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> First, many miners simply pointed their hardware to mine other cryptocurrencies such as ETHW or ETC. For example we have evidence that about a quarter of Ethe
by anonporridge 4y ago
> First, many miners simply pointed their hardware to mine other cryptocurrencies such as ETHW or ETC. For example we have evidence that about a quarter of Ethereum's mining farms moved to ETC over the last 24h.
We'll see if this is maintainable.
Miners can't mine if the reward doesn't cover their costs. So, the only way the mining remains sustainable is if these tokens rise drastically in value.
It is possible that many miners are huge holders of ETH, in which case we may see them massively dump ETH and buy ETC to try to invert the price and keep their business going.