Crypto industry has already been facing a number of issues since the start of this year. The downturn in the crypto market led many cryptocurrencies’ prices to witness their recent lows. Apart from crypto investors and traders, crypto miners also faced the harsh impact. To make things worse, came the Ethereum Merge, and changed a lot of things for miners.
Vietnam had a significant amount of crypto miners—who were majorly involved in Ethereum mining. Following the Merge upgrade on Ethereum, it transitioned from proof-of-work to proof-of-stakes. The transition although made things easy for Ethereum users ending up making miners “work”less. So finding no other solution, these crypto miners were shut down.
The Merge upgrade brought a solution for many contemporary flaws within the network related to transaction speed, gas fees, energy consumption and scalability, etc.
Following the upgrade, there remains no need for more powerful miners with high computational powers. This situation made those available high-power equipment impractical and the miners in Vietnam were no exception. During the time, social media space and online groups of miners were vastly using the phrases like “goodbye
Ethereum” and “sell off rigs”.
Such phrases were not only for humor but were harsh reality making miners sell their mining rigs given that the majority of crypto miners in Vietnam were involved in Ethereum mining.
The instance made many crypto miners and mining related people to come forward and speak about the issue. An administrator of some crypto mining group on social media stated that miners were aware of the day to come and they were also prepared. Although they expected the Merge upgrade to take place later that might have bought them some more time and to mine Ethereum (ETH).
Further he went on to say about closing down all the mining pools and hence miners were not able to mine crypto and needed to shut down their rigs.
Ethermine, Ethereum’s largest mining pool, announced during the similar time-frame for shutting down the servers. It also ensured crypto miners of their unpaid payments to be delivered.
Other miners also put their opinion over the instance stating the large crypto mining farms would more likely to face the hard hit due to crypto mining shut down. A crypto miner started mining about several years ago and went on to expand after recovery of his investments. Now the massive capital put in the expansion was hard to recover and became almost impossible to sell.
These miners then are compelled to sell-off their miners, GPUs and CPUs, like mining equipment at dirt cheap price. Some of them were even spotted selling them off in open markets—literal open markets by the side of roads—dozens for a penny.