When the Mines Close
Bloomberg Businessweek US|June 20, 2022
As many as 1 million people will lose income after a change in the architecture of Ethereum
Joshua Brustein
When the Mines Close

The Ethereum mining community is a diverse bunch, geographically and demographically. There’s a 28-year-old translator in Ukraine, running computing hardware on his balcony to earn cryptocurrency so he can buy clothing and other necessities. In Argentina, a retiree uses her gaming PC to double her monthly pension. A college student in Canada has mined enough to buy a BMW motor cycle and a modified 2006 Dodge Charger SRT—and pay for gas every month.

As many people even outside of the blockchain world know, a crash in the crypto markets has made the past few months quite painful for anyone whose financial well-being is tied to the currencies. As of June 15, the price of Ether was down about 70% for the year. At the same time, a lesser-known factor—a tectonic shift known as “the Merge”—is set to end Ethereum mining altogether, cutting off earnings for as many as 1 million people. “This will be a huge financial hit and almost a complete loss of a good source of income,” says the Ukrainian translator, who asked to stay anonymous for fear of being robbed.

This story is from the June 20, 2022 edition of Bloomberg Businessweek US.

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This story is from the June 20, 2022 edition of Bloomberg Businessweek US.

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