The successful completion of the Ethereum Merge marked the end of an era — eight years of Proof-of-Work (PoW) came to a close, and with it, the 50 billion USD mining ecosystem and its colossal 850 TH/s hashrate vanished overnight. But where did all that computational power go?
While Ethereum’s transition to Proof-of-Stake (PoS) eliminated traditional mining, the fate of its displaced miners and hardware remains a pivotal topic in the blockchain world. Did the hashrate dissipate into oblivion, or was it absorbed by other PoW blockchains? One month after the Merge, we analyze the shifts in network hashrate across alternative PoW chains to uncover where former Ethereum miners have landed.
Key PoW Blockchains That Absorbed Ethereum’s Ex-Miners
With Ethereum abandoning Ethash-based mining, only a handful of existing PoW chains could realistically accommodate its GPU-mining infrastructure. Unlike Bitcoin’s ASIC-dominated network, Ethereum relied on consumer-grade GPUs, making cross-chain migration feasible only for networks using similar algorithms — primarily Ethash or memory-hard variants.
The main beneficiaries of this migration wave include Ethereum Classic (ETC), ETHW (EthereumPoW), Ravencoin, Ergo, and Conflux — each experiencing significant hashrate surges post-Merge.
Ethereum Classic (ETC): The Primary Recipient
Current Hashrate: 146.93 TH/s
Peak Growth: +178.68 TH/s (320.9% increase)
Estimated Share of Migrated Ethereum Hashrate: ~21.0%
Ethereum Classic emerged as the dominant destination for ex-Ethereum miners. Just three days before the Merge, ETC’s hashrate skyrocketed from 55.67 TH/s to a peak of 234.35 TH/s — nearly quadrupling in size.
Although hashrate has since stabilized around 147 TH/s, ETC absorbed the largest share of displaced Ethereum mining power. Its compatibility with Ethash made it a seamless transition path for GPU miners seeking continuity.
Despite its ideological roots in decentralization and immutability, ETC faces challenges in ecosystem development compared to modern L1 blockchains. However, its role as a mining haven post-Merge cannot be understated.
ETHW (EthereumPoW): A Direct Fork With Mixed Results
Current Hashrate: 36.79 TH/s
Change Since Merge: -31.38 TH/s (-46%)
Estimated Share of Migrated Ethereum Hashrate: ~4.32%
Launched as a hard fork to preserve PoW on Ethereum’s legacy chain, ETHW attracted initial excitement and miner interest. It allowed direct migration without hardware changes, making it an attractive short-term option.
However, lacking support from major stablecoins like USDT or USDC and missing key DeFi protocols, ETHW struggled to sustain long-term value accrual. The sharp 46% decline in hashrate reflects diminishing miner confidence and limited economic incentives.
While it captured attention early on, ETHW's influence appears to be waning as miners reassess profitability.
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Ravencoin (RVN): Asset-Focused Chain Sees Temporary Surge
Current Hashrate: 14.9 TH/s
Peak Growth: From 2.6 TH/s to 20.16 TH/s (+675.3%)
Estimated Share of Migrated Ethereum Hashrate: ~2.06%
Ravencoin, designed for token creation and asset transfer, experienced one of the most dramatic percentage increases in hashrate. Its KAWPOW algorithm is GPU-friendly and reasonably compatible with Ethash rigs.
Post-Merge, RVN’s price briefly doubled, fueling a mining boom. But as token value corrected, so did mining activity — hashrate dropped back to ~15 TH/s. This pattern underscores a critical truth: miner migration follows price momentum, not just technical compatibility.
Ergo (ERG): Innovation Meets Volatility
Current Hashrate: 58.8 TH/s
Peak Growth: From 15.23 TH/s to 175.11 TH/s (+10x)
Estimated Share of Migrated Ethereum Hashrate: ~18.8%
Ergo’s Autolykos PoW algorithm is optimized for GPU mining and privacy-preserving smart contracts. It saw explosive growth immediately after the Merge, with hashrate spiking tenfold.
However, within weeks, most of that gain reversed — dropping to as low as 20.23 TH/s — before partially recovering to current levels. This volatility highlights the speculative nature of post-Merge mining flows and questions about long-term sustainability outside core network utility.
