ether ETH/USD Miners who migrated to the Ethereum classic ETC/USD Chain make a small fraction of the daily turnover they used to make from ETHmergeaccording to blockchain analytics firm CoinMetrics.
What happened: On September 15, Ethereum transitioned to a full proof-of-stake network in a called event the merging.
See also: WHY IS THE ETHERUM MERGER IMPORTANT?
The network’s transition away from proof-of-work led to an official end to ETH mining, forcing miners to switch to other networks. So far the Hashrate spike in Ethereum Classic, makes it clear that it has been the blockchain of choice for most miners looking to move their operations to a new chain.
However, analysis of post-merge on-chain data by CoinMetrics paints a bleak picture for the future of ETH miners looking for alternative revenue streams.
“Some miners seem to be doing what they can by moving to Ethereum Classic,” CoinMetrics noted in a special merge update.
“But sadly, miners won’t find much revenue from ETC these days, as ETC miners generate about 1/40th of the daily revenue previously generated from pre-merger ETH,” the report reads.
Why it matters: It is currently unclear how many former ETH miners will remain profitable in a post-PoW ETH era.
ETH miners have generated $35 billion in revenue over the past seven years. They were responsible for the production of 50 million of the 120 million ETH in circulation today.
Price promotion: At the time of writing, ETH was trading at $1,470, down 7% over the past day, according to data from Gasoline Pro. ETC traded at $34, down 5.6% over the same period.
