Is this the end of the $19 billion Ethereum mining industry?
The Merge is expected to make the $19 billion Ethereum (ETH) mining industry obsolete.
The Merge is expected to make the $19 billion Ethereum (ETH) mining industry obsolete.
As soon as ETH shifts to proof-of-stake, ETH miners will lose out their revenue.
To make matters worse, they cannot shift to mining Bitcoin.
This is because ETH is mined with dedicated GPUs (Graphical Processing Units), while BTC is mined with ASICs (Application-Specific Integrated Circuit).
ETH miners can generate revenues from:
Mining Ethereum Classic (ETC)
The Livepeer video streaming service that enables GPU owners to get rewards for transcoding video.
The Render Network that enables GPU owners to get rewards for rendering 3D images and for donating computing power.
And then there is the potential EthereumPoW (ETHW) hard fork.