Vietnam Crypto Miners Complain About Losses From Ethereum’s Merge – Mining Bitcoin News

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Vietnam Crypto Miners Complain About Losses From Ethereum’s Merge
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Miners in Vietnam have expressed grievances over the lack of enterprise following Ethereum’s transition to a consensus mechanism that doesn’t require the energy-intensive computing they have been offering. Many are in hassle, native media reported, quoting entrepreneurs and mining lovers.

Cryptocurrency Miners Hit by The Merge, Vietnam Report Reveals

Vietnam’s crypto miners have suffered heavy losses with their mining rigs now shut off after the second-largest cryptocurrency by market capitalization switched to a extra energy-efficient framework, VN Express famous in a report.

This week, Ethereum (ETH) modified its protocol from proof-of-work (PoW) to proof-of-stake (PoS) with an improve referred to as “The Merge,” which was accomplished on Thursday. It considerably reduces the quantity of power burnt to validate transactions.

The migration to the brand new consensus mechanism implies that highly effective coin minting {hardware} is not wanted to carry out advanced mathematical computations and this sort of gear has turn out to be nearly ineffective.

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As a end result, “goodbye Ethereum,” “no more chances,” and “sell off rigs” are presently probably the most seen phrases in on-line teams of Vietnamese crypto miners, the English-language information version wrote this weekend, including:

Given that almost all of Vietnamese crypto miners have been mining Ethereum, many are in hassle.

“We all knew this day will come and we have been prepared, but some hoped ‘The Merge’ would happen later so we could mine some more,” Ngoc Can, administrator of a social group on crypto mining, has been quoted as saying.

“All mining pools have closed down, so miners can no longer mine and have to turn off their rigs,” Can defined. The largest Ethereum mining pool, Ethermine, introduced it’s shutting down its servers and knowledgeable miners their unpaid balances shall be transferred inside days.

Large crypto farms have been hit the toughest, in line with a miner from Dong Nai. “I started mining four years ago and expanded my farm after breaking even. I haven’t recouped my new investment and it is almost impossible to sell it,” he stated, revealing that a lot of his colleagues have collapsed, too.

“I spent my family’s savings on the mining rig. I don’t know how to recover from that,” an beginner miner from Binh Dinh shared. The man needed to begin minting different cash however gave up on this plan after estimating that the electrical energy payments can be too excessive to make a revenue.

“Many Vietnamese crypto miners also expect that Ethereum will be split into a new branch that still allows PoW mechanism, but that prospect is uncertain at this point,” the article concludes.

Tags on this story

computing, consensus mechanism, Crypto, crypto miners, crypto mining, Cryptocurrencies, Cryptocurrency, Energy, gear, ETH, ether, Ethereum, Hardware, revenue, mechanism, merge, Miners, mining, mining rigs, PoS, PoW, protocol, income, Vietnam, vietnamese

Do you suppose ethereum crypto miners in Vietnam will handle to seek out different sources of income? Share your ideas on the topic within the feedback part under.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, worldwide politics and economics are two different sources of inspiration.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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