The Ethereum Merge marked a historic shift from Proof-of-Work (PoW) to Proof-of-Stake (PoS), leaving miners to seek new opportunities across remaining PoW blockchains. This comprehensive analysis examines where Ethereum's massive hashpower migrated and how various chains adapted to this unprecedented computational redistribution.
Key Findings at a Glance
- 29% of Ethereum's hashpower (250TH/s) migrated to alternative PoW chains
- ETC emerged as the primary beneficiary, absorbing 21% of migrated ETH hashpower
- GPU-minable chains like Ravencoin and Ergo saw temporary 6-10x hashpower spikes
- 60% of Ethereum miners exited the market or remain inactive post-Merge
- Secondary market impacts include GPU price collapses and shifting mining economics
The Great Hashpower Migration: Where Ethereum Miners Went
Ethereum Classic (ETC): The Prime Destination
Overview:
The original Ethereum chain preserved after the DAO fork continues as a PoW alternative. Despite its stagnant ecosystem development, ETC became the natural landing spot for ETH miners.
Hashpower Analysis:
- Pre-Merge baseline: 55.67TH/s
- Peak post-Merge: 234.35TH/s (+320.9%)
- Current stability: ~150TH/s
- Absorbed 21% of migrated ETH hashpower
👉 Discover how ETC mining profitability compares today
ETHPOW: The Direct Fork's Struggle
Overview:
The ETHPOW fork attempted to continue Ethereum's PoW legacy but faced critical adoption challenges without major stablecoin or DeFi support.
Hashpower Analysis:
- Initial hashpower: 68.17TH/s
- Current levels: 36.79TH/s (-46%)
- Retained just 4.32% of migrated ETH hashpower
Ravencoin: The Asset Chain's Moment
Overview:
This Bitcoin-forked asset trading platform saw its highest ever mining activity following the Merge.
Hashpower Analysis:
- Pre-Merge: 2.6TH/s
- Peak: 20.16TH/s (+675.3%)
- Current: ~15TH/s
- Absorbed 2.06% of migrated hashpower
Ergo: The Volatile Contender
Overview:
Ergo's Autolykos consensus mechanism attracted significant but transient mining interest.
Hashpower Analysis:
- Baseline: 15.23TH/s
- Peak: 175.11TH/s (10x growth)
- Current stabilization: ~50TH/s
- Captured 18.8% of migrated hashpower at peak
Secondary Chains and Market Impacts
Several smaller chains experienced dramatic but short-lived hashpower surges:
| Blockchain | Peak Hashpower Growth | Current Status |
|---|---|---|
| Conflux | 329% | Stable at 2.8TH/s |
| Neoxa | 600% | Minimal retention |
| Flux (Zelcash) | 430% | Significant drop-off |
| Firo | 1000% | Back to baseline |
Market-Wide Consequences
- GPU Market Collapse: An estimated 17 million mining-grade GPUs (3060-tier) entered secondary markets
- Mining Profitability Decline: Most alternative chains offer <20% of Ethereum's former mining revenue
- Long-Term PoW Challenges: Beyond Bitcoin, PoW chains face growing performance limitations in DeFi ecosystems
Frequently Asked Questions
What percentage of Ethereum miners quit after the Merge?
Approximately 60% of Ethereum miners either exited completely or remain inactive, with only 29% of total ETH hashpower migrating to alternative chains.
Which blockchain benefited most from Ethereum's Merge?
Ethereum Classic (ETC) absorbed the largest share at 21% of migrated hashpower, followed by Ergo at 18.8%.
Why did many miners leave alternative chains after initial migration?
Most alternative chains couldn't sustain profitable mining conditions due to:
- Lower native token values
- Smaller transaction fee pools
- Reduced ecosystem activity compared to Ethereum
How has the Merge affected GPU prices?
The influx of millions of used mining GPUs has created significant downward pressure on prices, with premium cards now available at near-MSRP levels.
Are any new PoW chains emerging to absorb Ethereum's hashpower?
While some projects like Conflux proposed algorithm changes to attract ETH miners, no new chain has demonstrated sustainable hashpower retention.
👉 Explore current mining profitability metrics across chains