to continue, from a fork, the original Ethereum project, thus allowing cryptocurrency miners to earn rewards for maintaining the security of the network and the transaction history. However, the hashrate of this network has been reduced since its birth until today by 45%, currently at 31,57 TH/s.
Similarly, we find the case of Ravencoin. Its hashrate before the Merge was above 2TH/s, but with the migration of former Ethereum miners it reached over the 20 TH/s mark, although it has currently fallen back to 13,80 TH/s.
There are also other networks that can be mined with GPUs. Among them we find Callisto, Neoxa and Firo, networks that also received some of the computing power previously present in Ethereum.
Looking for profitability
Now, the migration of Ethereum hashrate to these networks only gives a glimpse of the actual behavior of former Ethereum miners and cryptocurrency GPU miners. Many of them had also begun to prepare for sell your mining equipment After The Merge. For miners, this debate about what the best strategy to continue mining cryptocurrencies with GPUs is undoubtedly focused on profitability.
One of the most frequently asked questions among miners in mining pools, forums and chats today is: “What is the best network to mine on right now?”
In general, most users respond that none of these networks are profitable, especially in cases where people have low-end or mid-range graphics cards. However, there are still miners who are testing the efficiency of their equipment on networks other than Ethereum or assessing their profitability, so these data could change in the coming months.
