Miners in Vietnam have complained of a loss of business following Ethereum’s switch to a consensus system that no longer requires the power-intensive computers they have been providing. Local media cited entrepreneurs and mining enthusiasts as reporting that many were in trouble.
Cryptocurrency miners hit by merger, Vietnam report reveals.
After the second-largest cryptocurrency by market capitalization switched to a more energy-efficient framework, Vietnamese crypto miners suffered heavy losses due to the shutdown of their mining facilities, according to a report by VN Express.
This week, Ethereum (ETH) changed its protocol from Proof of Work (PoW) to Proof-of-Stake (PoS) in an update called “The Merge,” which was completed on Thursday. It greatly reduces the amount of energy used to confirm transactions.
The migration to the new consensus method means that powerful coin mining hardware is no longer needed to perform complex mathematical calculations, and such equipment has become almost useless.
As a result, “Goodbye Ethereum”, “No more chances” and “Selling games” are currently the most frequently seen phrases in online groups of Vietnamese crypto miners, an English news outlet wrote this weekend:
As most Vietnamese crypto miners have been mining Ethereum, many are in trouble.
“We all knew this day was coming and we were prepared, but some hoped the ‘merger’ would happen later so we could mine some more,” Ngoc Can, social group manager at crypto mining, said.
“All the mining pools are closed, so the miners can’t turn off the miners and have to turn off the machines,” Khan explained. The largest Ethereum mining pool, Ethereum, has announced that it has shut down its servers and informed miners that their unpaid balances will be transferred within days.
According to miners from Dong Nai, large crypto farms have been hit hard. “I started mining four years ago and expanded my farm. I haven’t recouped my new investment and it’s almost impossible to sell it,” he said. Many of his colleagues also failed.
“I spent my family’s savings on the mine. I don’t know how to get back from there,” shared Bin Dineh’s amateur miner. The man wanted to start withdrawing other coins, but he gave up on this plan after estimating that his electricity bill would be too high to make a profit.
“Many Vietnamese crypto miners expect that Ethereum will still be split into a new branch that allows PoW method, but this hope is uncertain at this time,” the article concludes.
Do you think ethereum crypto miners in Vietnam will manage to find other sources of income? Share your thoughts on the topic in the comment section below.
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