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Poloniex Backs Ethereum Proof of Work Fork Ahead of Merger

Miners would be harmed if ETH mining came to an end after the merger.ETH’s upgrade and a probable hard fork will have Poloniex’s full backing.

Earlier this week, well-known Chinese crypto miner Chandler Guo declared his desire to fork Ethereum’s blockchain and invent a separate proof-of-work network in opposition to the Ethereum “merge.” Today, that initiative gained a significant supporter.

Guo’s modified proof-of-work version of Ethereum, ETHW, will be listed and supported by crypto exchange Poloniex starting next week. Proof-of-stake will be implemented on the Ethereum network as part of the “merge” development.

A proof-of-work methodology is being used in Ethereum, allowing miners to generate fresh ETH by solving tough problems with a large amount of computing power. Merging Ethereum will allow it to migrate to a speedier and more scalable proof-of-stake architecture, in which significant amounts of pre-existing Ethereum are pledged or staked to produce new ETH.

No More ETH Mining

As a result, miners like Guo would be harmed if ETH mining came to an end as a result of the merger. In order to enable people to continue mining Ethereum, they’re aiming to establish ETHW, a new version of the cryptocurrency.

ETH’s upgrade and a probable hard fork will have Poloniex’s full backing, the exchange said in a blog post. A one-to-one trading ratio for ETHW and the other way around will begin on August 8th on the exchange. If the merging is successful, Poloniex will also include ETHS, which represents the proof-of-stake Ethereum after the merge.

All ETHS on Poloniex will be automatically converted into upgraded ETH after the expected merging in September if it passes without a hitch. Poloniex will suspend and delist ETHW and its related markets if Guo and his supporters fail to fork the Ethereum network at that time, according to the blog post.

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