The Ethereum merge is no news to active miners anymore. The Ethereum foundation has put in work to implement some new developments on the network. One such development is the transition from proof of work to proof of stake consensus.
The idea behind these recent changes is to reduce the energy consumption involved in mining to the barest minimum. It also enables quicker transaction processes and requires cheaper gas fees. These are a few of the benefits of transitioning. Although this transition opens up new opportunities for investors and benefits users and the environment, it presents a challenge for miners.
The Ethereum merge will leave the largest EVM’s proof of work mining ecosystem disenfranchised. In the coming months, mining will no longer be a thing due to the transition.
All hope is not lost for miners as the ETC still runs on a proof of work consensus since it is a continuation of the original Ethereum chain. Hence, miners can migrate to ETC solely for mining. This new development happens to be an exciting one as it will improve the security of the network and also increase the hash rate.
According to data from Coinlore, ETC has increased by 20%, and more increases are to be expected as miners continue to migrate to the network.
New users in the ETC mining ecosystem can rest assured that they can use the network long-term.
Due to the ETH Classic’s predictable monetary policy, users can plan their mining business and expenses appropriately. Many users are convinced that the $ETH merge is the best thing that will happen this year as they anticipate the merge date.
The merge is meant to happen on or before September if there are no further delays. Following the merge, Ethereum 2.0 will be set to rule the decentralized ecosystem, over Ethereum Classic and other altcoins.