There have been several talks in the crypto space regarding the Ethereum Proof-of-Work fork for a while, an event that has been confirmed to be happening shortly after the Merge.
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ETHW Fork Will Happen 24 Hours After Ethereum Merge
As per EthereumPoW’s latest thread on Twitter, the Proof-of-Work fork will take place just 24 hours after Ethereum’s complete switch to the Proof-of-Stake consensus mechanism.
“ETHW mainnet will happen within 24 hours after the Merge,” the @EthereumPow Twitter account posted. “The exact time will be announced 1 hour before launch with a countdown timer, and everything including final code, binaries, config files, nodes info, RPC, explorer, etc. will be made public when the time’s up.”
Ethereum will transit from its current Proof-of-Work consensus mechanism to a Proof-of-Stake to crash the high energy required for the operations. This attempt has however provoked the Ethereum ecosystem miners as per their unwillingness to give up their revenue source, which they then proposed forking Ethereum or mining other blockchains.
A lot of cryptocurrency exchanges like Coinbase, Bitfinex, and Poloniex are showing interest, in da t some have already listed forked ETHW.
According to the data by CoinMarketCap, ETHW is currently trading at $32.6 as of writing this, more than a 40% drop from its all-time high of $141.3 on August 8.
Ethereum Merge is scheduled to be happening on September 15.
The ETHPoW mainnet will start at the block height of the merge and additional 2048 empty blocks, this is to be sure that the “chainID switches to 10001 successfully and the chain is the longest chain of ETHW.”
This also shows that the Merge block + 2049 will be the very first block on the ETHW chain that may contain transactions.
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