SEC's Gensler Deserves Increased Congressional Scrutiny Regarding Crypto Regulation: U.S. Senator
DAI Stablecoin Achieves Over $5 Billion Market Cap Due to Increased Yield and Elevated Spark Protocol Influence
Republican Legislators Call for Gensler to Explain SEC Approval Process for Prometheum
The transition of the Ethereum network from a proof-of-work (PoW) consensus is anticipated to swamp the crypto industry with out-of-work ETH miners, creating severe disruption to all PoW coins.
Andy Long, CEO of Bitcoin miner White Rock, told Cointelegraph that the imminent Ethereum Merge will encourage PoW miners to seek better pastures, such as other PoW blockchains, and therefore ""Swamp" other coins, raising mining difficulty and decreasing profitability, according to the statement:
"As GPU miners direct their hardware toward other chains, the difficulty rises, resulting in lesser returns and the reward being distributed across more miners.
Long also stated that the migration will most likely compel many cryptocurrency miners to quit up and leave their costly mining rigs.
"Hashrate will flow to alternative GPU PoW coins," he said, "and many miners will simply quit up and try to sell off their farms of cards."
"Some miners may try to offer their High-Performance Computing (HPC) or GPU cloud services and will most likely fail since there is too much capacity chasing too little demand," he added.
As a result of plummeting Bitcoin (BTC) values, GPU prices and demand have already been declining, with some cards selling for less than the stated price and dealers unable to offload their mining rigs and cards for inflated rates.
Long says he is "not strongly opposed" to the merger and is interested in seeing "how market forces play out."
"When I was developing GPU farms in 2017, the Merge was mentioned as a potential concern, and it would have had a far greater impact at the time.""
"There will always be GPUs mining some GPU optimized networks, but I suspect we will ever return to the levels of profitability witnessed during the pinnacle of ETH proof-of-work."
Between September 10-20, Ethereum is anticipated to switch to a proof-of-stake (PoS) method, which is regarded one of the most significant upgrades in the crypto sector this year.
However, numerous cryptocurrencies, including Bitcoin (BTC), Litecoin (LTC), and Bitcoin Cash (BCH), as well as Ethereum Classic (ETC), Monero (XMR), Zcash (ZEC), and Ravencoin, seem expected to continue on their PoW route (RVN).
White Rock Management is a digital asset technology business established in Switzerland that mines cryptocurrency through data centers in Texas and Sweden.
========
