Vietnam's miners have voiced their dismay at the loss of business due to Ethereum's switch to a consensus mechanism that doesn’t require as much energy-intensive computing. Local media quoted entrepreneurs and miners as saying that many are in trouble.
Report on The Merge Reveals Cryptocurrency Miners Strike by the Merge in Vietnam
Vietnam's crypto miners suffered severe losses as their mining rigs were shut down after the second-largest cryptocurrency market capitalization switched to an energy-efficient framework.
Ethereum (ETH), which is a blockchain company, changed its protocol to be proof-of work (PoW), and now it's proof-of stake (PoS). This upgrade was called "The Merge" and was completed this week. This significantly lowers the energy required to validate transactions.
Migration to the new consensus mechanism has meant that strong coin minting hardware will no longer be required to perform complex mathematical computations, and this type of equipment is almost obsolete.
According to the English-language news section, "goodbye Ethereum," the "no more opportunities" and "sell off Rigs" are the most frequently used phrases in online forums of Vietnamese crypto miners.
Many are in trouble because the majority of Vietnamese crypto miners were mining Ethereum.
"We all knew that this day would come, and we were prepared for it," Ngoc Can, administrator, of a crypto mining social group, was quoted as saying.
Can stated that all mining pools had been shut down. This means miners cannot mine anymore and must turn off their rigs. Ethermine, the largest Ethereum mining pool announced that it was closing down and informed miners that any unpaid balances would be transferred within days.
According to Dong Nai, large crypto farms were the worst hit. "I started mining four year ago and then expanded my farm after reaching profitability. He said that he has not recouped his new investment and that it is nearly impossible to sell it.
"I spent all my family's savings on this mining rig. "I don't know what to do about that," a Binh Dinh amateur miner shared. After realizing that electricity costs would prohibit him from making a profit, he decided to give up on his dream to mint other coins.
The article concluded that "many Vietnamese crypto miners expect that Ethereum will split into a new branch that still permits PoW mechanism," but the prospect remains uncertain.
Are you positive that ethereum crypto-miners in Vietnam will be able to find new sources of income? Please share your views on the topic in the comments section below.
By: Lubomir Tassev
Title: Vietnam Crypto Miners Complain About Losses From Ethereum’s Merge
Sourced From: news.bitcoin.com/vietnam-crypto-miners-complain-about-losses-from-ethereums-merge/
Published Date: Mon, 19 Sep 2022 10:00:07 +0000
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