JPMorgan: Ethereum Miners Will Be Affected by The Merge Update

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According to a report released by JPMorgan, with the transition of Ethereum to the Proof-of-Stake (PoS) consensus algorithm, miners will have to look for alternative sources of income.

According to them, Ether mining on video cards is still popular due to its high profitability. Switching GPU miners after The Merge to altcoins like Ethereum Classic, Ravencoin or Ergo promises tangible income only in the short term.

The bank analysts are confident the sudden appearance of large players in the ecosystems of alternative coins is fraught with a sharp decrease in the profitability of mining.

One of the main beneficiaries of the upgrade will be Ethereum Classic (ETC) miners, who will have access to “many devices for mining this cryptocurrency.”