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Crypto Miners Peer to Alternative As Ethereum Merge Completed

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Crypto Miners Peer To Alternative As Ethereum Merge Completed
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  • Vietnam, which has the highest crypto miner facing huge losses.
  • Ethereum Classic (ETC) experienced a surge in hashrate.

Ethereum (ETH), the second-largest cryptocurrency by market capitalization converted from the Proof of Work (PoW) mechanism to the Proof of Stake (PoS) mechanism on September 15. Following that, Vietnam’s cryptocurrency miners faced significant losses with their mining equipment as it turned off, as per the recent report. 

According to recent survey statistics, almost 21% of Vietnamese consumers reported using or mining cryptocurrency, second only to Nigeria at 32%. But following the Merge upgrade, crypto miners faced huge losses.

Crypto Miner Started Looking for Alternatives 

The amount of energy required to validate transactions is greatly decreased through the Ethereum protocol upgrades. Powerful coin minting equipment is no longer required to carry out challenging mathematical computations due to the adoption of the new Proof of Stake (PoS) consensus process, making this equipment all worthless.

Many Ethereum miners intended to continue mining with a well-known faction headed by Chandler Guo to create ETHPoW (ETHW). Currently, ETHPoW is traded at $5.42, ETHW is down 27.82% in the last day as per the CoinMarketCap.

However, before ETHPoW, there was EthereumFair (ETF originally ETHF) which is focusing on Ethereum’s proof-of-work consensus. But compared to EthereumPoW, EthereumFair has received a tiny fraction of the attention. And EthereumFair is run by a group of Chinese miners. 

The block explorer for EthereumFair shows that ETF has 1.8 million wallet addresses and 6.9 million total transactions. According to CoinMarketCap, ETF traded at $4.64, down 41.93% over the last 24 hours. Besides ETHPoW tokens maintained 86.3 million addresses and recorded 1.7 billion total transactions.

Moreover, according to 2miners.com, Ethereum Classic, which was forked off of Ethereum in 2015, experienced a surge in hashrate as a result of the merge. ETC’s current hashrate is 192.09 TH/s and the highest hashrate is 227.95 TH/s, which is recorded on the Merge day (September 15). 

Ethereum classic hashrate (Source: 2miners.com)

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CryptoPunks NFT 2924 Sold for 3,300 ETH ($4.45 Million)

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Cryptopunks Nft 2924 Sold For 3,300 Eth ($4.45 Million)
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  • NFT hoarder “seedphrase” sold the CryptoPunk NFT. 
  • To date, punk #5822 has fetched the highest price for a CryptoPunk.

A million dollars was a common price tag for NFTs during the recent craze. It seemed that the brakes had been put to the market, since recent circumstances had remained turbulent. Despite this, one user paid 3300 ETH for a CryptoPunks NFT.

The latest shocking event is the $4.45 million sale of CryptoPunks 2924. It’s worth noting that this is one of NFT’s biggest-ever deals. NFT hoarder “seedphrase” parted with the CryptoPunk NFT. According to the NFT’s blockchain transaction history, it was last traded in November of 2020 for 150 ETH [$71,403 at the time].

Despite Sluggish NFT Market

To date, punk #5822 has fetched the highest price for a CryptoPunk. In February of this year, Deepak Thapliyal, CEO of Chain, paid almost $23 million for the alien-style punk. The price tag was far more than that of the next highest-earning punk by a wide margin. The deal almost broke the record for the biggest selling NFT ever, falling short by a few million.

Over the previous 24 hours, sales of CryptoPunk have increased by almost 348%. Therefore, at the time of publication, it was the best-selling compilation overall. Next to them was the Bored Ape Yacht Club, and then came the Mutant Ape Yacht Club. Approximately 13% and 52% daily sales increases were seen for the aforementioned collections.

The NFT market is still in its downturn phase, notwithstanding the sales recovery seen over the last day. Bloomberg reported data from Dune Analytics showing that, compared to January of this year, NFT trading volumes had dropped by 97%.

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Chainlink and SWIFT Collaborate on a Cross-Chain Protocol

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Chainlink And Swift Collaborate On A Cross-Chain Protocol
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