The Ethereum integration was an incredibly predictable upgrade, and for good reason. Not only has it significantly increased the number of transactions that the network can handle, but it has also greatly reduced the power consumption of the network. However, Ethereum miners found themselves as collateral damage in the upgrade as their highly specialized mining hardware was no longer needed. Given this, ETH miners had to find alternatives to this device.
In less than an hour, Ethereum miners, who were one of the most important parts of the network, found themselves obsolete. With the transition from Proof of Work to Proof of Stake, highly sophisticated machines are no longer needed as the network now uses validators to confirm transactions.
Now that the consolidation is complete, Ethereum miners cannot mine the cryptocurrency and have instead moved on to other GPU tokens that are minable. This mass exit from the Ethereum network sent miners into the arms of networks such as Ethereum Classic and Ravencoin.
ETH falls to $1,500 | Source: ETHUSD on TradingView.com
Ethereum Classic has proven to be a natural destination for miners as it is a fork of the original ETH network. As for Ravencoin, the team has been pushing hard to get displaced ETH miners onto its network. This move saw increased interest in both networks and led to massive growth in both in such a short time.
Ethereum classic, hashrate ravencoin soaring
At the time of writing, it has only been a few hours since the Ethereum merger was completed, but there are already massive changes happening across the market. As displaced ETH miners move to other coins such as Ethereum Classic and Ravencoin, both networks have seen their hash rate soar.
In just the last 24 hours, the hash rate has doubled across both networks. Ethereum Classic has already recorded exponential growth since the date of the merger was announced. On Wednesday, the total hash rate was around 52 TH/s, but by the early hours of Thursday, it was The hash rate has grown to over 102 TH/s.
The This is the case for Ravencoin during this time. Similar to Ethereum Classic, its hash rate is up over 100%, from around 7.4 TH/s on Wednesday to over 14 TH/s on Thursday, after peaking at 14.8 TH/s.
However, despite moving to these networks, they are still not enough to absorb the total mining capacity of ETH. Experts estimate that all GPU-minable coins will only be able to absorb 15% of the total ETH hash rate before coin mining ceases to be profitable.
Featured image from Forkast, chart from TradingView.com
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