Ethereum miners aren't ready to jump ship, 'why' might surprise you

Ethereum [ETH] mining has been the most profitable option for miners in the recent past. However, with the upcoming merger, there has been a lot of speculation about ETH miners abandoning ship.

There have been reports that miners may switch to mining other coins, such as Ethereum Classic [ETC].

As the merger looks closer, there is also speculation that most miners will abandon ETH mining and start looking for alternatives.

But, in a surprising turn of events, it is now seen that a large number of miners are flocking to mine Ethereum.


A change of heart

According to OKLink, the balance of Ethereum miner addresses exceeded 260,000, with a total of 261,848. This number has risen to that of April 2018, a record in four years.

Source: OkLink

One of the reasons for the spike in miner interest could be that miners want to hoard ETH before the Merger. Miners could stake more ETH and improve their chances of validating blocks.

Another reason for this increase could be that ETH mining is still very profitable for miners. Also, they may want to make as much profit as possible before switching to another PoW cryptocurrency.

Although miners have been showing their interest in mining ETH, it remains to be seen what kind of impact this development will have on ETH.

Currently, transaction volume has been relatively stable, with some highs seen in early August.

Source: Messari

However, market capitalization dominance has been increasing since July and has grown by 33.89%.

At the time of writing, Ethereum had 18.83% of the market share. However, the altcoin may end up capturing more of the crypto market after the Merger.

Source: Mesari

So we know how miners feel about Ethereum right now, but what's going on in the social sphere?

Overall, the positive sentiment for Ethereum has slightly outweighed the negative sentiment.


Sep 01, 2022

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