Hopefully it crashes the price of graphic cards and forces both Nvidia and AMD to lower prices of next gen Nvidia 40 series and AMD navi 31.
Problem is they already know what people are willing to pay, which is a lot apparently.
Miners will probably try to move to other PoW currencies. Best case scenario: combination of not being as popular as Ethereum and requiring specialised hardware (like Bitcoin) keeps any future crypto booms from sending GPU prices through the roof, but only time will tell.
As for the likelihood of that future boom, that's up in the air. I have no hope that the crypto folks will see reason; that as long as crypto is not backed by any tangible assets, its price will continue to be driven only by demand, and therefore will always extremely volatile. They seem to be sadomasochistically embracing that volatility.
It backed by hopium. :) I don't see it affecting degen projects really.
1 More day for the merge
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