Ethereum miners are not looking forward to the merge
Ethereum’s upcoming move to proof-of-stake will render Ethereum miners obsolete. Will the miners accept the defeat or fight back?
Aug 1st 2022
Source: CoinMetrics
Ethereum mining is bigger than bitcoin mining based on revenue. Ethereum miners earned $18 billion in 2021, compared to $17 billion for bitcoin miners.
Soon, the merge will replace miners by staking validators, meaning that the Ethereum mining revenue will suddenly drop from billions of dollars annually to zero.