Ethereum miners are migrating to Ethereum Classic

The soon-to-be-obsolete ETH miners are looking for alternative cryptocurrencies to mine. One of these is ETC, whose hashrate has more than doubled since July.
Source: Coinmetrics

Ethereum mining is a significant industry. The total industry revenue was $18 billion in 2021, more than bitcoin mining’s $17 billion.

If everything goes according to the plan, the merge will take place on Wednesday evening/Thursday morning and replace ETH miners with validators. ETH miners have invested billions of dollars in GPU mining rigs. These rigs can’t mine bitcoin, so the soon-to-be-obsolete ETH miners are looking for other tasks to direct their rigs’ computing power to.

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