Ethereum Merge, arguably the biggest event in crypto history after the advent of Bitcoin, might not have gone down well with everyone. With the Merge, Ethereum ditched the environmentally harmful proof-of-work model for a more sustainable proof-of-stake system. However, the experiment failed to impress all the miners.
According to a report from Fortune, some furious crypto miners — many of whom are set to lose their main source of income due to the switch — have come together to ensure things stay the way they were, without any regard for the environment.
More Than Just A Threat
If their Twitter account is anything to go by, they will be forking the Ethereum blockchain, building their version called EthereumPoW (ETHW) where they will be able to mine cryptocurrency like old times.
“ETHW mainnet will happen within 24 hours after the Merge,” their Twitter thread read. “The exact time will be announced one hour before launch with a countdown timer and everything including final code, binaries, config files, nodes info, RPC, explorer, etc.”
ETHW mainnet will happen within 24 hours after the Merge. The exact time will be announced 1 hour before launch with a countdown timer and everything including final code, binaries, config files, nodes info, RPC, explorer, etc. will be made public when the time’s up.
— EthereumPoW (ETHW) Official #ETHW #ETHPoW (@EthereumPoW) September 12, 2022
As of now, this isn’t just a threat, as the cohort released server information and directives, shedding light on potential users and their new tokens.
Miners Worried About Losing Their Income
The Ethereum foundation argues that the switch will make the cryptocurrency’s operation more secure and sustainable. Its website claims that the shift will reduce the horrific environmental impact of power-hungry Ethereum mining by around 99.95 percent.
Well, it might be a good change in favor of the environment, but not for someone who’s a miner. According to Fortune, the ETHW token’s value surged by 58 percent within a day of the anti-merge mining cohort’s announcement of their own Ethereum, before settling back down.
Losing a source of income, be it your primary one or a side hustle, can be difficult. That said, mining operations are undoubtedly harmful to the environment, and our planet might not have enough room to accommodate unnecessary emissions. If there’s a sustainable way, the miners should opt for it. But creating another cryptocurrency is definitely not the way to go ahead.
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Story first published: Saturday, September 17, 2022, 8:53 [IST]