It has become challenging for miners to expand their operations as the schedule of the Ethereum Merge has become uncertain in the near times.
The difficulty bomb is a computer program in the Ethereum blockchain meant to raise the complexity of mining ETH regularly. Developers have repeatedly delayed it in the merging, causing many problems for Ethereum mining organizations.
Since 2017, the deployment has been delayed on up to six occasions. The next difficulty bomb plan has recently been scheduled for August.
Ethereum Miners See A Decline In Earnings
As per CryptoQuant research, the Ethereum hash rate has dropped by 10% as earnings have plummeted recently.
This pattern may continue in the coming years if demand drops any lower, as predicted. The value of ETH has dropped below $900 from a high of $3,500 barely three months ago.
The Ethereum merging is a long-awaited protocol upgrade. The merger creates a whole new proof-of-stake (PoS) consensus process, which replaces the old proof-of-work (PoW) system. Miners find additional blocks and add these to the blockchain network in this process.
Inflows On Exchange Have Reduced
As per coincodex data, Ethereum is currently changing hands at $1,142.18, up 5.20% in the past 24 hours.
Total inflows on exchanges are minimal compared to the 7-day trend. This is a key signal of investors predicting additional falling prices. Reduced investment might also be viewed as less selloff.
Furthermore, the ETH fear and greed index is at a severe range of worry. Maybe this will imply that now the Ethereum price is widely expected to decline lower in the coming days.