Where will the miners go? Ethereum's upgraded mining transformation

After Ethereum completes merger and upgrades to the PoS consensus mechanism, miners relying on the PoW mechanism face transformation challenges. They can choose to turn to other PoW projects, such as Ethereum Classic or emerging PoW blockchain projects, and continue mining with existing mining machines. In addition, it is also feasible to transform data center business, provide high-performance computing services, or participate in Web3 protocol computing. Some miners choose to participate in Ethereum’s PoS staking and become validators to receive rewards. Finally, selling mining equipment is also a response strategy. These transformation directions provide multiple options for miners facing challenges.

After Ethereum upgrades, miners face the challenges of transformation. Here are some common transformation directions:

• Turn to other PoW projects
  • Mining Ethereum Classics and similar coins 3: The hash algorithm of Ethereum Classics is compatible with Ethereum. After the merger of Ethereum, many miners turned to Ethereum Classics, causing their computing power to soar by 460%. In addition, PoW currencies such as Crow Coin also increased their computing power after Ethereum upgrade, attracting some miners.
  • Looking for emerging PoW projects: Some emerging blockchain projects that adopt the PoW consensus mechanism provide new opportunities for miners, such as Zether ($ZTH). It adopts a PoW consensus mechanism compatible with Ethereum algorithms, and classic Ethereum mining machines such as Jasmine 1950m and Pineapple 3680m can participate in mining without hardware or software changes.
• Telebrate into the data center business
  Provide high-performance computing services
  • : Large mining companies such as Hut8 and Hive Blockchain choose to transform into the high-performance computing industry, use their original hardware equipment and infrastructure to provide services to enterprises or projects that require a large amount of computing resources, as an alternative to cloud computing giants.
  Participate in Web3 protocol computing
  • : Miners can contribute GPU computing power to Web3 protocols such as Rendernetwork, Livepeer and Akash, providing computing support for the operation and development of these protocols and obtain corresponding benefits.
Participate in Ethereum PoS staking
• : After Ethereum is upgraded to PoS, miners can stake their holdings as validators. Just pledge 32 ETH to join the validator team and participate in the creation and verification of new blocks, thereby obtaining ETH rewards.
Selling mining machines and related equipment
• : For miners who no longer intend to engage in cryptocurrency mining, they can choose to sell mining machines and other equipment in the second-hand market. Some individual miners or small mines may recover funds in this way and reduce losses.

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