Conflux (CFX): A Unique Case From China
Current Hashrate: 2.97 TH/s
Growth: From 1.03 TH/s to 3.29 TH/s (+329%)
Estimated Share of Migrated Ethereum Hashrate: ~0.26%
Conflux, a Chinese-developed blockchain using a Tree-Graph consensus, proactively prepared for Ethereum’s shift by proposing an Ethash-compatible upgrade in August. Though its absolute hashrate uptake was modest, it stands out for stable retention — unlike others, it didn’t experience mass exodus post-surge.
Its strategic positioning and regional infrastructure may have helped anchor some mining operations, especially those with geographic constraints.
Smaller Chains: Short-Term Gains, Minimal Impact
Several smaller chains also witnessed dramatic percentage increases:
- Neoxa: +6x hashrate
- Flux (Zelcash): +4.3x
- Firo: +10x
- Bitcoin God: +4.4x
Despite these eye-catching spikes, their base hashrates remain tiny, meaning they absorbed only negligible portions of Ethereum’s displaced power. Without strong ecosystems or liquidity, these networks failed to retain sustained mining interest.
Key Takeaways: The Aftermath of Ethereum’s PoW Exit
- Massive Pre-Merge Migration: In the 1–3 days before the Merge, Ethereum miners began shifting en masse to alternative chains, peaking network hashrates across ETC, Ergo, and Ravencoin.
- Post-Merge Volatility: Within 3–5 days after the Merge, many miners began exiting again — indicating poor long-term economics on receiving chains.
- Price Drives Hashrate: Coin price movements closely mirrored hashrate trends, reinforcing that mining is fundamentally driven by profit motives.
- Only ~29% of Ethereum’s Hashrate Found New Homes: Aggregating gains from Sept 1 to Oct 15 suggests about 250 TH/s was redistributed — roughly 29% of Ethereum’s pre-Merge total (850 TH/s). The remaining ~60% likely exited mining entirely, either selling hardware or going idle.
- GPU Market Impact: With an estimated 17 million RTX 3060-class or 42 million GTX 1060-class GPUs previously used for Ethereum mining, a 60% exodus translates to tens of millions of surplus graphics cards flooding the market — exacerbating bearish pressure during an already weak demand cycle.
The Future of PoW Mining: Shrinking but Not Dead
As PoS adoption grows — with chains like Cardano, Solana, and now Ethereum leading the charge — viable PoW opportunities are dwindling. GPU-minable networks face increasing competition and declining returns.
Unless new high-value applications emerge for decentralized compute or storage (e.g., AI training, ZK-proof generation), traditional mining may become increasingly niche — dominated almost entirely by Bitcoin and a few legacy chains.
Yet for now, ETC remains the most viable GPU-mining option, combining reasonable profitability, stability, and community support.
Frequently Asked Questions (FAQ)
Q: Did all Ethereum miners stop mining after the Merge?
A: No — while Ethereum itself no longer supports mining, many miners redirected their GPU rigs to other Ethash-compatible blockchains like Ethereum Classic (ETC) or Ergo.
Q: Why can’t Ethereum miners switch to Bitcoin?
A: Bitcoin uses SHA-256 hashing and specialized ASIC hardware. Ethereum miners used GPUs optimized for Ethash, which are inefficient and unprofitable for Bitcoin mining.
Q: Is GPU mining still profitable in 2025?
A: Profitability depends on electricity costs, coin prices, and network difficulty. Currently, only a few coins like ETC offer marginal returns — far below pre-Merge levels.
Q: How much of Ethereum’s hashrate actually migrated?
A: Approximately 29% (~250 TH/s) found new homes across various PoW chains; the majority either shut down or remain inactive.
Q: Will any new PoW chains emerge to absorb more miners?
A: Possible, but unlikely at scale — without strong use cases or funding, new chains struggle to attract both users and sustained mining interest.
Q: What happens to old Ethereum mining GPUs?
A: Many are being sold off, contributing to lower secondhand GPU prices. Some are repurposed for gaming or AI computing tasks like machine learning inference.