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ETH Hard Fork Gains Major Traction, