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According to the proof-of work advocate, The Merge caused a lot of damage to mining. He believes that the Ethereum fork he supports will draw the miners who remain after the glitches have been fixed. Since the Ethereum blockchain’s merge upgrade, ether (ETH miners) have had to face more challenges.

Transactions can now be validated without the use of miners or their energy-burning computers.

Some of these miners have turned towards a proof of work (PoW), fork of Ethereum to continue mining. Chandler Guo, one the strongest supporters of the fork, believes that only 10% of miners who use PoW to mine ETH POW or ETC (the tokens of Ethereum Classic) will survive.

Cheap electricity will help PoW crypto miners

Guo, an Ethereum miner, said that miners who have access to cheaper electricity would be the ones who survive.

Guo stated that some people (miners) have electricity for free and can continue to work on it, referring to PoW fork. “The rest of the 90% are bankrupt.”

Early Thursday, Ethereum, the second-biggest blockchain after Bitcoin, smoothly made the historic move of migrating from its proof-of-work consensus mechanism to a faster and less-energy-consuming protocol known as proof-of-stake (PoS).

Users struggled to access the blockchain servers

The PoW fork was not as smooth. Users complained about issues accessing blockchain servers, while attempts to create a crypto wallet were unsuccessful.

Guo replied, “Some people can connect. Some people cannot connect.” It all depends on the speed of your network.

Guo has been an strong advocate to keep Ethereum as a PoW-system and told CoinDesk that he would issue forks to support that protocol.

Guo now rates the PoWfork debut as a “mediocre 5” on a scale from 10 Guo expects that this will change as more miners become involved.

The post Predictions Have Been Made That 10% of PoW Miners Will Survive first appeared on The Daily Encrypt.



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Angie Byrd