Die Börse erklärte, das sei eine Sicherheitsmaßnahme, bis der Merge abgeschlossen ist.
Ethereum Merge to ‘swamp’ other coins with miners, says White Rock’s CEO
Ethereum Merge is set to take place in a few days, and White Rock’s CEO believes it will lead to other coins experiencing an increase in miners.
The Ethereum network is set to transition from a proof-of-work (PoW) consensus to a proof-of-stake (PoS) mechanism later this month. The move is designed to upgrade the Ethereum blockchain to make it faster, more scalable, and reduce the cost of transactions.
However, Andy Long, CEO of Bitcoin miner White Rock, told Cointelegraph in a recent interview that the transition is likely to flood the crypto industry with out-of-work ETH miners.
Long said Ethereum miners would be looking for greener pastures following the Merge event, and this will swamp other coins, increasing mining difficulty and reducing profitability. He added that;
“As GPU miners point their hardware at other chains, their difficulty will increase, causing lower returns and splitting the reward amongst more miners. Hashrate will flow to alternative GPU PoW coins, and many miners will simply give up and try to sell off their farms of cards.”
The CEO believes that the migration would likely force some cryptocurrency miners to give up and abandon their mining rigs. He added that;
“Some miners will try to sell their High-Performance Computing (HPC) or GPU cloud services and will likely fail since there’s too much capacity chasing a limited amount of demand.”
In recent months, GPU prices have been declining, correlating with the decrease in the prices of Bitcoin and other cryptocurrencies. As a result, some companies are selling their rigs below the list price, while sellers who maintained the normal prices are struggling to offload mining rigs and cards.
Despite the upcoming Merge, Long said he is interested in seeing how the market forces play out in the long term. He said;
“When I was building GPU farms in 2017, the Merge was cited as an imminent threat and would have been much more impactful then. There will always be GPUs mining some GPU optimized chains, but I doubt we will return to the levels of revenue seen in ETH proof-of-work at its peak ever again.”
Ethereum’s Merge event is slated to happen between September 10-20 and is considered one of the most significant upgrades in the cryptocurrency market in 2022.
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Flux price rallies as locked $FLUX supply soars to $108m
Flux price continued its bullish trend this week as demand for the small-cap cryptocurrency continued. The token rose to a high of $1.41 on Tuesday, which was the highest level since May 5th of this year. It has jumped by more than 237% from its lowest level this year, pushing its total market cap to over $340 million.
Why is FLUX soaring?
Flux, formerly known as Zel, is a blockchain infrastructure platform that helps developers build and host their applications. Its ecosystem includes FluxOS, which is a second-layer operating system that allows hardened dockerized apps to run on a decentralized computational network. Some of the applications running on Flux are Haven Protocol, Docushield, Keep Network, and Element among others.
As part of its ecosystem, Flux has FluxNodes, Parallel Mining, and Zelcore among others. Therefore, while most people don’t interact with Flux directly, most developers use it to build their applications.
There are several reasons why Flux price has been in a strong bullish trend lately. First, more investors have been buying the coin. For example, data shown in its dashboard shows that the total locked in its ecosystem has risen to over 108.5 million $FLUX. This is a strong performance since it was less than $100 million a few months ago.
Another possible reason for the rally is the upcoming launch of Flux Geolocation 2.0 feature that will let users specify by region where they want their dApp running. This is a major upgrade that is expected to go live in the coming months.
Finally, technically, the coin has bullish momentum now that its performance has been in an uptrend. Historically, soaring cryptocurrencies and stocks tend to attract more buyers as people embrace the fear of missing out mentality.
Flux price prediction
The daily chart shows that Flux price has been in a strong bullish trend in the past few weeks. Along the way, the coin managed to move above the 25-day and 50-day moving averages. It also managed to move above the important resistance level at $1.24, which was the highest point on August 13.
The awesome oscillator has moved above the neutral point. Therefore, there is a likelihood that the token will keep rising as buyers target the next key resistance level at $1.50. This view is in line with what I wrote in another report on Flux. A drop below the support at $1 will invalidate the bullish view.
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VGX price prediction: 2 reasons why Voyager token is soaring
VGX price has done in the past few months as Voyager Digital’s bankruptcy proceedings continue. The token rose to a high of $0.9388, which was the highest level since July 13. It has jumped by more than 538% from the lowest level this year, giving it a market cap of over $262 million.
Why is Voyager Digital coin rising?
Voyager Digital was one of the biggest companies in the cryptocurrency industry. The Canadian company offered cryptocurrency trading and investing solutions to millions of people during its peak. At the time, it used to handle transactions worth billions of dollars every week.VGX is the native governance token for the platform.
Voyager filed for voluntary bankruptcy proceedings in its bid to restructure debts worth billions of dollars. As it does this, the firm has announced that it will stop receiving deposits and process withdrawals from its customers.
Still, despite this crisis, the VGX price has continued rising and even outperforming many cryptocurrencies like Bitcoin and Ethereum.
There are two possible reasons for this. First, there is growing hope that Voyager Digital asset’s will soon be acquired. According to media reports, companies like FTX and Binance are currently negotiating to acquire the firm. If this happens, the potential acquirer will likely have the resources to make it vibrant again.
Second, the VGX price has risen because of a scenario that has become popular recently. We have seen share prices of troubled companies soar. For example, Revlon shares have jumped by more than 57% in the past three months despite the fact that the company has filed for bankruptcy protection.
Similarly, shares of companies like Hertz soared after initiating bankruptcy proceedings. In cryptocurrencies, Celsius’s CEL token jumped after the platform went out of business.
VGX price prediction
The daily chart shows that the Voyager Digital token has been in a strong bullish trend in the past few weeks. During this time, it has jumped above the 25-day and 50-day moving averages. It has also moved above the important resistance level at $0.7391, which was the highest point on August 26.
The Awesome Oscillator has jumped above the neutral point. Therefore, the coin will likely continue rising as bulls target the next key resistance level at $1.4, which was the highest point on July 13. A drop below the support at $0.70 will invalidate the bullish view.
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Ethereum Classic (ETC) wird zum Zufluchtsort für PoW-Miner: 12 Prozent Rallye
Der ETC-Kurs ist stark gestiegen und seine Hashrate hat ein Rekordhoch erreicht. BTC.com bietet zudem nun auch Mining für Ethereum Classic an.