Wednesday, November 30, 2022
HomeCrypto NewsMarketETHPOW Removes Ethereum Difficulty Bomb, Reject The Idea Of Migrating To ETC

ETHPOW Removes Ethereum Difficulty Bomb, Reject The Idea Of Migrating To ETC

- Advertisement -


Ethereum Proof-of-Work (PoW) Faction Rejects The Idea Of Migrating To ETC, Reveal Key Milestones.

EthereumPoW group calls the Ethereum Classic network a big baby.

In a scathing open letter addressed to the Ethereum Classic (ETC) cooperative by the EthereumPoW faction today, the miner-led EthereumPoW group said it has no plans to migrate to the ETC network. As it says, the chain has failed to mature in over five years since the hard fork in 2016, likening it to a big baby.

“ETC has not grown since its birth. In the past four or five years, it has stood still, stagnant, and failed to establish any ecology. It is conceivable that ETC will continue to be a giant baby in the future. ETC has not been able to attract the computing power pool in the past, and naturally, it will not be able to undertake the computing power pool that was abandoned by ETHPoS in the future,” the group writes.

It is worth noting that while people like Ethereum founder Vitalik Buterin have urged PoW lovers to move to ETC, the move is easier said than done for miners. Ethereum currently has a computing power of 996 TH/S, as pointed out by the miners, while ETC’s stands at only 27 TH/s. This implies that at current levels, ETC can not practically absorb all of the mining power of Ethereum.

Additionally, the group goes on to outline that it has achieved several milestones and is undeterred by the naysayers. According to the letter, EthereumPoW has gotten rid of the difficulty bomb, updated the chain ID, and added replay protection at its current testing node. The group also notes that it has successfully garnered the support of 6 exchanges, expressing confidence that it would achieve its aims in time for the Merge in September.

It is worth noting that The Crypto Basic has previously reported that BitMex and Poloniex are amongst the exchanges that have shown support for the EthereumPoW hard fork as miners band together in the face of the upcoming Merge. Furthermore, Poloniex has already launched trading for ETHW, the token for the PoW fork, as Poloniex’s chief Justin Sun continues to support the PoW push.

Meanwhile, Buterin has asserted that he is not bothered by a PoW hard fork but warns about the interest driving the push for it as he claims that most of these people are trying to make a quick buck. Notably, the PoW push has failed to garner support from stablecoin issuers Circle and Tether.

However, the Ethereum Merge continues to edge closer, as just yesterday, developers successfully finalized the Merge on the final testnet. Moreover, developers are optimistic that the Merge could happen sooner than expected. Ethereum continues to trade just below the $1,900 price point.

- Advertisement -
Mark Brennan
Mark Brennan
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

- Advertisment -

Recent News & Articles

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.