The Ethereum network successfully completed its Merge on September 15, transitioning from Proof-of-Work (PoW) to Proof-of-Stake (PoS). This historic shift has left Ethereum miners seeking alternative blockchains, triggering a massive migration of hashing power to other PoW networks.
Post-Merge Miner Exodus: Key Developments
Following the Merge, several PoW chains have experienced dramatic increases in network hashrate:
- Ethereum Classic (ETC): Hashrate surged from ~64 TH/s to 295.22 TH/s (+460%)
- Ravencoin (RVN): Increased from 8 TH/s to 17.08 TH/s
- Ergo (ERG): Grew from 30 TH/s to 191 TH/s
Why Ethereum Classic Became the Top Alternative
Ethereum Classic emerged as the primary destination for displaced ETH miners due to:
- Algorithm Compatibility: Uses ETChash, which works with existing ETH mining equipment
- Established Ecosystem: Long-standing PoW chain with existing infrastructure
- Major Miner Support: Large pools like Ethermine (57 TH/s contribution) have migrated operations
👉 How mining profitability compares across PoW chains
Industry Reactions and Mining Strategies
Several major mining operations had prepared contingency plans pre-Merge:
- Hive Blockchain: Conducting tests with GPU miners to optimize for alternative coins
- Ethermine: Transitioned from ETH to become ETC's dominant mining pool
- Private Miners: Many temporarily shutting down equipment while evaluating options
The EthereumPoW (ETHW) Factor
A significant portion of hashing power remains unallocated, with indications that miners may be:
- Awaiting EthereumPoW's full launch
- Evaluating long-term profitability across chains
- Considering equipment repurposing strategies
Market Impact and Future Projections
The hashrate redistribution has caused:
- Increased Network Security for recipient chains
- Price Volatility for associated tokens
- Renewed Interest in PoW alternatives
👉 Complete guide to post-Merge mining opportunities
FAQ: Post-Merge Miner Migration
Q: Can ETH miners use the same equipment for ETC?
A: Yes, Ethereum Classic's ETChash algorithm maintains compatibility with ETH mining rigs.
Q: How long will the hashrate surge last?
A: Network stability typically adjusts within weeks as miners optimize for profitability.
Q: What determines which chain miners choose?
A: Key factors include: coin value, mining difficulty, equipment efficiency, and transaction fees.
Q: Are there risks in switching to new chains?
A: Yes, including lower liquidity, higher volatility, and uncertain long-term viability.
Q: How does Ravencoin differ from Ethereum Classic?
A: RVN uses KawPow algorithm optimized for GPU mining, while ETC uses ASIC-friendly ETChash.
Q: What happens to abandoned ETH mining facilities?
A: Some may repurpose for other chains, while others convert to data centers or sell equipment.
This analysis provides objective observations about current blockchain mining trends without promotional intent.