The Ethereum merge was an incredibly anticipated upgrade with good reason. Not only did this drastically increase the number of transactions the network could handle, but it also greatly reduced the network’s energy consumption. However, Ethereum miners have found themselves at collateral damage in the upgrade as their highly specialized mining hardware is no longer required. In view of this, ETH miners have had to look for alternatives for this hardware.
In less than an hour, Ethereum miners, one of the most important parts of the network, found themselves obsolete. With the move from proof of work to proof of stake, there was no longer a need for highly sophisticated machines as the network now uses validators to confirm transactions.
Now that the merge is complete, Ethereum miners are unable to mine the cryptocurrency and have instead moved to other GPU minable tokens. This exodus from the Ethereum network has sent miners into the arms of networks such as Ethereum Classic and Ravencoin.
ETH falls to $1,500 | Source: ETHUSD on TradingView.com
Ethereum Classic has proven to be a natural destination for miners as it is a fork of the original ETH network. For Ravencoin, the team was working hard to incorporate displaced ETH miners into their network. This move has fueled interest in both the networks and in such a short span of time both have grown tremendously.
Ethereum Classic, Ravencoin Hashrate Soar
At the time of this writing, it has only been a few hours since the Ethereum merge was completed, but the market is already undergoing massive changes. As displaced ETH miners move to other coins such as Ethereum Classic and Ravencoin, both networks have seen their hashrates soar.
In the last 24 hours alone, the hash rate on both networks has more than doubled. Ethereum Classic was already registering quick growth since the date of the merge was announced. On Wednesday, its total hash rate was around 52 TH/s, but as of the early hours of Thursday, Hash rate 102 TH/s . had exceeded,
Meanwhile, the same is the case with Ravencoin., Similar to Ethereum Classic, its hash rate is over 100%, rising from around 7.4 TH/s on Wednesday to over 14 TH/s on Thursday, after peaking at 14.8 TH/s.
However, despite moving to these networks, it is still not enough to accommodate the total mining power of ETH. Experts estimate that all GPU minable coins will only be able to absorb 15% of the total ETH hash rate before mining.
Featured image from Forkast, chart from TradingView.com
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