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Is ethereum doing another fork

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is ethereum doing another fork

Ethereum co-founder Vitalik Buterin has also denounced ETH PoW forks as ploys for miners and exchanges to make a quick buck. Why another fork? Ethereum has gone. This bears repeating: As a user or holder of ETH or any other digital asset on Ethereum, as well as non-node-operating stakers, you do not need to do. Before we get to the steps, what is happening again? Ethereum is going through an upgrade where it will transition from Proof of Work to Proof of Stake. 7 CARD STUD BETTING RULES FOR HORSE

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Miners can still sell their computing power to the network and hope to earn a reward of newly minted ether, should they win a block. They can also still receive tips from users looking to prioritize their position within the block. But in the short term, miners won't make quite as much money as they did before the hard fork. Hougan argues that because miners are organically linked to the overall value of ethereum, the hope is that they ultimately make up for these losses as the price of ethereum goes up thanks to these protocol changes.

But experts tell CNBC that the problem with this logic is that in the next few years, ethereum miners are approaching a cliff that will make them obsolete. In fact, included among Thursday's upgrades is a stipulation that addresses this very mining Armageddon. This change in the code paves the way for ethereum 2. Ethereum 2. This change will be huge not just for ethereum, but for the wider cryptocurrency community at large.

EIP takes an important deadline that will encourage ethereum miners to upgrade their software to prepare for the switch — known as the "difficulty time bomb" — and moves that deadline from summer to this December. As Bunsen describes it, the proof-of-stake transition would essentially make ethereum unmineable once activated.

In other words, a few years from now, once the protocol has fully migrated to a proof-of-stake model, the entire industry around ethereum mining as it exists today will no longer be relevant. So why London? The ethereum community has simply taken to naming its hard forks after cities where its Devcon international developer's conference been held.

The uncertain scenarios of ETHW and ETC The future of the Ethereum PoW fork It was speculated from the beginning that some nostalgic Ethereum miners might not upgrade their node to PoS, so that they would keep the old PoW protocol alive and be able to continue mining, but it was not certain either that they would eventually actually do so, or more importantly that this fork would survive. Instead, about ten days after the Merge , it is clear that it has survived, at least for now.

It is very interesting to observe where the now former ETH miners moved their hashrate. This is a very young cryptocurrency, still extremely volatile and with an uncertain future, and this inevitably also affects its hashrate. This is still almost double the July level, but well below the 15 September level. However, it is worth noting that the number of average daily transactions recorded on the Ethereum Classic blockchain has not increased at all since the Merge.