Untitled BoardMINMO
How have miners reacted to the fast-approaching merge? Have they stopped mining in recent weeks? Show evidence of miners either stopping work or continuing to mine.
Introduction
Ethereum Mining is a computationally in-depth work that requires a lot of time and processing power. A miner gets rewarded for providing solutions to challenging math problems via blockchain technology, just like bitcoin mining. Ethereum is the first 'world computer'. Mining is the lifeblood of proof-of-work. Ethereum miners - computers running software - use their time and computation power to process transactions and produce blocks.
The Merge:
Soon, the current Ethereum Mainnet will merge with the Beacon Chain proof-of-stake system. This will mark the end of proof-of-work for Ethereum, and the full transition to proof-of-stake and sets the stage for future scaling upgrades including sharding. This means miners have no longer any participation on the Ethereum blockchain since there is nothing to mine anymore! The Merge will also reduce Ethereum's energy consumption by ~99.95%. This update is set to be executed on 15th September (based on the difficulty and hash rate of the Ethereum blockchain).
![db_img](https://uploads.flipsidecrypto.com/product/images/U_6pu3_w-rh8.jpeg)
On the left chart, we can see daily number of active miners on Ethereum during the past 2 months and a very light decreasing trend is visible on this chart.
There were total 5620 miners on Ethereum network. While, over the past 2 months only 84 of these miners (1.494% of them) were active on the network.
Moreover, we can see almost 99% of these miners have stopped from mining during the past 2 months and only 1.34% of them are still actively mining on the Network.
According to the above analsysis, over the past 2 month there are only 9 new registered miners on network while this number has even decreased more (to 2) over the past month !
Also, we can specificly see the daily number of new miners on Ethereum on the right over-time charts and we can see there are many days without registering even one new miner on the Network. the decreasing trend of new registered miners on Ethereum over time is clearly visible on this chart.
There were total 197 active miners on Ethereum network during the past year. While, over the past 2 months only 84 of these miners (42.6% of them) were active on the network.
Moreover, we can see almost 60% of these miners have stopped from mining during the past 2 months and only almost 40% of them are still actively mining on the network.
There were total 151 active miners on Ethereum network during the past year. While, over the past 2 months 84 of these miners (55.6% of them) were active on the network.
Moreover, we can see almost 47.2% of these miners have stopped from mining during the past 2 months and almost 53% of them are still actively mining on the network.
Based on the above charts, we can see the number of monthly active Ethereum miners and also the number of monthly new ethereum miners is decreasing obviously over time especially during the recent months we can barely see the new registered miners on the network.
Methodology
The main table we are going to use for this bounty is ethereum.core.fact_blocks.
So, using this table, we are do some analysis about Ethereum miners and calculate the number of new and active miners during different timespans and compare them with recent weeks (past 2 months)
All Time vs Past 2 Months
Past Year vs Past 2 Months
2022 vs Past 2 Months
Summary and Conclusion
Based on the above analysis, We have realized that most of miners have left or are leaving the Ethereum network as well as getting closer to The Merge update.
The merge effectively eliminates Ethereum mining, leaving these miners without a source of income. Some miners have spent tens of thousands of dollars on equipment, seeking long-term financial stability, and aren’t willing to go down without a fight. That’s why, post-merge, miners hope to fork—a blockchain split of sorts—Ethereum to try to continue a proof-of-work chain to retain their livelihood—no matter how long the odds.
On the other hand, some miners such as Canadian Bitcoin and Ethereum miner “Hive Blockchain” said last week that they would start testing other GPU minable coins as it strategizes how to optimize the Ethereum mining capacity it currently has. Based on its power cost, the company said it is "well positioned to navigate the market ahead." Although Hive already mines ETC, it is not completely lifting the veil on its post-Merge plans. "Which coins, and when to mine them, will be part of our competitive edge so we will not broadcast this information," the company said over email.
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