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

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Vietnamese cryptocurrency miners are suffering heavy losses due to their rigs being idle as the second-largest digital currency switches to a new operating algorithm.

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

One of the administrators of the thematic group insocial networks Ngoc Can said that everyone understood perfectly well that the day of the merger would come, but some believed that it would either be unsuccessful or be postponed to a later date:

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

Large farms that were hit the hardest werehave been increasing their capacity over the past few years. According to Kahn, he was unable to recoup his latest investment, and some of those who started mining relatively recently even ended up at a huge loss. Switching to mining other coins does not help yet, since electricity bills will exceed the profit received, community members calculated.

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

Previously, the research company Chainalysis published an index of countries around the world on the adoption of cryptocurrencies, in which Vietnam took first place in the list of developing countries.