Chinese miner says fork of Ethereum PoW “will come soon”, despite ETC’s existence – Bitcoin News

According to Chandler Guo, an influential Chinese bitcoin miner, a proof-of-work (PoW) version of Ethereum “will arrive soon”. The news comes as The Merge is expected to roll out on Ethereum during the week of September 19 and the growing discussions about the delay of the highly anticipated Proof-of-Stake (PoS) transition.

Chinese miner Chandler Guo says “Ethereum PoW” is coming soon

Chandler Guo has he has declared that a proof-of-work (PoW) version of Ethereum will be “coming soon” before The Merge which was drawn in pencil for the week of September 19th. Guo is a well-known Chinese cryptocurrency miner and last week he has he wrote that he had forked once, and “will fork it again.” However, Guo’s statement is contradictory to how it officially unfolded in the summer of 2016, when the Ethereum Classic (ETC) chain was introduced to the world.

At that time, Guo threatened 51% attacked the ETC chain with around 98 gigahash of hashrate in July 2016. The following month, Guo told the audience he had “made a mistake” and added, “This is no joke. This is a revolution. That’s freedom. God bless the Ethereum classic, “Guo added at the time. Despite the way he went down, Guo played a role of sorts during ETC’s early days.

Individuals respond to Guo’s tweet by saying that a PoW version of Ethereum already exists in Ethereum Classic

Most people were confused by Guo’s comment that a PoW version of Ethereum would be coming soon. “There is already ETC. The true immutable Ethereum “, one person he answered to Guo sharing an article stating that Bitmain’s Antpool would support ETC by injecting $ 10 million into the Ethereum Classic ecosystem. Guo shared other tweets about a PoW version of Ethereum and said “ETH PoW is DAO”.

In July 2016, Bitcoin.com News reported about loyal Ethereum (ETH) supporters threatening to attack 51% of Ethereum Classic and Chandler Guo said the same thing at the time. A few days later, Guo tweeted: “It’s easy to attack ETCs, but it will definitely affect innocent ETC holders. My principle is not to be evil, ”and he pulled back from attacking ETC.

ETC has already received quite a bit of PoW hashrate in the past few weeks as the hashrate of the chain is around 26.07 terahash per second (TH / s) of hashpower. The hash potency of ETH is 1.01 petahash per second (PH / s) or around 1,000 TH / s. The ETH has risen 52% against the US dollar in the past month and over the same time frame, ETC has gained 134% against the dollar.

ETC has received support from various parts of the ecosystem and Grayscale launched an ETC trust in January 2017. Ethereum Classic has a much lower hashrate than Ethereum today and ETC has suffered a 51% attack in the past. In fact, ETC has been attacked at 51% on numerous occasions and has been delisted from several exchanges in January 2019 and August 2020.

In addition to Guo’s comment, crypto hedge fund Galois Capital shared a survey on the same day that also discussed the possibility of a split in the Ethereum chain. At that moment Paolo Ardoino, Tether’s chief technology officer explained that his company would support the PoS version of Ethereum after The Merge.

Tag in this story

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What do you think of Chandler Guo talking about an Ethereum PoW chain? Let us know your thoughts on this topic in the comment section below.

Jamie Redman

Jamie Redman is the News Lead of Bitcoin.com News and a financial technology journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News on the disruptive protocols emerging today.




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