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The Merge changed Ethereum’s protocol consensus from PoW to a more eco-friendly PoS. However, it caused some collateral damage along the way. For example, it is hurting GPU companies that were making a lot of profits thanks to the demand from ETH miners.
Asia-focused media outlet South China Morning Post(SCMP) reported that the Ethereum meltdown triggered a plunge in GPU prices in China, which caused sales to reach the “lowest level in history.”
Due to low demand from miners who used to buy expensive cards like Nvidia’s GeForce RTX 3080, RTX 3080 Ti, or RTX 3090, vendors have had to unexpectedly drop GPU prices three times the value suggested by the GPU factories.
The Most Expensive GPUs Have Dropped More Than 37% in Price.
Due to low demand from miners, high-end GPUs such as the RTX 3080 dropped over the past three months by more than 37%, from 8,000 yuan ($1,140) to less than 5,000 yuan ($712), Peng, a trader at a Shanghai market, told SCMP.
According to Peng, this whole situation could continue due to several negative scenarios surrounding the crypto market, such as the collapse of bitcoin, China’s mining ban, and even the new lockdowns due to COVID, which have only worsened the situation.
“When the wave of bitcoin mining was at its peak, people from the mining companies just walked in the stores with cash and took away all the graphics cards we had in store […] No one is buying new computers because of the coronavirus, not to mention those who want to install a new graphics card.”
Another trader surnamed Liu said that the Ethereum Merge was the trigger for the price collapse of GPUs, as since the last two months when the wait for the Merge began, even the cheapest low-end GPUs started to drop by more than 50% causing miners (who can no longer mine ETH) to sell their hardware at a considerable loss.
“I had a customer who bought an RTX 3080 card for 9,400 yuan late last year, and now he has to sell it for less than half that price, even though that specific model is not suitable for mining,”
Ethereum Merge Was The Trigger For Low GPU Costs
Cryptocurrency mining (especially ETH mining) fueled the Price of GPUs over the past few years; however, prices gradually plummeted as the Ethereum Merge approached.
According to SCMP, graphics card traders at Buy Now, one of Shanghai’s largest local electronics markets, are “standing idly by” as they watch the euphoria of miners after the Ethereum Merge pass them by.
In just a few weeks, Chinese retailers dropped the suggested retail price of GPUs by more than 33% in order to sell their equipment due to two reasons: The GPU market correction and the cryptocurrency crisis. In the chart below, the first column shows the name of the GPU, and the second to last shows the difference between the retail price and the price sold by the factory. All cards report a negative number, meaning GPU traders are trading at a loss right now.
Price change of some GPUs after the Merge. Image: Baidu
Some researchers estimated that the prices of GPUs were dropping on average 10% every week before the merge. While this “crash” may result in the shutdown of many e-shops, for others, it is the end of a two-year nightmare where retailers raised GPU prices as much as possible due to the high demand they had from miners.
For now, Gamers, designers, AI coders, and even astronomists and alien hunters may show a small smile on their faces.
The post GPU Prices in China Drop To Their Lowest Levels in History After The Ethereum Merge appeared first on CryptoPotato.

Selling GPUs was a hit during Ethereum's PoW era, but now that the Merge happened, a lot of GPU owners are losing a lot of money.

cryptopotato.com

GPU Prices in China Drop To Their Lowest Levels in History After The Ethereum Merge


One of Shiba Inu ecosystem tokens, BONE, is currently trending among Ethereum whales who are using it for smart contracts.



According to data from Whale Stats, BONE is the most used smart contract among the top 1000 Ethereum whales. The new interest can be linked to the sudden rise of the token’s value over the past week.



BONE is one of the three major tokens in the Shiba Inu ecosystem. The token has a total supply of 250 million and serves as the governance token for the Shiba Inu ecosystem. 



However, only 230 million of the tokens will be circulated because the Shiba Inu community voted to cap BONE farming at 230 million minted tokens. This decision was to keep the remaining 20 million for Shibarium validators.



Community interests shoots BONE value up



The token is currently trading for $1.47 after rising by about 20% in the past week. This is likely due to its recent listing on several exchanges, such as MEXC exchange, BlueBit, FCF Pay, and Switchere.



Dextools also listed the token, which is currently trending as the number one cryptocurrency on the platform as it trades against the Wrapped Ethereum.



It is likely that other platforms will also list it with time as interest in it continues to grow.



SHIB holders grow despite declining value



Meanwhile, Shiba Inu continues to experience a decline in its value as the market conditions weigh heavily on its price. It is down 5.6% in the last 24 hours and over 15% in the past two weeks.



Despite this, it is still the most held cryptocurrency by Ethereum whales apart from Ethereum as the number of Shib holders has steadily grown despite the market downturn. 



The number of wallets holding SHIB grew by 110,00 in September and 35,302 in the last 7 days according to Crypteye.



For Be[In]Crypto’s latest Bitcoin (BTC) analysis, click here
The post Shiba Inu’s BONE Becomes Most Used Smart Contract Amongst Ethereum Whales  appeared first on BeInCrypto.


One of Shiba Inu ecosystem tokens, BONE, is currently trending among Ethereum whales who are using it for smart contracts.
The post Shiba Inu&#8217;s BONE Becomes Most Used Smart Contract Amongst Ethereum Whales  appeared first on BeInCrypto.


beincrypto.com

Shiba Inu’s BONE Becomes Most Used Smart Contract Amongst Ethereum Whales 

Cory Klippsten, the CEO of Swan Bitcoin, shares his views on how "the competition for liquidity" between Bitcoin and Ethereum will play out after the latter's switch to a proof-of-stake system. 

cointelegraph.com

Is post-Merge Ethereum PoS a threat to Bitcoin's dominance?


