ETH Proof of Work (ETHW): The Next Big Thing?

[Abiky]

Some Chinese miners announced they will be forking the ETH blockchain after "The Merge" in order to continue with the PoW consensus algorithm. If the fork goes full speed ahead, this means existing ETH holders will obtain "free" coins on the forked chain (ETHW). It'll be just like Bitcoin Cash (BCH) where Bitcoin (BTC) holders received the exact amount of coins on the other Blockchain network. While I believe making another ETH fork based on PoW is highly unnecessary (especially when we already have Ethereum Classic (ETC)), this could prove to be a profitable opportunity for those who cash out during the initial days of the fork. That is assuming ETHW will be worth some money after it's listed across major cryptocurrency exchanges. If it goes to zero, then why bother?

What do you think about the new fork? Will it be a success or a failure? Is now a good time to buy ETH before "The Merge" happens? Your input will be greatly appreciated. Thank you very much.

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[avikz]

That was very much expected! A lot of people have invested huge amount of money in setting up their ETH mining rigs, they won't let that money go down to drain so a good amount of miners will continue to enjoy the best of both world. They can continue mining the forked coin and at the same time make use of POS algorithm.

I don't think this new forked coin will be outright failure because of the huge mining community we have for ETH. But don't expect it to be similarly priced as main ETH. It's going to be a forked coin anyway!

[tvplus006]

That was very much expected! A lot of people have invested huge amount of money in setting up their ETH mining rigs, they won't let that money go down to drain so a good amount of miners will continue to enjoy the best of both world. They can continue mining the forked coin and at the same time make use of POS algorithm.

I don't think this new forked coin will be outright failure because of the huge mining community we have for ETH. But don't expect it to be similarly priced as main ETH. It's going to be a forked coin anyway!

Everything will depend on the value of the new coin that appeared as a result of the fork. But it is safe to say that the price of ETHW will be lower than ETH. Accordingly, if there is another coin, the profit from which will exceed ETHW, then the miners will switch to the network in which the profit is higher.

[o48o]

All the developers will move to PoS version so i don't understand who would use the old one anymore, except miners who need their rigs to do something. Imho the whole PoS fud is coming from these miners in the first place, they are the ones actually losing something in this. And funny enough they are claiming that eth will be more centralized and only rich people will get to vote. That doesn't even make sense as this same thinking applies centralized in PoW. And in PoS holders actually get something from holding. Miners making the decisions was always kinda weird mindset to begin with but maybe i am not getting the idea.

[vv181]

The thing that determines ETHPoW longevity is the userbase, majority of Ethereum communities doesn't care enough about decentralization and anything related to it. It will be hard for the PoW communities to thrift with the brand new Ethereum.

After all, judging by ETH histories that resulted in ETC inception. I believe the current condition won't be much different.

[SistaFista]

That is a good idea, i believe miners will be happy to hear that.
For miner perspective, they will be at loss when ETH going to Proof of Stake because they still haven't ROI from ASIC miners they bought.
Some miners may already started to mine other ethash coin such as ETC, thus the mining hash rate will moving from ETH to ETC, resulting spiking hash rate on ETC.

[tvplus006]

For miner perspective, they will be at loss when ETH going to Proof of Stake because they still haven't ROI from ASIC miners they bought.
Some miners may already started to mine other ethash coin such as ETC, thus the mining hash rate will moving from ETH to ETC, resulting spiking hash rate on ETC.

After the hashrate increases, the difficulty of mining new coins will increase. And this will entail a decrease in mining profits if the ETC price remains at the same level. ETHW mining will remain the most optimal for miners if the price of the coin remains in approximately this niche, which ETH currently has, but it is hardly worth counting on.

[piebeyb]

if this is the same as BCH and ETC, I think there is nothing wrong with holding ETH if later ETH holders will get the same amount of ETHW, well that's the same as getting free money, but I've seen this ETHW on any exchange and I don't want to buy it too This ETHW because I think it has a fairly high risk should buy ETH and save it to get free money, but right now I'm more interested in being a spectator for ETH merging later

[tvplus006]

if this is the same as BCH and ETC, I think there is nothing wrong with holding ETH if later ETH holders will get the same amount of ETHW, well that's the same as getting free money, but I've seen this ETHW on any exchange and I don't want to buy it too This ETHW because I think it has a fairly high risk should buy ETH and save it to get free money, but right now I'm more interested in being a spectator for ETH merging later

If the only purpose of the purchase is to get a free ETHW coin, then we should not specifically buy ETH just because of this, since we cannot know exactly how the price will react to the merger. In my opinion, the best solution in this case is not buying, but borrowing coins on DEX or CEX. In this case, you only pay a commission, which will surely be compensated by the profit from the sale of ETHW.

[kurniawan05]

That was very much expected! A lot of people have invested huge amount of money in setting up their ETH mining rigs, they won't let that money go down to drain so a good amount of miners will continue to enjoy the best of both world. They can continue mining the forked coin and at the same time make use of POS algorithm.

I don't think this new forked coin will be outright failure because of the huge mining community we have for ETH. But don't expect it to be similarly priced as main ETH. It's going to be a forked coin anyway!

I agree that many people have invested by buying ETH mining rigs, and the transition from ETH POW to PoS will certainly be a separate issue for miners, with ETHW there will certainly be a solution, but of course they have to take into account whether ETHW mining is worth the operational costs they spend, otherwise they will switch to mining other, more profitable coins.

