Key facts:
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Ergo and Ethereum Classic were the networks that received the most outgoing hashrate from Ethereum.
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Given the hashrate migration, returns fell by up to 80%.
Since September 15, Ethereum mining has died out. More than 800 TH/s of its old hashrate was left adrift. It is that Ethereum was the second network with the highest hashrate in the ecosystem, preceded by Bitcoin. This move caused miners to start looking for returns on other networks, leaving them adrift with negative returns.
This scenario, together with the instability of the market and prices, has led many miners to “shut down and wait” while the market stabilizes.
Yesterday, networks like Ergo and Ethereum Classic saw an exponential rise in their hashrate. Ethereum Classic, for example, had a hashrate increase of more than 20 times, which completely collapsed the profitability by more than 80%.
In July, the profitability of Ethereum Classic using 6 RTX 3080 GPUs, was around USD 12 per day. Currently said profitability is located on USD 1.5 of daily production. Subtracting the cost of electricity consumption results in negative returns, according to WhatToMine data.
Former Ethereum miners continue to migrate between networks to try to find a stable return. Before the Merge, Ethereum provided a return, with 6 RTX 3080 GPUs, close to USD 16 per day.
Some miners on social media post photos of their disassembled mining rigs with the message “clean and save” as they wait for the market to stabilize.
It seems that, despite the low returns, some users still have a little hope of generating profits once more with their equipment, and they decide not to auction them on the market. As reported by CriptoNoticias, the equipment auction is not going through a good time, due to what currently saturated. Even brand new GPUs are selling below their launch price.
Likewise, other slightly more positive users invite us to continue mining despite the fact that the returns are only USD 1. This is in the hope that a future bull market will increase profits..
