Will Indian crypto miners be left in the dust as Ethereum moves to Proof-of-Stake? | Crypto

Will Indian crypto miners be left in the dust as Ethereum moves to Proof-of-Stake?

– The Merge will come into full effect starting September 15, when Ethereum changes its underlying algorithm that validates (verifies) transactions.
– This will force the networks mining industry which according to research firm Messari is worth $19 billion to find other ways to make money.
– The current mechanism, PoW, requires specialised computers to verify every transaction that happens on the Ethereum blockchain.
– Crypto miners run GPUs, for which they are rewarded with some Ethereum, in the form of incentives. After the Merge happens, crypto miners will no longer be required to use their GPUs to verify transactions.
– Some miners are also looking out for other business options that require computation power and put an end to the crypto mining business.
– The major concern that miners raise is that PoS is not fully decentralised.
– Another crypto miner, Jyotirmay Ray, argues that while the profitability will decrease but so will the energy consumption.

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