Cryptocurrencies
Ether Miners Are Piling Up Losses As ‘Merge’ Shifts Them to Altcoins
- Ethereum’s upgrade eliminates its lucrative mining industry
- Miners migrate to other coins, turning margins negative
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Ether miners are piling up losses after shifting to lower value cryptocurrencies such as Ethereum Classic and Ravencoin, in the wake of an Ethereum network upgrade that rendered much of their operations obsolete.
The upgrade, known as the ‘Merge’, replaced powerful graphic cards used by Ether miners with investors who stake Ether, in order to secure the Ethereum network and validate transaction data encrypted by the blockchain.