The large miner of the Ethereum refuses to switch to ETT 2.0 and prepares the hard for the network – Bits Media

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Крупный майнер Эфириума отказывается от перехода на ЕТН 2.0 и готовит хардфорк сети - Bits Media

One of the major ether miners announced the creation of the new Ethpow minority network, Refuge for miners, who want to escape from the Ethereum 2.0.

Expected, that after numerous delays, The transition of the Ethereum network to the consensus mechanism Proof of Stake (PoS) It may take place во второй половине сентября. At least, один из ключевых разработчиков Эфириума, Тим Бейко (Beiko team), назвал возможной дату 19 september 2022 of the year.

В то время как часть криптосообщества с нетерпением ждет отказа от модели Proof-of-Work (PoW) and transformation of the Ethereum network into a version 2.0 using the Proof-of-Stake model (PoS), the other part categorically does not share expectations. PoW miners understand, that expensive equipment for mining ether will remain out of use and the resources invested in the business may never pay off. Since income will instantly drop to zero, and they will be completely excluded from the Ethereum ecosystem.

After months of debate and attempts to oppose a future Ethereum merger, crypto investor and one of the largest players in the Chinese mining ecosystem, Chandler Go (Chandler Guo) reported, that he plans to continue mining in the Ethereum PoW chain and is preparing a new hard fork of the network with the transition to the new ETHPoW blockchain.

BitMEX analysts have studied the possibility of dividing the Ethereum network after the merger procedure, as well as the viability of the new ETHPoW blockchain, and came to the conclusion, that it is capable of "providing an exciting opportunity for traders and speculators in the short to medium term":

"Despite, that ETHPoW may encounter many technical problems, until, as long as the chain survives, It is likely, that there can be positive narratives around the coin, and leading centralized exchanges, probably, she will be posted. Anyway, as a nostalgic throwback to the era of the Bitcoin-Ethereum split in 2016/17 year, ETHPoW, potentially, may arouse interest among market participants".

Nonetheless, BitMEX pays attention to the community, that the ETHPoW blockchain is “almost guaranteed to be a minority network, as for the price of the coin, and its economic potential".

At the end of July, speaking at the EthCC conference, Ethereum co-founder Vitalik Buterin called
Ethereum Classic is an excellent network for the transition of miners and other fans of the Proof-OF-WORK algorithm.