While investors seem excited about the upcoming ETH 2.0 upgrade, miners do not seem happy about the development.
Ethereum investors are eagerly anticipating the launch of ETH 2.0. The upcoming upgrade is expected to result in the transition of Ethereum from a proof-of-work (PoW) consensus algorithm to a proof-of-stake (PoS) model.
Ethereum will no longer rely on miners upon the upgrade’s launch to validate transactions. Instead, the community will be required to stake their ETH across various pools to secure the blockchain and ultimately enable Ethereum to achieve complete decentralization.
Ethereum Miners Seem Unhappy About ETH 2.0
Not all Ethereum enthusiasts are excited about the upcoming ETH 2.0 upgrade. Local news outlet bits.media reports that a significant Ethereum miner named Chandler Guo is not planning to migrate to ETH 2.0.
Understandably, cryptocurrency mining has become a major source of revenue for many, and it will be difficult for people to abandon the profession.
Millions of dollars were spent to acquire mining equipment as people now consider crypto mining a full-time job. Based on this, it will be difficult for most miners to move from a PoW to a PoS consensus mechanism.
Upcoming Ethereum Network Hard Fork
Guo noted on Twitter that he is preparing a new network hard fork for Ethereum, following the transition of the current PoW consensus to the Proof-of-Stake model.
The move will not shock many, given that it has been widely predicted that Ethereum may split once ETH 2.0 launches. Analysts from leading cryptocurrency exchange BitMEX made this prediction recently. They stated the viability of the new ETH Proof of Work (PoW) chain for miners and investors. Despite saying that a new ETH POW chain would have its unique opportunities, they concluded that the new chain would undoubtedly be a minority network compared to Ethereum.
The transition of Ethereum from PoW to PoS has faced numerous delays. Tim Beiko, one of Ethereum’s key developers, noted that the transition would occur before the year ends.
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Source: https://thecryptobasic.com/2022/08/03/major-ethereum-miner-says-he-will-not-switch-to-eth-2-0-while-suggesting-a-possible-network-split/?utm_source=rss&utm_medium=rss&utm_campaign=major-ethereum-miner-says-he-will-not-switch-to-eth-2-0-while-suggesting-a-possible-network-split