A miner from China will launch its own version of the Ethereum cryptocurrency

A Chinese miner has presented his own version of the Ethereum hard fork — all because of the upcoming transition to PoS, which does not suit Ethereum miners.

As it has become known, most miners are not satisfied with the transition of ETH to the PoS consensus mechanism, because their mining equipment will eventually cease to be necessary and will not bring the desired profit. That is why one of the largest miners in China, Chandler Guo, presented his own alternative, the ETHPOW project.

According to Chandler Guo, after the merger, he will preserve the old PoW network and help other miners continue mining on existing installations. However, there is a «small problem» — miners will not be able to generate the same ETH — after the transition of ethereum to PoS, people will be able to receive funds only through staking and validation, so Chandler Gouw’s cryptocurrency will be called ETHPOW. It is worth noting that crypto experts have expressed skepticism about Gow’s project, as ETHPOW has no economic value and is not useful for DeFi projects (they will all switch to the new blockchain).

In 2016, developers split Ethereum. As a result, some miners were left to work with the old Ethereum Classic (ETC) blockchain, which did not reach the desired value and popularity. However, users are now actively investing in ETC — the ethereum hard fork has grown by 65% in a week. This happened after Vitalik Buterin, the co-founder of Eth ereum, advised to invest in Ethereum Classic and after Antpool announced plans to invest $ 10 million in ETC.