According to Chandler Guo, China’s Bitcoin mining KOL, a PoW version of Ethereum is “coming soon.” The news comes as Merge is slated to launch on the Ethereum mainnet on September 19, and there is growing talk of delaying the much-anticipated PoS transition.
Chandler Guo is a famous Chinese cryptocurrency miner, and last week he wrote that he forked once and “will fork it again.” However, Guo’s statement contradicts how ETC officially worked in the summer of 2016, when the Ethereum Classic chain was first introduced to the world.
At the time, mining KOL threatened a 51% attack on the Ethereum Classic chain with about 98 gigahash hashrate by July 2016. The following month, Guo told the public that he had “made a mistake”:
“This is not a joke. This is a revolution. This is freedom. God bless ethereum classic,” Guo added at the time.
Most people are confused by Guo’s comment that a PoW version of Ethereum is coming.
In July 2016, staunch Ethereum supporters threatened a 51% attack on Ethereum Classic, and Chandler Guo said the same thing at the time. A few days later, mining KOL tweeted:
Ethereum Classic received some PoW hashrate in the past few weeks as the chain hashrate is around 26.07 terahash per second (TH/s) hash power. ETH’s hash power is at 1.01 petahash per second (PH/s) or around 1,000 TH/s. ETH is up 52% against the US dollar in the last month, and in the same time frame, ETC is up 134% against the dollar.
ETC gets backing from other ecosystem components, and Grayscale launched an ETC trust fund in January 2017. Ethereum Classic has a much lower hashrate than Ethereum today and has suffered from 51% attacks in the past. On multiple occasions, ETC was attacked by 51% and delisted from several exchanges in January 2019 and August 2020.
In addition to Guo’s commentary, crypto hedge fund Galois Capital shared a survey on the same day, discussing the possibility of an Ethereum chain fork. At the time, Tether’s chief technology officer Paolo Ardoino explained that his company would support a PoS version of Ethereum after the Merge.
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