The crypto industry has already faced many problems since the beginning of this year. Prices of many cryptocurrencies hit recent lows due to the slump in the cryptocurrency market. Aside from crypto investors and traders, crypto miners also faced severe consequences. To make matters worse, Ethereum Merge came along and changed a lot for miners.
Vietnam had a sizeable amount of crypto miners primarily involved in mining Ethereum. Following Merge’s upgrade on Ethereum, we moved from Proof of Work to Proof of Stake. This transition made things easier for Ethereum users, but ultimately less “work” for miners.So since I can’t find any other solution, these cipher Miners closed.
The Merge upgrade brought solutions to many modern deficiencies in networks related to transaction speed, gas prices, energy consumption, scalability, and more.
You don’t need a more powerful miner with high computing power after upgrade. This situation made available high-power equipment impractical, and Vietnamese miners were no exception. During that time, social media spaces and online groups of miners were using phrases like “goodbye” profusely.
Ethereum” and “Selling Rig”.
Such phrases were not just for humor, but a harsh reality that forced miners to sell their mining rigs, given that the majority of cryptocurrency miners in Vietnam were involved in mining Ethereum.
This instance has brought many cryptocurrency miners and mining people to the fore to talk about the issue. The manager of a social media crypto mining group says miners are aware that day will come and are ready for it. They hoped that the Merge upgrade would come later, but that might have bought them some more time to mine Ethereum (ETH).
He further said that since it closed all mining pools, miners were unable to mine cryptocurrencies and had to shut down rigs.
Ethermine, Ethereum’s largest mining pool, announced a similar timeframe for shutting down its servers. We also ensured that cryptocurrency miners received outstanding payments.
Other miners also commented on the case, cipher Mining farms are likely to be hit hard by the shutdown of cryptocurrency mining. A cryptocurrency miner started mining years ago and continued to expand after recovering its investment. Now, the huge amount of capital that went into the expansion is difficult to recover, making it nearly impossible to sell.
These miners are forced to sell their miners, GPUs, and CPUs at very low prices, much like mining equipment. Some of them were found selling dozens of them for a penny on the open market (literally open market on the side of the road).