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The much-debated event in the crypto space, the ETH Merge, will arrive soon, and things appear to heat up within the mining sector. The leading al has resorted to an environment-friendly PoS (proof-of-stake) mechanism.
That had miners in a challenging position as they would have to shut businesses after the Merge. While some crypto miners await the hardfork, others shift to different networks.
What’s Happening
One of the leading ETH mining pools, Ethermine, made a notable announcement recently. It stated that the pool would shift to a withdrawal-only state after completing the PoW mining phase. That means miners should switch to another token to undertake their mining activities.
The blog stated that miners would not connect their equipment to the Ethermine pool as all Ethermine stratum will be offline. Miners will have to trigger manual payouts on their respective Dashboard to access payouts from unpaid balances. Nevertheless, Ethermine advised miners to resort to high-performing mining pools, including BEAM, ERGO, ETC, and RVN.
ETH PoW Lacks Support
Meanwhile, the Ethereum PoW community receives support from several exchanges. For instance, Poloniex Exchange already listed potential hardfork coins on its network. Meanwhile, mining pools such as Ethermine won’t provide committed support for the tokens. Nevertheless, the ETH PoW community stretches its efforts, realizing the initial contract batch to freeze.
Which Way to Follow?
As Ethermine suggested, multiple miners have joined the ETC (Ethereum Classic) network as the platform saw its hash rate increasing substantially within the last few months. The 2miners chart shows ETC’s harsh rate noted upside strength in July. Meanwhile, the metric has remained elevated. That indicated a surge in new miners.
The ETC price surge was a lucrative sign for miners to join the platform as they could generate increased profits. Besides ETC, ERGO noted a slight hash rate increase over the past few days, reaching 15.24 TH/s for some time. That confirmed that miners are migrating from Ethereum.
Nevertheless, the ETH PoW community doesn’t think moving to Ethereum Classic is a viable choice. They recently stated that ETH boasts a mere 27 TH/s in computational power, lower than Ethereum’s 996 TH/s. Consequently, they worry that the Ethereum Classic network won’t accommodate Ethereum’s processing power.
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