Ethermine plans to stop mining Ethereum (ETH) after the Merge update goes live. The Ethereum network will transition to proof-of-stake with the update scheduled for September 15. Recently, the question in mind was what the existing Ethereum miners would do after this process.
Ethermine is the first largest Ethereum (ETH) miner today with 262 terahash, followed by F2pool with around 127 terahash. However, F2pool is dominant in Ethereum Classic (ETC) mining while Ethermine ranks second in ETC production. Ethermine said in its last statement that they plan to end their activities on September 15, and announced that it will not be possible to use Ether mining of graphics cards (GPU) or ASICs after this date. The company stated that by placing a countdown timer on the miner's board, mining can continue until the counter is reset.
Prior to Ethermine's announcement, it was proposed to create a proof-of-work version of Ethereum called ETHW. Some exchanges have been seen listing ETHW, but it is not yet operating as a forked chain. For this reason, it is not possible to reach a healthy information about the hash power of the ETHW Blockchain. According to the latest information, it will not support Ethermine's proposed Ethereum PoW (ETHW) fork.
In addition, the hash rate of the Ethereum Classic (ETC) network has increased even more. In the last 4-day period, the ETC hash rate has increased by close to 40 percent and renewed its all-time high at 38 terahhas per second. Other Ethereum-based tokens such as RVN, ERGO, and Beam, on the other hand, did not see a notable increase in hashrate this weekend.
Although Ethereum price closed above $ 1,600 in yesterday's partial recovery, it started the week by hanging below $ 1,600 again. Ethereum Classic (ETC), on the other hand, remained stable in this price band throughout the weekend, after falling to the $32 band after a 16 percent drop on the last business day of last week.