September 26, 2022

Vietnamese miners complain about losses due to the transition of Ethereum to PoS

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1 min.

Vietnamese miners complain about losses due to the transition of Ethereum to PoS

Vietnamese cryptocurrency miners are suffering big losses due to the fact that their installations are idle, as the second largest digital currency has switched to a new algorithm.

In thematic chats and groups, local miners say goodbye to Ethereum (ETH), stating that equipment can now be sold. Local media write that ether mining was very developed in Vietnam.

One of the theme group administrators inNgoc Can said on social media that everyone knew that the day of the merger would come, but some believed that it would either fail or be postponed to a later date:

“Most of the mining pools have stopped working and many of us have to simply shut down our rigs.”

Large farms have been hardest hit,increased capacity over the past few years. According to Kahn, he was not able to recoup his latest investment, and some of those who started mining relatively recently ended up with a huge loss. The transition to mining other coins does not help yet, since electricity bills will exceed the profit received, the community members calculated.

Many, write the Vietnamese media, would like a stable fork of ETH that works on PoW, but so far they don’t see one for themselves.

Earlier, the research company Chainalysis published an index of world countries for the adoption of cryptocurrencies, in which Vietnam took the first line of the list of developing countries.