- AntPool is one of the leading companies in the crypto mining industry.
- They think that The Merge is bringing the risk of censorship with it.
- The Merge is the most anticipated update on Ethereum blockchain.
Merge Posing Censorship Risk
AntPool, the crypto mining mammoth, will issue a notice to its clients, as The Merge, a highly anticipated update on the Ethereum blockchain, is on the way. In the latest blog, the company said that they will not support the assets of their customers on the latest PoS algorithm based blockchain due to censorship risk.
The post says that “As The Merge is arriving, it brings censorship risk with it. The company, as a part of customers’ asset security, will not support ETH assets after the update. Ethereum miners are advised to add ETH wallet address in their persisting account to get the accumulated coins on ANTPOOL.”
The organization will keep offering Ethash mining pool services for the customers who want to keep the mining Ethash tokens such as ETC, And will try to do the best they can to ensure asset security and power stability. The Merge will shift the current Proof of Work algorithm to Proof of Stake consensus mechanism, creating a foundation for the future upgrades on the blockchain which may increase scalability.
After the update, proof-of-work miners on the Ethereum network will be replaced by stakers, which will include leading cryptocurrency exchanges that might be susceptible to censorship. According to ANTPOOL, they want to back decentralized PoW ecosystems which fits the vision of the ghost, Satoshi Nakamoto.
According to the blog, ANTPOOL is among the biggest Proof-of-Work mechanisms across the globe and advocates PoW algorithm, and backs crypto assets ETC, BTC and other cryptocurrencies based on the algorithm.
PoW-based cryptocurrency requires a lot of heavy equipment which consumes a large amount of energy. This can cause a lot of damage to the environment. The Merge will shift Ethereum blockchain’s algorithm from PoW to PoS, which is more energy efficient, and will offer fair opportunities to miners to get crypto rewards from mining.
Source: https://www.thecoinrepublic.com/2022/09/01/the-merge-may-present-risk-of-censorship-antpool/