{"id":13947,"date":"2022-09-19T11:21:17","date_gmt":"2022-09-19T11:21:17","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/vietnam-crypto-miners-complain-about-losses-from-ethereums-merge-mining-bitcoin-news\/"},"modified":"2022-09-19T11:21:17","modified_gmt":"2022-09-19T11:21:17","slug":"vietnam-crypto-miners-complain-about-losses-from-ethereums-merge-mining-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/vietnam-crypto-miners-complain-about-losses-from-ethereums-merge-mining-bitcoin-news\/","title":{"rendered":"Vietnam Crypto Miners Complain About Losses From Ethereum\u2019s Merge \u2013 Mining Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Miners in Vietnam have expressed grievances over the loss of business following Ethereum\u2019s transition to a consensus mechanism that does not require the energy-intensive computing they were providing. Many are in trouble, local media reported, quoting entrepreneurs and mining enthusiasts.<\/strong><\/p>\n

Cryptocurrency Miners Hit by The Merge, Vietnam Report Reveals<\/h2>\n

Vietnam\u2019s crypto miners have suffered heavy losses with their mining rigs now shut off after the second-largest cryptocurrency by market capitalization switched to a more energy-efficient framework, VN Express noted in a report.<\/p>\n

This week, Ethereum (ETH<\/a>) changed<\/a> its protocol from proof-of-work (PoW<\/a>) to proof-of-stake (PoS<\/a>) with an upgrade called \u201cThe Merge,\u201d which was completed on Thursday. It significantly reduces the amount of energy burnt to validate transactions.<\/p>\n

The migration to the new consensus mechanism means that powerful coin minting hardware is no longer needed to perform complex mathematical computations and this kind of equipment has become almost useless.<\/p>\n

As a result, \u201cgoodbye Ethereum,\u201d \u201cno more chances,\u201d and \u201csell off rigs\u201d are currently the most seen phrases in online groups of Vietnamese crypto miners, the English-language news edition wrote this weekend, adding:<\/p>\n

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Given that the majority of Vietnamese crypto miners were mining Ethereum, many are in trouble.<\/p>\n<\/blockquote>\n

\u201cWe all knew this day will come and we have been prepared, but some hoped \u2018The Merge\u2019 would happen later so we could mine some more,\u201d Ngoc Can, administrator of a social group on crypto mining, has been quoted as saying.<\/p>\n

\u201cAll mining pools have closed down, so miners can no longer mine and have to turn off their rigs,\u201d Can explained. The largest Ethereum mining pool, Ethermine, announced it\u2019s shutting down its servers and informed miners their unpaid balances will be transferred within days.<\/p>\n

Large crypto farms have been hit the hardest, according to a miner from Dong Nai. \u201cI started mining four years ago and expanded my farm after breaking even. I haven\u2019t recouped my new investment and it is almost impossible to sell it,\u201d he said, revealing that many of his colleagues have collapsed, too.<\/p>\n

\u201cI spent my family\u2019s savings on the mining rig. I don\u2019t know how to recover from that,\u201d an amateur miner from Binh Dinh shared. The man wanted to start minting other coins but gave up on this plan after estimating that the electricity bills would be too high to make a profit.<\/p>\n

\u201cMany Vietnamese crypto miners also expect that Ethereum will be split<\/a> into a new branch that still allows PoW mechanism, but that prospect is uncertain at this point,\u201d the article concludes.<\/p>\n

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computing<\/a>, consensus mechanism<\/a>, Crypto<\/a>, crypto miners<\/a>, crypto mining<\/a>, Cryptocurrencies<\/a>, Cryptocurrency<\/a>, Energy<\/a>, equipment<\/a>, ETH<\/a>, ether<\/a>, Ethereum<\/a>, Hardware<\/a>, income<\/a>, mechanism<\/a>, merge<\/a>, Miners<\/a>, mining<\/a>, mining rigs<\/a>, PoS<\/a>, PoW<\/a>, protocol<\/a>, revenue<\/a>, Vietnam<\/a>, vietnamese<\/a><\/div>\n<\/div>\n

Do you think ethereum crypto miners in Vietnam will manage to find other sources of revenue? Share your thoughts on the subject in the comments section below. <\/strong><\/em><\/p>\n

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\nLubomir Tassev <\/h6>\n

\nLubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens\u2019s quote: \u201cBeing a writer is what I am, rather than what I do.\u201d Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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