The Proof-of-Stake (PoS) protocol is about to be implemented on the Ethereum (ETH) network, thus the cryptocurrency industry is paying attention to miners and what they will do next. In order to maintain their operations, crypto miners are thinking about options like moving to blockchains that support Proof-of-Work (PoW).
In fact, f2Pool, the second-largest ETH mining pool, has insisted that the miners’ community would ultimately decide whether to adopt the Merge upgrade.
Interestingly, the pool acknowledged that the era of ETH PoW is coming to an end, and there is a need to shift to the environmentally friendly PoS.
“Whether to support the Ether fork or not is no longer important. We will let the mitner community decide. However, we acknowledge that the era of ETH PoW is at its end, and let us move on to the new Era of PoS” f2pool said.
Miners are praised for obtaining Ethereum
The pool also praised ETH miners for protecting the chain for more than seven years. Notably, f2pool emphasized how the Ether mining ecosystem has expanded from private citizens to publicly traded firms.
“Ether miners are the unsung heroes of the Ether ecosystem. They tend to be low-key and have been securing the ether chain quietly for more than 7 years. We have ether miners ranging from publicly listed companies to individuals in Ukrainian villages and Siberian factories.”
It is important to note that the switch to PoS will remove ETH miners from the network, and that most mining pools are still undecided about their options for the future.
Switching to Ethereum Classic (ETC), the descendant of the original ETH blockchain that still uses the PoW protocol, is one option that miners may have. Notably, since transferring Ethereum miners to Ethereum Classic will only require modest changes, ETC can handle them.
While maintaining that another fork is unlikely to affect ETH “substantially” after Merge, Ethereum co-founder Vitalik Buterin has praised ETC as a potential destination for migrating miners during the divide among mining pools. Buterin asserts that ETC is a superior PoW substitute for Ethereum.
Consequently, the potential switch to ETC has caused the asset to rise, whereas previous ETH upgrades have caused ETC to rise.
Mining pools making ETC investments
The present Ethereum hash rate will probably switch to the ETC following the Merge, and other mining pools are already concentrating on the cryptocurrency. As an illustration, the mining pool AntPool, which is affiliated with the industry titan Bitmain, invested $10 million in the creation of Ethereum Classic.
A beta version of EtherMine Staking, which will provide stake pool services for the post-Merge period, was launched by Ethermine, another ETH mining pool.
It’s interesting to note that there was talk of a hard-fork being implemented by Ethereum miners to oppose the Merge upgrade.
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