The path moving forward for ex-Ethereum miners remains unclear
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It’s been almost two weeks since Ethereum made its historic transition from proof-of-work to proof-of-stake, and some former ETH miners say they’re at a loss as to how to proceed.
After the merger, many took to crypto Twitter to discuss what they believe will happen to these former Ethereum miners. On the day of the merger, Twitter user hashoveride tweeted:
The only coins showing profit have no market cap or liquidity. The profit is not real #btc
— Hashoveride (₿en Gagnon) (@hashoveride) September 15, 2022
Twitter user BakaMoriDesu suggested in a tweet that former eth miners were planning to move on to the next profitable coin, adding: “As an RVN miner, I doubt it would be profitable anymore after the halving.”
Ex-eth miners will switch to a more profitable coin. As an RVN miner, I doubt it would be profitable anymore after the halving
— Horde Frontender ❤️ (@BakaMoriDesu) January 11, 2022
Cointelegraph reached out to a few former Ethereum miners to find out what their plans are going forward. However, the general consensus revealed that many were still unclear about their next steps. Former miner Christian Ander shared with Cointelegraph:
“To be honest, I don’t know myself yet. Selling GPU power to other compute intensive services isn’t nearly as profitable as eth.
“I’m doing research myself and my partners are looking into options,” Ander added, noting that “GPU owners do research and sell power to non-crypto projects. And when energy prices are very high, they shut down and sell too much power to the grid. Ander said he doesn’t Not currently mining any crypto, he is just evaluating the market.
Another former Ethereum miner, Kevin Aguirre, told Cointelegraph that he sold his hardware to his partner, who was now using it to mine other coins.
“I’m a little sorry for my outcome with my miner, but in the end it supported me and my family through the pandemic.”