might just have a ticking clock above their heads now, that is to say, a Merge countdown clock. Well, miners could keep mining ETH up until the timer hits zero. But do miners still see a profitable future within this domain?ETH miners would soon be replaced with PoS validators, which could cut the ETH network consumption by 99%. Between 10-20 September, the blockchain would shift as part of the Merge from a proof-of-work consensus mechanism for block creation to a proof-of-stake system.
Ethereum miners’ revenue continued to see a massive fall, at press time. As per the analytics platform Glassnode, the revenue reached a 1-month low count of $754,483.90.The beginning of September did, indeed, create a havoc scenario for the miners who still enjoyed their August success. Ethereum miners generated $756 million in revenue in August, up 37% from July’s $545 million in revenue.
However, at present, the figure depicting monthly revenue fell around $66 million after enjoying August’s stats.The revenue on a daily scale too reiterated the same bearish pitch. In addition to this, miners did suffer a major setback. Ethermine, the largest ETH miner, made an important announcement.to withdrawal-only mode once the Proof-of-Work mining phase is completed.Time to say goodbye?
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