Ethereum POW Fork Is ‘Coming Soon’, Says Chinese Miner

Ethereum Merge Hopium or Bull Trap; ETH Prices Up 20% in a Week

A Chinese Bitcoin miner has claimed {that a} Proof of Work (POW) fork for Ethereum is “coming quickly” as Ethereum prepares emigrate to its Proof of Stake (POS) consensus mechanism.

If Ethereum is ready to preserve to its present projected schedule the change in consensus mechanism, generally known as “the merge,” will happen on the week commencing Sept 19. The change will imply that Proof-of-Work Ethereum miners may quickly discover themselves out of enterprise, or looking for different income streams. 

An excellent laborious look

The improve to the Ethereum community is forcing miners to take laborious take a look at their choices. 

As Wu Blockchain summed up on Jul 29 on Twitter, “there are practically 5 billion US {dollars} of graphics card mining machines and ASIC Ethereum mining machines (A11 E9) that have to discover a strategy to proceed mining after Ethereum turns to POS in September. Most belong to Chinese miners.”

Chandler Guo is amongst these contemplating their future. Last week the well-known miner stated that ETH POW could be “coming quickly,” however his assertion immediately ran right into a wall of skepticism and criticism.

Part of the rationale for the pushback is that Ethereum already has a legacy blockchain within the type of Ethereum Classic (ETC). Ethereum Classic has been operating since 2015 and has no plans to switch to Proof-of-Stake.

AntPool and Bitmain

Leon Lv, the CEO of the world’s largest Bitcoin mining pool, AntPool, has other ideas on how best to approach Ethereum’s upcoming merge. On July 26, Lv defined that the corporate, which is carefully tied to {hardware} big Bitmain, could be investing $10 million “to construct the prosperity of ETC.”

With AntPool and Bitmain backing the plan to change to Ethereum Classic, the momentum could also be with them.

Vitalik Buterin beforehand lent some weight to Ethereum Classic as a severe possibility for individuals who wished to leap from the Ethereum PoS prepare.

“There are loads of blockchains, like there’s Ethereum Classic which is the unique Ethereum,” said Buterin. “It’s a really welcoming neighborhood and so they’ll undoubtedly welcome Proof-of-Work followers.”

Other choices

While the selection between Ethereum Classic and a few proposed new fork of Ethereum POW ought to make for an fascinating battle, miners nonetheless have additional choices out there to them. After all, Bitcoin and Ethereum are hardly the one POW blockchains within the cryptosphere. 

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