- Vietnam, which has the largest cryptocurrency miner, is facing huge losses.
- Ethereum Classic (ETC) has seen a high hash rate.
Ethereum (ETH), the second largest cryptocurrency by market cap, switched from a Proof of Work (PoW) mechanism to a Proof of Stake (PoS) mechanism on September 15. It has been turned off, according to the latest report.
According to recent survey statistics, nearly 21% of Vietnamese consumers reported using or mining cryptocurrency, second only to Nigeria at 32%. But after the merger upgrade, crypto miners faced huge losses.
Cryptocurrency miners are looking for alternatives
The amount of power required to validate transactions is significantly reduced by the Ethereum protocol upgrades. Powerful mint equipment is no longer needed to perform difficult mathematical calculations due to the adoption of the new Proof of Stake (PoS) consensus process, which renders all this equipment useless.
Several Ethereum miners intend to continue mining with a well-known faction led by Chandler Guo to create ETHPoW (ETHW). Currently, ETHPoW is trading at $5.42, while ETHW is down 27.82% in the last day according to CoinMarketCap.
However, before ETHPoW, there was EthereumFair (ETF originally ETHF) focused on Ethereum Proof of Work consensus. But compared to EthereumPoW, EthereumFair has received a small portion of the attention. EthereumFair is run by a group of Chinese miners.
block explorer for EthereumFair It shows that the ETF has 1.8 million wallet addresses and 6.9 million total transactions. According to CoinMarketCap, the ETF is trading at $4.64, down 41.93% over the past 24 hours. Along with ETHPoW tokens, it held 86.3 million addresses and recorded 1.7 billion total transactions.
Moreover, according to 2miners.comEthereum Classic, which split from Ethereum in 2015, saw a high hash rate as a result of the merger. The current ETC hash rate is 192.09 TH/s and the highest hash rate is 227.95 TH/s, which is recorded on the day of the merger (September 15).
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