Miners of both Bitcoin and Ethereum remain thriving whatever the crypto winter. The revenue generated by Ethereum miners surpasses that of Bitcoin miners, based on the 2022 record. The growth of the miners is fairly surprising given the upsurge in the expense of electricity.
But all that may come crashing down soon. Theres growing concern that the upcoming merge will put ETH miners out of these jobs. This is often traced to the result of the assets merge on the operational mechanism of the network.
Ethereum Miners Records High Revenue
Drawing from Arcane Research information, it had been recorded that in 2022, Ethereum mining has realized a revenue as high as $11 billion. This figure is really a bit greater than that discovered in Bitcoin mining. Based on the research, Bitcoin miners have realized about $10 billion within exactly the same period.
The study data pattern isn’t not the same as that of this past year. At that time, Bitcoin mining generated around $17 billion. But, again, the revenue figure generated was about $1 billion less than that of the ETH miners, that was $18 billion.
Bitcoin mining have been recording higher revenue in comparison to that generated through Ethereum mining. This is recorded by 18 months back. Since that time, the turn of events has been steady and only ETH miners. The bigger gain in ETH mining revenue is because its ecosystem versatility.
However, there’s about to be considered a change which could cost the jobs of Ethereum miners. Which has regarding the upcoming Ethereum Merge. This event aims to start to see the successful merging of Beacon Chain and Ethereum Mainnet. Achieving this objective will trigger the move of the ETH network to Proof-of-Stake (PoS).
Impact Of Ethereum Merge On Miners
Ethereum miners understand that the Merge completion will end ETH mining. Also, all transactions performed on the ETH network will undoubtedly be adopted by validators. Moreover, in line with the status-quo of the PoS blockchain, these validators will undoubtedly be rewarded for each effort they make.
There’s a choice for ETH miners to migrate to Bitcoin mining, but gleam problem with the theory. That has regarding the mining systems of both assets. While Ethereum miners use GPUs to execute their mining process, Bitcoin miners, however, use ASIC. That’s where the issue of compatibility sets in.
By the end of the Merge, ETH miners could have just one single option: to get a small amount of their previous amount prior to the merge. Also, they’ll no more have possession of these GPUs, because they will sell them off.
Going further, AntPool has announced its $10 million investment in ETC. the mining platform believes that ETH will undoubtedly be mineable even with the merge is completed.
Furthermore, Chandler Guo, a Chinese miner, has revealed his thoughts about creating another version (a forked version) of the Ethereum network. This is called ETHPoW since it will sustain the Proof-of-Work mechanism of the digital currency blockchain following the merge.
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