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Comment by 300bps | Hacker News Reader

I don't disagree that it's a transition but hash rate has only gone up:

https://ycharts.com/indicators/ethereum_network_hash_rate

I don't know a ton about the subject, but I remember someone mentioning that existing Ethereum miners don't want to move to PoS[1] as it's a loss of income for them. Can anyone confirm/deny?

Incidentally, while searching for the topic I also found an article[2] from August 2021 with this quote:

> Meanwhile, crypto mining manufacturers like Bitmain and Innosilicon are on track to release new Ethereum mining machines this year, all while knowing that Ethereum’s transition to a PoS network is just five months away, effectively making those machines redundant.

I guess the manufacturers were right.

[1] https://old.reddit.com/r/ethereum/comments/ehpp8m/will_the_m...

[2] https://www.benzinga.com/markets/cryptocurrency/21/08/224855...

Confirmed. Miners are angry about EIP-1559 that burned gas fees instead of paying them to miners and are even more angry about the transition to PoS where they will lose their income stream completely.

The computer I'm typing this on is using gminer to mine on the flexpool.io mining pool. But it's just using a computer I would've purchased anyway. Some miners have tens of thousands of dollars invested in mining equipment or more.

It takes like 18 months to recover the cost of the miners, plus maybe they've leased out a warehouse, and so forth -- so its a sunk cost situation.

Your own link disproves you, look at the 5 year chart.

Took me a minute to understand what you were talking about. The context of my claim was, "Since transitioning to PoS, hash rate has only gone up". You seem to think it's disproved by the fact that hashrate has gone slightly down for brief periods in the past even before the transition to PoS.

Hashrate has increased from 14.86 to 1001 Th/s in the past 5 years and is at an all-time high. Since "transitioning" to PoS, it has not gone down.

So saying that "the hashrate has only gone up" implies the hashrate never goes down [between any comparison point], but you agree that over some comparison points as displayed by the five year graph the hashrate has gone down correct?

Yes, the hashrate graph has a positive slope over large time series, but it does go down at various points along the time series so therefore saying "the hashrate has only gone up" is a false statement.

Respectfully, you are reading English words like a robot and completely ignoring the context of the conversation. Similarly, if I were to say, "I'm so hungry I could eat a horse" it would not be helpful for you to whip up calculations thereby proving my stomach is not large enough to accommodate the volume of horse meat necessary to make this true.

I have run into this in about 1 out of 50 interactions on HN over the years and I find it most helpful to point this out and mean no disrespect by it.

Just checked the five year chart. It proves GP correct. The hash rate has increased by two orders of magnitude since then.

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