Justin Sun pledges 1M ETH to hard fork as Ethereum miners generate $11B in 2022

To summarize:

  • Ethereum mining revenue has surpassed the touted earnings of Bitcoin miners.
  • Arcane research shows that ETH miners have generated around $11 billion in revenue so far in 2022.
  • At press time, Bitcoin miners have managed $10 billion.
  • Ethereum’s move to proof-of-work could eventually eliminate the role of miners on the network.
  • The transition, known as a “merger,” is scheduled to take place on September 19, as previously reported.
  • In the weeks leading up to The Merge, speculation arose about an Ethereum hard fork.
  • If the fork is successful, Justin Sun pledged to donate 1 million ETH.

During 2022, Ethereum miners generate more revenue than Bitcoin miners as the largest altcoin blockchain network gets closer to the expected transition from proof-of-work consensus mechanisms to proof-of-stake.

The event, known throughout the crypto community as “The Merger,” is scheduled for September 19th later this year. As previously reported, that date is tentative and may be changed by Ethereum developers.

Indeed, the data comes from Arcane Research Ethereum miners have generated around $11 billion from mining so far in 2022, according to the report. On the other hand, Bitcoin miners are making around $10 billion at press time.

While ethereum miners are already in the lead, their future remains uncertain as the ethereum network is about to surpass a miner-dependent mechanism — PoW.

In PoW blockchains like Ethereum and Bitcoin today, transactions are verified by miners. These miners are responsible for network security, discovering new blocks to generate new tokens, and verifying transactions.

However, Ethereum’s move to proof-of-stake gets rid of this need and opts for a different set of validators. Instead, PoS blockchain networks rely on stakers to run nodes for transaction verification and security.

ETH PoW hard fork could give Ethereum miners a new lifeline

as merge Approaching, community members are said to have weighed in on the idea of ​​forking the Ethereum network. The hard fork will maintain the current version of the ETH blockchain and maintain the role of miners in the PoW ecosystem.

While the idea remains a possibility rather than a definitive move, Tron founder Justin Sun has announced his support for the plan. Sun tweeted Thursday that 1 million ETH will be donated if the community successfully completes the ethereum hard fork.

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