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.
I’m Chandler Guo, a 51% attack on Ethereum Classic (ETC) is coming with my 98G hashrate https://t.co/9VM6vPa8CS
– Chandler Guo (@ChandlerGuo) July 24, 2016
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”.
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.
ETH POW is ETC.
– OmniEdge – Free Humanity 🌞🧡☘️🌋🔑⚡ (@CryptoHolon) July 31, 2022
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.
I fork ethereum once, I’ll fork it again! https://t.co/3DdlZ3zMz9
– Chandler Guo (@ChandlerGuo) July 27, 2022
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.
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.
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