Prior to the Merge, Ethereum Mining Addresses Reach 4-year High

“The balance of Ethereum miner addresses exceeded 260,000, with a total of 261,848, which has increased to the level of the same period in April 2018, a record high in four years, and is approximately 415 million US dollars at current prices”, as noted by independent crypto journo Colin Wu quoting information from OKLink.

Despite the fact that the price of Ethereum is now falling, the number of addresses is increasing. The growing percentage of Ethereum addresses has highlighted the final attempts made by Proof-of-Work (PoW) miners to gather as much Ether as they can prior to the actual impending The Merge.

A “Difficulty Bomb” will be introduced with the Merge, which is scheduled for September 15, making mining more challenging and generally unworkable. Since miners will be required to shift their roles in order towards becoming validators in the relatively new Proof-of-Stake (PoS) consensus mechanism, mining will become mostly unprofitable as a result of the difficulty bomb. To participate in Ethereum mining at this time, miners have absolutely nothing to lose. Some people might even view mining as a way to amass Ethereum at a time when the chances are in their advantage. As the Merge date gets closer, there is a chance that the number of miner addresses that are stored on-chain will increase as an effort is made to optimize the use of mining resources. The Ethereum platform is creating a very distinct precedent for the PoW protocols at a time when the demand for environmental sustainability is increasing day by day.

Currently, Ethereum ranks number 1 via the WikiBit app, a global regulatory platform. It is expected to take over the market as the Merge draws near.

As a reminder, WikiBit is ready to help you search the qualifications and reputation of projects in a bid to protect you from hidden dangers in this risky industry!

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