A group of crypto enthusiasts called ETHW Core is preparing to support a Proof-of-Work version of the Ethereum network by holding a hard fork immediately after the algorithm changes to Proof-of-Stake.
A group of anonymous developers called ETHW Core announced its intentions to build the Ethereum fork ahead of the network’s long-awaited move to PoS. The hard fork will be made within 24 hours after The Merge.
The main goal will be to create an ETHPoW project with an ETHW token ticker to keep ETH mining possible after Ethereum’s transition to PoS.
“ETHW mainnet will happen within 24 hours after the Merge,” ETHW Core tweeted. The group claims everything is ready for the network’s hard fork, including “final code, binaries, config files, etc.” However, this information won’t be publicized until the Ethereum core network changes its consensus algorithm.
It’s worth noting that members of the ETHW Core group actively criticize the Ethereum Foundation, citing that the network’s consensus algorithm change has nothing to do with the principles of decentralization. ETHW Core also argues that the upcoming hard fork is meant to protect Ethereum and allow the network to simply continue to be true Ethereum.
The dynamics of Google searches related to Ethereum’s consensus shift signals the interest of miners in continuing to mine ETH. This may also be evidenced by the refusal of some users to update nodes to the version required for The Merge.
However, the crypto community tends to believe that the upcoming fork is more likely motivated by money rather than ideological differences. The thing is that after The Merge, ETH miners will lose their earnings and will be forced to sell their equipment or switch to mining other coins.
There’s also an opinion in the community that the hard fork will simply fail. For example, Hudson Jameson, a former Ethereum developer, doubted that the ETHW hard fork could succeed if it was done after The Merge, because “hash power will be on other chains by then.”
Some institutional investors are concerned about Ethereum’s success in the upcoming update, and Ethereum’s AUM lost about $62 million over the past week.
