Vitalik: Migration Of Miners To Ethereum Classic Will Not Interrupt The Merge
✍️ 9 August, 2022 - 18:02 👤 Editor: Jakub Motyka
- The co-founder of Ethereum believes that the migration of miners to Ethereum Classic will not affect the Merge.
- Many miners oppose the move to Proof of Work a Proof of Stake of the network.
- Merge is expected to take place before the end of the year, due to the constant pressure of the bear market.
Vitalik Buterin, co-founder of Ethereum, believes that the Blockchain Merge will not be affected by miners who wish to migrate to Ethereum Classic. Let us remember that the Ethereum network is about to carry out a merger where it will go from Proof of Work (PoW) to Proof of Stake (PoS). This has not been well received by part of the mining community, due to the losses it implies with respect to the new form of consensus. For this reason, some have chosen to return to Ethereum Classic (ETC), since it will continue to work with PoW.
The Fusion, also called “The Merge”, plans to change the consensus method to PoS. In other words, it will no longer be possible to mint Ethereum using expensive mining equipment, but by staking tokens within validator nodes. As a result of this, many miners have found it necessary to migrate to the old Ethereum blockchain prior to the 2016 fork.
What Does The Co-Founder Of Ethereum Say About The Migration Of Miners After The Merge?
In a webinar, Buterin assured that the miner migration does not represent a big change for the Ethereum blockchain. Mainly because the majority of the Ethereum community supports the Merge. He also noted that “Ethereum Classic has a very strong community and a strong product for PoW fans.”
The effects of the bear market have pushed Bitcoin (BTC) and Ethereum (ETH) miners into a strong economic crisis. Some institutional investors have been forced to sell at low prices to avoid being liquidated. The Merge is expected to take place in August, unless there is a problem.
Latest crypto news:
- Correlation Between The SP500, Bitcoin And The Crypto Market Reaches Its Peak
- Coca-Cola Launches Its Own Collection Of NFTs On Polygon (MATIC)
- Solana Wallet Users Suffer A New Hack With Millions Of Dollars Stolen
- Burn Of Terra Luna Classic (LUNC) Is Broken - 4 de October de 2022
- The Proposal Of The Founder Of Ethereum (ETH) To Bypass Crypto Censorship - 3 de October de 2022
- If The Price Of Bitcoin (BTC) Falls Further, The Next Prediction Is $12,000 - 3 de October de 2022