Despite the cryptocurrency cold, Bitcoin and Ethereum miners are doing well. According to the report from 2022, Ethereum miners are more profitable than Bitcoin miners. When considering the recent increase in the cost of electricity, the growth of the miners is quite surprising.
But it’s possible that everything might unravel rapidly. Some ETH miners are worried that the forthcoming integration will put them out of business. Possible causes include the influence of the asset combine on the community’s underlying organizational structure.
Cryptocurrency Ethereum Miners Reveal Massive Profits
From data compiled by Arcane Analysis, it may be deduced that by 2022, Ethereum mining has generated a profit of up to $11 billion. This value is slightly higher than what is used in Bitcoin mining. The study estimates that Bitcoin miners have made around $10 billion throughout the same time frame.
Not much has changed from last year’s sample in terms of the analysis data. Bitcoin mining at its peak brought around $17 billion. Again, though, the revenue figure was around $1 billion below than what the ETH miners made, at $18 billion.
The profits from Bitcoin mining had been higher than those from Ethereum mining. The new baseline is 18 months. From that point on, the tide consistently turned in favor of ETH miners. As a result of the adaptability of its ecosystem, ETH mining has yielded more gains.
However, a shift is coming that could put a monetary value on Ethereum miners’ contributions. In relation to the impending Ethereum Merge. With any luck, Beacon Chain and Ethereum Mainnet will successfully merge at this event. Achieving this target will initiate the Proof-of-Stake migration of the ETH community (PoS).
Effect of the Ethereum Merge on the Core Developers.
Ethereum miners are aware that once the Merge is completed, ETH mining will be over. In addition, validators are responsible for processing all transactions made within the ETH network. In addition, the current state of the PoS blockchain dictates that these validators be compensated for their contributions.
The possibility exists for ETH miners to switch to Bitcoin mining, however there is also a problem with this strategy. That depends on the methods used to mine each item. Bitcoin miners, on the other hand, employ specialized hardware known as application-specific integrated circuits (ASICs), while Ethereum miners use graphics processing units (GPUs). This is where the compatibility problem arises.
At the conclusion of the Merge, ETH miners may be left with only one option: to recover a small fraction of their pre-Merge holdings. They may also have promoted off their GPUs and no longer own them.
Moreover, AntPool has announced a $10 million investment in ETC. The mining pool expects ETH to continue to be mineable when the merge is complete.
Further, Chinese miner Chandler Guo has spoken publicly about his plans to fork the Ethereum network and create a new cryptocurrency. The Proof-of-Work method of the digital currency blockchain will be preserved, hence the resulting system will be called ETHPoW.
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