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The changeover of the Ethereum network from a proof-of-work (PoW) consensus is anticipated to result in a massive influx of idle ETH miners into the cryptocurrency market, severely disrupting all PoW currencies.
In an interview with Cointelegraph, CEO of Bitcoin miner White Rock Andy Long expressed his belief that the impending Ethereum Merge will drive PoW miners to seek out alternative PoW blockchains "stating: "Swamp" other coins will make mining more difficult and less profitable.
"As GPU miners direct their hardware at different chains, the difficulty will rise, lowering returns and dividing the reward among more miners," the author writes.
Long continued by saying that many crypto miners will probably be forced to give up and sell their pricey mining equipment due to the departure.
He predicted that many miners would give up and try to sell off their farms of cards as the hashrate moved to rival GPU PoW coins.
There is too much capacity chasing too little demand. Therefore, he continued, those miners who try to offer their High-Performance Computing (HPC) or GPU cloud services will probably fail.
As a result of falling Bitcoin (BTC) values, GPU prices and demand have already been declining, resulting in some cards selling below list price and dealers struggling to sell their mining rigs and cards for premium pricing.
Long asserts that he is “not strongly opposed” and curious to observe “how market forces play out” regardless of what transpires following the Merge.
“The Merge was identified as an impending threat when I was constructing GPU farms in 2017 and would have had a considerably greater impact at that time.”
“GPUs will always be mining some chains that have been designed for GPU mining, but I doubt we will ever again reach the amounts of revenue witnessed in ETH proof-of-work at its height.”
One of the biggest changes in the cryptocurrency market this year will be Ethereum’s switch to a proof-of-stake (PoS) method between September 10 and 20.
However, numerous cryptocurrencies, such as Bitcoin (BTC), Litecoin (LTC), and Bitcoin Cash (BCH), as well as Ethereum Classic (ETC), Monero (XMR), Zcash (ZEC), and Ravencoin, are still planned to follow the PoW route (RVN).
White Rock Management is a digital asset technology business headquartered in Switzerland that mines cryptocurrency using data centers in Texas and Sweden.
