American Investment Bank JP Morgan: “Ethereum Merger Will Benefit This Altcoin!”
American investment bank JP Morgan stated in their report that Ethereum Classic (ETC) miners will be among the most beneficiaries of the transition from PoW to PoS.
The entire cryptocurrency market, including the Ethereum (ETH) ecosystem, one of the cryptocurrency leaders, is awaiting the Merge upgrade, which will take place in mid-September, anticipating the transition from PoW to PoS. JP Morgan, the American financial services holding company, noted that with the transition to PoS on the Ethereum network, Ethereum miners will be exposed to a sudden change, their role will end and they will look for alternative revenue streams.
Stating that ETH mining is more flexible compared to cryptocurrency leader Bitcoin (BTC) mining, Morgan added that ETH mining has a video card that can be used for other cryptocurrencies.
It was noted that cryptocurrencies such as ETC, Ravencoin (RVN) and Ergo (ERG) can also be mined with graphics cards used in Ethereum mining.
US JP Morgan stated that Ethereum mining is popular due to its profitability and that the transition to mining other cryptocurrencies may be more profitable in the near term.
“Ethereum Classic miners could be among the main beneficiaries of the transition from PoW to PoS. This is because there is likely to be an increase in second-hand mining rigs available from ETH miners who decide to become validators on Ethereum 2.0.”.
“Some investors also see Ethereum Classic as a hedge against possible disruption to the Ethereum blockchain during the transition from PoW to PoS,” JP Morgan said.
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