{"id":264152,"date":"2022-09-26T22:03:37","date_gmt":"2022-09-26T21:03:37","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=264152"},"modified":"2022-09-26T23:32:47","modified_gmt":"2022-09-26T22:32:47","slug":"miners-flee-pow-tokens-as-token-prices-tank-gpu-value-flounders","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/miners-flee-pow-tokens-as-token-prices-tank-gpu-value-flounders\/","title":{"rendered":"Miners flee PoW tokens as token prices tank, GPU value flounders"},"content":{"rendered":"<p class=\"s4\">Crypto miners who initially flocked to GPU-compatible proof-of-work tokens after the Ethereum (<a href=\"https:\/\/cryptoslate.com\/coins\/ethereum\/\">ETH<\/a>) Merge are fleeing those networks after the value of their tokens fell, according to available data.<\/p>\n<h2>Ethereum Classic<\/h2>\n<p class=\"s4\"><span class=\"s5\">Ethereum Classic (<a href=\"https:\/\/cryptoslate.com\/coins\/ethereum-classic\/\">ETC<\/a>)<\/span> has seen its hash rate drop to 157.51TH\/s after peaking at 303.7 TH\/s on the day after the merge &#8212; Sept. 15&#8211;\u00a0 according to <a href=\"https:\/\/2miners.com\/etc-network-hashrate\">data<\/a> from 2miners.<\/p>\n<p class=\"s4\">According to 2miners data, ETC mining difficulty has fallen to 2.06P from over 2.5P post-merge.<\/p>\n<p>ETC's price rally also appears to be over as the asset has shed most of its gains over the previous weeks. Since Ethereum's merge, ETC has shed 26% of its value.<\/p>\n<p>Over the last 24 hours, the asset is down 3%, trading for $28.22 &#8211;a far cry from its value during the run into the merge.<\/p>\n<h2>Ravencoin<\/h2>\n<p class=\"s4\">Another PoW token that attracted several miners post-merge was Ravencoin (<a href=\"https:\/\/cryptoslate.com\/coins\/ravencoin\/\">RVN<\/a>).<\/p>\n<p class=\"s4\">RVN saw its network hashrate <a href=\"https:\/\/2miners.com\/rvn-network-hashrate\">rise<\/a> from around 3 TH\/s on Sept. 9 to over 22 TH\/s by Sept. 17. However, that figure has now fallen to 15.09 TH\/s as of press time.<\/p>\n<p>The network's mining difficulty has <a href=\"https:\/\/2miners.com\/rvn-network-difficulty\">dropped<\/a> to 208.47K from over 300K.<\/p>\n<p>RVN's price has mirrored the decline in its hashrate and mining difficulty. According to CryptoSlate data, the token has shed roughly 46% of its value since the merge.<\/p>\n<p>Over the last 24 hours, RVN has lost 6.23% of its value.<\/p>\n<h2>Ergo<\/h2>\n<p class=\"s4\"><span class=\"s5\">Ergo (<a href=\"https:\/\/cryptoslate.com\/coins\/ergo\/\">ERG<\/a>) is the worst hit as its mining hashrate tanked roughly 91%. According to 2miners <a href=\"https:\/\/2miners.com\/erg-network-hashrate\">data<\/a>, Ergo's hashrate peaked at<\/span> 303.41TH\/s on Sept. 15. However, that figure has steadily declined to 27.90 TH\/s as of press time.<\/p>\n<p>Its network mining <a href=\"https:\/\/2miners.com\/erg-network-difficulty\">difficulty<\/a> is currently 16.61P after peaking at 21.67P on Sept. 17.<\/p>\n<p class=\"s4\">Its price has also had a similar performance. After peaking at $5.21 on Sept. 15, it has shed 37.3% of its value to trade at $2.64 as of press time.<\/p>\n<h2>Ethereum POW<\/h2>\n<p>Ethereum proof-of-work token has also seen its mining hashrate drop after the merge. According to 2miners <a href=\"https:\/\/2miners.com\/ethw-network-hashrate\">data<\/a>, ETHPOW hashrate is currently at 47.16TH\/s. The network's hashrate peaked at 79.42TH\/s on Sept. 15.<\/p>\n<p>Meanwhile, it should be noted that ETHPOW's hashrate is steadily gaining ground as the network sees more uses. According to OKLink <a href=\"https:\/\/www.oklink.com\/en\/ethw\">data<\/a>, the network blockchain has processed 1.7 billion transactions since its launch.<\/p>\n<p>However, ETHPOW's value has been downward since Sept. 15, when it traded for $51.5. The token has sold for as low as $5.31 before slightly recovering to $9.51, according to Coingecko <a href=\"https:\/\/www.coingecko.com\/en\/coins\/ethereumpow\">data<\/a>.<\/p>\n<h2>GPU price tanks in China<\/h2>\n<p>Reports have revealed that the value of GPUs has dropped by as much as 40% in China since the Ethereum merge.<\/p>\n<p>According to the <a href=\"https:\/\/www.scmp.com\/tech\/tech-trends\/article\/3193272\/ethereum-merge-pushes-gpu-prices-china-lowest-level-shift-away\">report<\/a>, when Ethereum was still a proof-of-work token, the demand for high-end graphic cards such as the Nvidia GeForce RTX 3080 and 3090 was high, which pushed the retail value of these GPUs up.<\/p>\n<p>However, since the merge, demand for these components has considerably dried up, especially as the value of other tokens the GPUs could mine was significantly lower. Meanwhile, gamers have seen this drop as a gain as they can get these GPUs at more affordable rates.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Crypto miners who initially flocked to GPU-compatible proof-of-work tokens after the Ethereum (ETH) Merge are fleeing those networks after the value of their tokens fell, according to available data. Ethereum Classic Ethereum Classic (ETC) has seen its hash rate drop to 157.51TH\/s after peaking at 303.7 TH\/s on the day after the merge &#8212; Sept. [&hellip;]<\/p>\n","protected":false},"author":720,"featured_media":264284,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[61713,2376],"tags":[77426,76128,72190,77425,78047],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Miners flee PoW tokens as token prices tank, GPU value flounders<\/title>\n<meta name=\"description\" content=\"Crypto miners are fleeing other proof-of-work tokens as the value of these assets have significantly crashed post-merge.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/miners-flee-pow-tokens-as-token-prices-tank-gpu-value-flounders\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Miners flee PoW tokens as token prices tank, GPU value flounders\" \/>\n<meta property=\"og:description\" content=\"Crypto miners are fleeing other proof-of-work tokens as the value of these assets have significantly crashed post-merge.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/miners-flee-pow-tokens-as-token-prices-tank-gpu-value-flounders\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2022-09-26T21:03:37+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-09-26T22:32:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/09\/miners-pow.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/miners-flee-pow-tokens-as-token-prices-tank-gpu-value-flounders\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/miners-flee-pow-tokens-as-token-prices-tank-gpu-value-flounders\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/10\/profile-oluwapelumi-adejumo-1-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2026\/10\/profile-oluwapelumi-adejumo-1-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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