Crypto miners who initially flocked to GPU-compatible proof-of-work tokens after the Ethereum (ETH) Merge are fleeing these networks after the worth of their tokens fell, in keeping with accessible information.
Ethereum Basic (ETC) has seen its hash charge drop to 157.51TH/s after peaking at 303.7 TH/s on the day after the merge — Sept. 15– in keeping with information from 2miners.
In accordance with 2miners information, ETC mining issue has fallen to 2.06P from over 2.5P post-merge.
ETC’s value rally additionally seems to be over because the asset has shed most of its positive aspects over the earlier weeks. Since Ethereum’s merge, ETC has shed 26% of its worth.
During the last 24 hours, the asset is down 3%, buying and selling for $28.22 –a far cry from its worth through the run into the merge.
One other PoW token that attracted a number of miners post-merge was Ravencoin (RVN).
RVN noticed its community hashrate rise from round 3 TH/s on Sept. 9 to over 22 TH/s by Sept. 17. Nevertheless, that determine has now fallen to fifteen.09 TH/s as of press time.
The community’s mining issue has dropped to 208.47K from over 300K.
RVN’s value has mirrored the decline in its hashrate and mining issue. In accordance with CryptoSlate information, the token has shed roughly 46% of its worth because the merge.
During the last 24 hours, RVN has misplaced 6.23% of its worth.
Ergo (ERG) is the worst hit as its mining hashrate tanked roughly 91%. In accordance with 2miners information, Ergo’s hashrate peaked at 303.41TH/s on Sept. 15. Nevertheless, that determine has steadily declined to 27.90 TH/s as of press time.
Its community mining issue is at present 16.61P after peaking at 21.67P on Sept. 17.
Its value has additionally had an identical efficiency. After peaking at $5.21 on Sept. 15, it has shed 37.3% of its worth to commerce at $2.64 as of press time.
Ethereum proof-of-work token has additionally seen its mining hashrate drop after the merge. In accordance with 2miners information, ETHPOW hashrate is at present at 47.16TH/s. The community’s hashrate peaked at 79.42TH/s on Sept. 15.
In the meantime, it needs to be famous that ETHPOW’s hashrate is steadily gaining floor because the community sees extra makes use of. In accordance with OKLink information, the community blockchain has processed 1.7 billion transactions since its launch.
Nevertheless, ETHPOW’s worth has been downward since Sept. 15, when it traded for $51.5. The token has offered for as little as $5.31 earlier than barely recovering to $9.51, in keeping with Coingecko information.
GPU value tanks in China
Stories have revealed that the worth of GPUs has dropped by as a lot as 40% in China because the Ethereum merge.
In accordance with the report, when Ethereum was nonetheless a proof-of-work token, the demand for high-end graphic playing cards such because the Nvidia GeForce RTX 3080 and 3090 was excessive, which pushed the retail worth of those GPUs up.
Nevertheless, because the merge, demand for these elements has significantly dried up, particularly as the worth of different tokens the GPUs might mine was considerably decrease. In the meantime, players have seen this drop as a achieve as they’ll get these GPUs at extra reasonably priced charges.