Ethereum Miners Struggle to Find Their Footing After The Merge
The fallout from The Merge for Proof of Work mining outfits has been swift and profound. As expected, many former Ethereum miners appear to be shutting down their hardware following the execution of its historic upgrade last Thursday.
Less than one-third of Ethereum’s hashing power has migrated to Proof of Work chains after The Merge. An estimated $5B worth of mining hardware was displaced by the shift, forcing miners to seek out opportunities on other Proof of Work chains.
But with the flood of hash rate from Ethereum annihilating the rewards available to miners on PoW chains, many are choosing to exit the market rather than pay more for electricity than they would receive in mining rewards.
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