The Merge is likely to be implemented on the Ethereum blockchain in a little more than a month, forcing the network's proof-of-work (PoW) miners to mine a different coin. As earnings have risen, it appears that Ethereum miners will continue to use the PoW Ethereum chain until the very end. Many members of the cryptocurrency world are attempting to predict where the hashrate will go after The Merge transition, even though Ethereum will modify the consensus ruleset.
Where Will Ethereum Miners Go After the Merger? Is a Question for the Crypto Community — There are numerous theories to choose from.
During a broadcast of the Consensus Layer Call on August 11, 2022, Ethereum developers informed the community that The Merge would probably take place between September 15 and 16. The Merge will probably take place on September 15 according to Ethereum co-founder Vitalik Buterin, who confirmed this the following day. It has been determined that the terminal total difficulty is 58750000000000000000000. As a result, there are now only (approximately) a fixed amount of hashes left to mine on the Ethereum PoW network, according to Buterin.
Since then, everyone has been wondering where the existing Ethereum hashrate will go when the switchover occurs. Although there has always been a lot of conjecture, not everyone believes that the majority of the ETH hashrate will switch to Ethereum Classic (ETC). Supporters of cryptocurrencies believe that their chain will gain more security in addition to the projected ETHW fork that is anticipated to occur, which very likely could use a small portion of the ETH hashrate. Additionally, we don't sure how much hashrate the ETHW possible proof-of-work fork will receive following The Merge.
One ravencoin (RVN) enthusiast anticipates an increase in the network's activity. If ever there was a moment to hold ravencoin, this is it, he declared. Due to the end of [Ethereum] mining next month, thousands of miners will switch to ravencoin. For RVN, the next two years are crucial. However, no significant migrations from the Ethereum network to any Ethash blockchains like RVN and ETC have taken place to far.
Ethereum Miners Are Making More Money by Finishing the Chain; JPMorgan Strategists Expect Ethereum Miners to Experience Changes, but Ethereum Classic May Benefit
The reason is that mining ETH is still relatively economical compared to mining other Ethash-supporting networks. According to data, Bitmain's Antminer E9 generates an estimated $60.55 per day at a cost of $0.12 per kilowatt hour for electricity (kWh). Innosilicon's A11 Pro can generate 1,500 MH/s and earn an estimated $34.53 per day with energy expenditures of $0.12 per kWh, compared to Bitmain's 2,400 MH/s machine. Currently, several of the top ETH mining pools also mine the ETC chain. In addition to ETH, some of the top miners also contribute hashrate to Ravencoin (2.31 TH/s) and Ergo (11.9 TH/s).
It's conceivable that miners mining ether will continue with the ETH chain all the way to the end with gains like these and the new Antminer E9 introduced during the first week of July. ETC experienced a slight increase when 7.12 TH/s was added to the network since July 4, 2022, however ETH experienced a loss of 230 TH/s at that time. According to JPMorgan's most recent weekly fund flows note, which was released on Wednesday, The Merge transition could become unpredictable for ETH miners, and ETC would benefit. The weekly fund flows notice also highlighted alternative crypto currencies that employ Ethash, such as ergo and ravencoin, and the investment bank mentioned that the hashrate for ETC increased in July.
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