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Miners flee PoW tokens as token prices tank, GPU value flounders

Miners flee PoW tokens as token prices tank, GPU value flounders

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Cryptominers who initially collected GPU-compatible proof-of-work tokens after Ethereum (ETH) merged are fleeing these networks after the value of their tokens dropped, according to available data.

Ethereum Cash

Ethereum Cash (ETC) has seen its hash rate drop to 157.51 TH/s after peaking at 303.7 TH/s the day after the merge – September. 15 – according to 2miner data.

According to 2miners data, ETC mining difficulty has dropped to 2.06P from over 2.5P post-merger.

ETC’s price rally also appears to be over as the asset has given up most of its gains over the past few weeks. Since the Ethereum merger, ETC has lost 26% of its value.

In the last 24 hours, the asset has fallen 3% to $28.22, a far cry from its value at the time of the merger.

Ravencoin

Another PoW token that attracted several Miners after the merger was Ravencoin (RVN).

RVN’s network hashrate increased by about 3 TH/s on September 9th to over 22 TH/s by September 17th. However, this number has now dropped to 15.09 TH/s at press time.

The network mining difficulty has dropped to 208.47K from over 300K.

The price of RVN has reflected the drop in its hashrate and mining difficulty. According to CryptoSlate data, the token has lost about 46% of its value since the merger.

In the last 24 hours, RVN has lost 6.23% of its value.

Ergo

Ergo (ERG) has suffered the worst, as its mining hashrate has dropped by around 91%. According to 2miners data, Ergo’s hashrate was at its peak 303.41 TH/s on September 15. However, this number has steadily declined to 27.90 TH/s at press time.

Its network mining difficulty currently stands at P16.61 after peaking on September 17th at P21.67.

Its price has also been similar in performance. After peaking at $5.21 on September 15, it has fallen 37.3% to $2.64 at press time.

Ethereum POW

Ethereum’s proof-of-work token has also seen its mining hashrate drop since the merger. According to 2miners data, ETHPOW hashrate is currently 47.16TH/s. The network’s hashrate peaked at 79.42TH/s on September 15.

At the same time, it should be noted that ETHPOW’s hashrate is steadily gaining ground as the network sees more usage. According to data from OKLink, the online blockchain has processed 1.7 billion transactions since its launch.

However, ETHPOW has fallen in value since September 15, when it was valued at $51.5. The token has sold as low as $5.31 before recovering slightly to $9.51, according to data from Coingecko.

GPU price bins in China

Reports have revealed that the value of GPUs in China has dropped by up to 40% since the Ethereum merger.

According to the report, when Ethereum was still proof-of-work, high-end graphics cards such as the Nvidia GeForce RTX 3080 and 3090 were in high demand, driving up the retail value of these GPUs.

However, since the merger, the demand for these machines has waned significantly, especially since the value of the tokens mined by the other GPU machines was significantly lower. Meanwhile, gamers have seen this drop as a win because they can get these GPUs for less.

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