Ethereum mixes other coins with miners to 'swamp' - Mining CEO
Ethereum(ETH) Miners
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Ethereum mixes other coins with miners to 'swamp' - Mining CEO
The Ethereum network's transition toproof-of-work (PoW) consensus could lead to a flood of out-of-work Ether (ETH)miners in the crypto industry, causing severe disruption to all PoW tokens.,Andy Long, CEO of bitcoin miner White Rock, believes that theupcoming Ethereum merge will force PoW miners to seek green pastureslike other PoW blockchains.
And thus "swamp" other coins -increasing mining difficulty and reducing profitability, "the hashrate will flow to alternative GPU PoW coins, and many miners will simply giveup and try to sell their card fields." ," They said. “Some minerswill try to sell their High-Performance Computing (HPC) or GPU cloud servicesand possibly fail because there is too much capacity chasing a limited amountof demand,” he said.
GPU prices and demand have already been declining as aresult of falling Bitcoin (BTC) prices, leading to some cardsselling for below the list price and sellers struggling to offload their miningrigs and cards for inflated prices. Regardless of what happens after the Merge,Long says he is “not strongly opposed” and is interested to see “howmarket forces play out.”
“When I was building GPU farms in 2017, mergeswere cited as an imminent threat and would be much more impressive then:” Ethereum’sProof-of-Stake (PoS) Between September 10-20 ) system is expected to transitionand is considered one of the most significant upgrades in the crypto marketthis year.
However, there are still many cryptocurrencies set tocontinue along their PoW path, including BTC, Litecoin (LTC) and Bitcoin Cash(BCH), as well as Ethereum Classic (ETC), Monero (XMR), Zcash (ZEC) andRavencoin (RVN). White Rock Management is a Switzerland-based digitalasset technology company that mines cryptocurrencies throughdata centers located in Texas and Sweden.
Ethereum is often praised for its fast transaction speed and security, but it could also face a serious challenge in the future due to Ethereum’s transition from Proof-of-Work (PoW) to PoS consensus. This issue has been brought up by CEO of mining company Bitmain, Jihan Wu, who says that Ethereum developers must “swamp” existing miners.