{"id":573983,"date":"2022-08-04T13:15:00","date_gmt":"2022-08-04T12:15:00","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=573983"},"modified":"2022-08-04T12:42:44","modified_gmt":"2022-08-04T11:42:44","slug":"ethereum-miners-bitcoin-mining-the-merge","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/ethereum-miners-bitcoin-mining-the-merge\/","title":{"rendered":"Justin Sun Pledges 1 Million ETH To Hard Fork As Ethereum Miners Generate $11 Billion In 2022"},"content":{"rendered":"\n<p>Summary:<\/p>\n\n\n\n<ul><li>Revenue from Ethereum mining has surpassed proceeds boasted by Bitcoin miners.<\/li><li>Arcane research shows that ETH miners have generated around $11 billion in 2022 so far.<\/li><li>Bitcoin miners have managed $10 billion as of press time.<\/li><li>Ethereum&#8217;s switch to Proof-of-work could ultimately eliminate the role of miners on the network.<\/li><li>The transition dubbed &#8220;The Merge&#8221; is scheduled for September 19, as previously reported.<\/li><li>Speculations of an Ethereum hard fork have emerged in the past few weeks leading up to The Merge.<\/li><li>Justin Sun pledged a 1 Million ETH donation if the fork succeeds.<\/li><\/ul>\n\n\n\n<p>Ethereum miners have generated more revenue than Bitcoin miners over the course of 2022 as the largest altcoin blockchain network moves closer to the anticipated switch from a Proof-of-Work consensus mechanism, to Proof-of-Stake.&nbsp;<\/p>\n\n\n\n<p>The event is known throughout the crypto community as \u201cThe Merge\u201d and is scheduled to happen on September 19 later this year. As previously <a href=\"https:\/\/en.ethereumworldnews.com\/ethereum-merge-september-19-tentative\/\">reported<\/a>, the date is tentative and subject to alterations by Ethereum developers.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Indeed, data from <a href=\"https:\/\/arcane.no\/research\/ethereum-miners-are-not-looking-forward-to-the-merge\" rel=\"nofollow noopener\">Arcane Research<\/a> showed that Ethereum miners have generated around $11 billion from mining in 2022 so far. Bitcoin miners on the other hand have made about $10 billion in revenue at press time.<\/p>\n\n\n\n<figure class=\"wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Ethereum mining is bigger than bitcoin mining based on revenue. Ethereum miners will be obsolete after the merge, scheduled to happen on September 19th.<br><br>What will the obsolete Ethereum miners do after the merge? Learn more in this article.<a href=\"https:\/\/t.co\/XHV9ZeTIRV\" rel=\"nofollow\">https:\/\/t.co\/XHV9ZeTIRV<\/a><\/p>&mdash; Arcane Research (@ArcaneResearch) <a href=\"https:\/\/twitter.com\/ArcaneResearch\/status\/1555099268490428417?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">August 4, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>While Ethereum miners have taken the lead, their future remains uncertain as the Ethereum network is on the verge of moving past the very mechanism that depends on miners &#8211; PoW.&nbsp;<\/p>\n\n\n\n<p>In PoW blockchains like Ethereum as it is now and Bitcoin, transactions are validated by miners. These miners are responsible for network security, discovering new blocks to generate fresh tokens, and validating transactions.<\/p>\n\n\n\n<p>However, Ethereum\u2019s switch to Proof-of-Stake pivots away from this need and opts for a different group of validators. Instead, a PoS blockchain network relies on stakers to run nodes for transaction validation and security.<\/p>\n\n\n\n<h2>ETH PoW Hard Fork Could Throw Ethereum Miners A New Lifeline<\/h2>\n\n\n\n<p>As <a href=\"https:\/\/www.forbes.com\/advisor\/investing\/cryptocurrency\/ethereum-2\/\" rel=\"noopener\">The Merge<\/a> approaches, community members have supposedly weighed the idea of forking the Ethereum network. A hard fork would maintain the current version of ETH\u2019s blockchain, and maintain the role of miners in a PoW ecosystem.&nbsp;<\/p>\n\n\n\n<p>While the idea remains a possibility and not a definite move, Tron founder Justin Sun has declared his support for the plan. Sun tweeted on Thursday that a 1 million ETH donation would be made if the community successfully pulls off an Ethereum hard fork.<\/p>\n\n\n\n<figure class=\"wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">We currently have more than 1 million <a href=\"https:\/\/twitter.com\/hashtag\/ETH?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">#ETH<\/a>. If <a href=\"https:\/\/twitter.com\/hashtag\/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">#Ethereum<\/a> hard fork succeeds, we will donate some  forked <a href=\"https:\/\/twitter.com\/hashtag\/ETHW?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">#ETHW<\/a> to <a href=\"https:\/\/twitter.com\/hashtag\/ETHW?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">#ETHW<\/a> community and developers to build <a href=\"https:\/\/twitter.com\/hashtag\/ethereum?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">#ethereum<\/a> ecosystem. <a href=\"https:\/\/t.co\/ee4kGSuVoK\" rel=\"nofollow\">https:\/\/t.co\/ee4kGSuVoK<\/a><\/p>&mdash; H.E. Justin Sun\ud83c\udf1e\ud83c\uddec\ud83c\udde9 (@justinsuntron) <a href=\"https:\/\/twitter.com\/justinsuntron\/status\/1555112296006922240?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">August 4, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<figure class=\"wp-container-2 wp-block-gallery-1 wp-block-gallery has-nested-images columns-default is-cropped\">\n<figure class=\"wp-block-image size-large\"><img width=\"2560\" height=\"1810\" data-id=\"573988\" src=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/08\/Justin-Sun-CNBC-scaled.jpg\" alt=\"\" class=\"wp-image-573988\" srcset=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/08\/Justin-Sun-CNBC-scaled.jpg 2560w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/08\/Justin-Sun-CNBC-300x212.jpg 300w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/08\/Justin-Sun-CNBC-1024x724.jpg 1024w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/08\/Justin-Sun-CNBC-770x544.jpg 770w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/08\/Justin-Sun-CNBC-1536x1086.jpg 1536w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/08\/Justin-Sun-CNBC-2048x1448.jpg 2048w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/08\/Justin-Sun-CNBC-500x353.jpg 500w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/08\/Justin-Sun-CNBC-269x190.jpg 269w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/08\/Justin-Sun-CNBC-746x527.jpg 746w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/08\/Justin-Sun-CNBC-1376x973.jpg 1376w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" title=\"\"><figcaption>Tron Founder Justin Sun (Source: CNBC)<\/figcaption><\/figure>\n<\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Summary: Revenue from Ethereum mining has surpassed proceeds boasted by Bitcoin miners. Arcane research shows that ETH miners have generated around $11 billion in 2022 so far. Bitcoin miners have managed $10 billion as of press time. Ethereum&#8217;s switch to Proof-of-work could ultimately eliminate the role of miners on the network. The transition dubbed &#8220;The Merge&#8221; is scheduled for September 19, as previously reported. Speculations of an Ethereum hard fork have emerged in the past few weeks leading up to [&hellip;]<\/p>\n","protected":false},"author":55,"featured_media":568757,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[823,2],"tags":[108212,1322,108388,108233,314,1057],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/573983"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/55"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=573983"}],"version-history":[{"count":3,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/573983\/revisions"}],"predecessor-version":[{"id":573996,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/573983\/revisions\/573996"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/568757"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=573983"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=573983"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=573983"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}