[masterrex]

Damn, fork again, I dont see any good from that plan, but just the free fork tokens, there are too many fork coins in the market already, and what do we observe? are they successful already? the answer is obvious there are not, Ethereum has to adopt the need to be a more friendly for the planet, thats why they have done it so why do these people need to add more mining? thats what greed is all about! Anyway, I don't think miners will continue to mine unprofitable coins Im sure they abandon it.

[livingfree]

No one knows if that will be a success or not. But these forks have been always a free money mostly to the developers that would like to do it. There's a bunch of free money that they'll be taking on this one.

Is now a good time to buy ETH before "The Merge" happens? Your input will be greatly appreciated. Thank you very much.

I've always want to have ETH before the merge so yes, it's a good time to buy before the merge happens. If these forks happen, then you get some free coins that you would like to dump.

Then, if not, you'll have ETH and the chance of it going up for its price is very much high. It's due to the lesser reward and as well as the limitation of its supply.

[Beparanf]

This probably an extra profit not that huge since the company behind it is surely aiming for just a quick profit from the hype same with BTG and other fork coins of Bitcoin and Ethereum that only have a high value initially then dump later on. This fork coin can only be successful if these chinese miners will manage to get private investors to fund all there initial expenses and to reward developers of dapps to stay developing on there blockchain because most of the dapps will migrate too on new Eth blockchain which will leave the fork blockchain abandoned.

[so98nn]

This is much much needed and the next big thing or not but miners who lost the power to PoS will surely get to work on this and who knows the response could be tremendous than that. The reason is simple, many of them started mining recently, many of them had huge set up whose ROI isn’t achieved and thus making them loose lot of investment. Selling off the coins isn’t option since it would be in loss and won’t be enough to recover hardwares cost too.

By the way my second question (I might not be Updated), chinese miners are still doing the mining operations after the strict bans? Is that true or the whole thing is running under the sink?

[btc_angela]

Some Chinese miners announced they will be forking the ETH blockchain after "The Merge" in order to continue with the PoW consensus algorithm. If the fork goes full speed ahead, this means existing ETH holders will obtain "free" coins on the forked chain (ETHW). It'll be just like Bitcoin Cash (BCH) where Bitcoin (BTC) holders received the exact amount of coins on the other Blockchain network. While I believe making another ETH fork based on PoW is highly unnecessary (especially when we already have Ethereum Classic (ETC)), this could prove to be a profitable opportunity for those who cash out during the initial days of the fork. That is assuming ETHW will be worth some money after it's listed across major cryptocurrency exchanges. If it goes to zero, then why bother?

And just like what happen when Bitcoin fork to Bitcoin Cash, the fork coin price surge ahead in the beginning and then just tapered as the hype goes down.

I guess the Chinese miners doesn't want to have their machines obsolete or at least doesn't want to mine ETC because it has no value. But it will be just the same for ETHW. For sure the consensus will still be with ETH until those miners died down or sold off their gear because it's not worth to mine their ETHW.

So maybe in the beginning they will have a success, but once those who have received the airdrop free coins then there will be huge dump of ETHW.

[Invester]

Cryptocurrencies are illegal in China and even more mining them. But here we are, still influenced by Chinese miners. These miners will try their very best to continue using their GPUs. It is also very difficult for them to mine Bitcoins and other coins.

Merge is well supported by majority but I cannot say ETHW can't have room for success. There are also people that are not happy with POS. The staking and issues of the system turning like centralized.

[Tony116]

Cryptocurrencies are illegal in China and even more mining them. But here we are, still influenced by Chinese miners. These miners will try their very best to continue using their GPUs. It is also very difficult for them to mine Bitcoins and other coins.

Merge is well supported by majority but I cannot say ETHW can't have room for success. There are also people that are not happy with POS. The staking and issues of the system turning like centralized.

I don't see anything wrong here because miners are Chinese, cryptocurrency is for everyone, visionaries in the future have the right to own cryptocurrency. It's not because the Chinese government bans cryptocurrencies, it's that we have a bias against Chinese investors. I'm also not entirely interested in ETH upgrading to POS but I don't think ETHW is needed since we already have ETC. If miners can't close their doors and don't want to sell their miners, they still have an ETC option.

[ANSEL_2.0]

I doubt it will be the next big thing, the ETHW will only offer proof of work, no other utility, this coin will be exactly like Bitcoin cash unless it's blessed with teams that are ready to take this project to another level, I don't see this happening anyway.

[Wapfika]

I doubt it will be the next big thing, the ETHW will only offer proof of work, no other utility, this coin will be exactly like Bitcoin cash unless it's blessed with teams that are ready to take this project to another level, I don't see this happening anyway.

You have a point but we can’t deny that since this the old Ethereum blockchain there’s still a lot of developer that’s interested to build on it especially those new team that wants to build there reputation. Maintaining the blockchain to run is a good start to build this abandoned blockchain alive since there’s still a hype on its name. I agree that this almost ambitious speculation but there’s no risk on holding few tokens since this just free from the airdrop.

[lvsca]

it's very hard to predict. we know that BCH as a forked coin from btc is indeed good until now, but all coins cannot be equated. if ethereum forks and goes back to POW some people might benefit, but those who follow ethereum actually go with the POW system. Will these two communities coexist with each other?