The cryptocurrency mining industry is worth about 3 billion dollars per year. About sixty percent of that is from Ethereum mining.
Ethereum switching to proof of stake is a threat to billions of dollars in annual revenue. Miners should be rallying against this, and the budget they have for lobbying and pr could reasonably be nine figures.
Ethereum miners are not the only ones affected. If two million gpus suddenly flood the market, either the resale value of hardware will nosedive, or the difficulty of all other coins will skyrocket. Miners who do not even mine ethereum should still be actively opposed to ethereum switching to proof of stake.
Ethereum switching to proof of stake is a threat to billions of dollars in annual revenue. Miners should be rallying against this, and the budget they have for lobbying and pr could reasonably be nine figures.
Ethereum miners are not the only ones affected. If two million gpus suddenly flood the market, either the resale value of hardware will nosedive, or the difficulty of all other coins will skyrocket. Miners who do not even mine ethereum should still be actively opposed to ethereum switching to proof of stake.