Is GPU mining financially viable after the Ethereum Merge
3. The Merge caused miners to switch to alternative GPU mineable cryptocurrency. The blockchain fork’s hash rate increased in the days following the Merge. The hash rate is the computational power required to approve a transaction on the Blockchain through a proof of work consensus mechanism. Canada-based Hive blockchain (cryptomining giant) announced plans to mine additional proof-ofwork cryptocurrencies such as ETC, Dogecoin, DOGE, and Litecoin. The PoW version may have negative environmental effects. A Chinese miner who opposes Ethereum Network’s shift towards proof-of work forked Ethereum can switch to a new forked version. This is to preserve the proof of work consensus method. The EthereumPOW (ETHW) is the newly forked version. It hopes to accommodate GPU miners in future. Some GPU miners may leave the game. It is difficult to return to previous revenue figures that were provided by Ethereum. These chances are slim with stablecoin chains and any other PoW-based blockchain. The mining venture is also at risk from the overflow of hash rates to other GPU mineable coins. This is why miners have started shifting to other GPU-mineable coins. Hive blockchain agrees with this statement that only efficient miners will be able to succeed long-term due to the rising hash rate. Many miners might sell their GPUs if there is an increase in difficulty of alternative chains. However, a dumping effect, which will result from an increase in GPU capability and a decrease of demand, may not happen. This scenario could lead to a large number of miners either selling or dumping their equipment at low prices. Gamers and film editors might be skeptical about purchasing the machines, however, crypto mining puts a lot of strain upon the GPU hardware.