The number of Ethereum being issued daily has drastically been cut since the Merge, on-chain data show, suggesting that the asset is on its way to becoming deflationary.



According to data from Ultra Sound Money, Ethereum’s issuance rate has fallen by 98% since the Merge.



Since its transition, the network’s supply has grown by 7,385.47 ETH, whereas if it were still running on the Proof-of-Work (PoW) consensus model, it would have added 128,422.13 ETH.



Within the last 24 hours, ETH supply has been up by 0.34%. Under PoW, it would have been 3.86% over the same period.



Some have argued that the decline in token issuance is not just a result of the transition to PoS. They have attributed this change to reduced activity on the Ethereum network, which means gas fees are also lower.



But the network’s activity also declined before the Merge, and more ETH tokens were still issued under PoW.



Ethereum is not yet deflationary



However, Ethereum is not yet deflationary because the overall token issued is still higher than the token burned. Supply is still growing even though it is at a very slow pace.



In the past day, around 519 ETH were burnt. But the network issues around 772 ETH tokens daily.



BitMEX co-founder Arthur Hayes had said he does not believe Ethereum needs to become deflationary post-Merge. According to him, Ethereum’s goal of becoming a “decentralized computer” could be impacted if it sees a major price hike. He added that the focus should instead be on the reduction of Ethereum’s inflation post-merge.



The head of research at IntoTheBlock Lucas Outumoro predicted that ETH might be slightly inflationary after the merge if its demand remains low.



ETH price is performing poorly



Despite the sharp decrease in its issuance rate, Ethereum’s price continues to perform poorly. It is trading slightly above $1,300 after dropping 9.6% in the last seven days.



All the minor gains Ethereum recorded in the buildup to the Merge have now been lost. The last time ETH traded this low was in July after the crypto market crash.



Several analysts had predicted that the asset’s price performance would improve after the completion of the Merge. However, Ethereum’s price has mostly been negative since the transition, tanking by around 20% from the day of the merge.



For Be[In]Crypto’s latest Bitcoin (BTC) analysis, click here
The post Ethereum Sees 98% Decrease in ETH Issuance Since Merge appeared first on BeInCrypto.


The number of Ethereum being issued daily has drastically been cut since the Merge, on-chain data show, suggesting that the asset is on its way to becoming deflationary.
The post Ethereum Sees 98% Decrease in ETH Issuance Since Merge appeared first on BeInCrypto.


Ethereum Sees 98% Decrease in ETH Issuance Since Merge

The SHIB (Shiba Inu) token is the offspring of the Ethereum network – an alternative to DOGE (Dogecoin). SHIB is more or less the opposite of Bitcoin in terms of availability. While BTC intends to make it scarce on the crypto market, the SHIB token flows in abundance.
This is evident in its total supply of 1 quadrillion, even though its community plans to drop this figure. Also, its ecosystem is a good ground for different projects. Some of these projects are the creation of a decentralized exchange known as Shibaswap and storing NFT art.

The SHIB team recently launched its game, referred to as Shiba Eternity. However, more updates on the game from the developers are still pending.
The developers have revealed that they’ll release more updates on the newly launched Shiba Eternity on Thursday. An event will accompany the announcement according to the community. But the awaited update from the developers is already becoming a discussion subject on Twitter.
This is due to the already slated Twitter Spaces. The community members will share their thoughts on the Shiba Eternity project there. More updates will come from the founder and lead developer of the SHIB token, Shytoshi Kusama, and William Volk. They intend to release these updates on the SHIB official Twitter page.
Briefing On Shibarium Development
A layer-2 blockchain network from the SHIB developers is currently in the pipeline. This blockchain is known as Shibarium, and it’s intended to reduce the workload of building blockchain ecosystem applications. The primary beneficiaries of this new development are developers and users.
The idea of the Shibarium layer-2 network is similar to that of the Ethereum blockchain network. The reason is that both networks support developers of decentralized applications (DApps).
The notion behind the project is to cut down transaction costs for gaming. This is possible because the project will serve as the premium layer-2 for the community and the SHIB token.
A Quick Look At Shiba Inu Price
Considering the current bearish state of the crypto market, it’s no surprise that the SHIB token is dropping in value. This is evident from the market watch in the last four weeks.
The token is now down to its value dating from three months back. There’s no indication pointing to the possibility of a rise anytime soon. The same can be said about the general crypto market.

But the update of the community’s upcoming project from Shytoshi Kusama seems to raise the hopes of many fans of the SHIB token. As a result, several investors are watching the SHIB token’s price. The digital token currently trades on a bullish trend.
Shiba Inu trends upwards l SHIBUSDT on Tradingview.com
Featured image from UnSplash, Chart: TradingView.com


The SHIB (Shiba Inu) token is the offspring of the Ethereum network – an alternative to DOGE (Dogecoin). SHIB is more or less the opposite of Bitcoin in terms of availability. While BTC intends to make it scarce on the crypto market, the SHIB token flows in abundance. This is evident in its total...

Ethereum price	$1,308.18
Low - High 24H	$1,280.56 - $1,334.34
Market cap	$157.64B
Volume 24H	$11.79B
All time high	$4,878.26 -73.22% November 10th 2021
All time low	$0.432979 301591.05% October 20th 2015
Genesis date	N/A

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