90% of PoW Miners Will Go Bankrupt – Predicts Ethereum Miner – Coinpedia – Fintech & Cryptocurreny News Media | marketrealtime.com

The crypto space is celebrating the innovative migration of the Ethereum mainnet; however, this merge does not mean the same for everyone as it brings some woes for miners. The mining difficulty for the Proof-of-Work (PoW) miners continues to rise as the newly merged Proof-of-Stake (PoS) model of Ethereum does not require mining Ether. 

PoW Miners Are Giving Up 

The Ethereum merge has successfully switched from the Proof-of-Work (PoW) to the faster and energy-efficient Proof-of-Stake (PoS) consensus mechanism, affecting the $19 billion PoW mining industry. Chandler Guo, one of the fork’s significant advocates, believes that only 10% of PoW miners are mining ETHPOW (Ethereum Merge fork) and ETC (Ethereum Classic) to continue their mining journey. He also noted that miners with cheap or free electricity would survive till the end. 

Elaborating on the PoW fork, Chandler Guo stated, “Some miners have free electricity and can continue to work on that, the other 90%, bankrupt.”

The PoW fork did not go smoothly as users were making complaints about setting up a crypto wallet on the blockchain network. Guo responded, “Some people can connect, some people can not connect. It depends on your speed of the network.” 

What Is Next For Ethereum Miners?

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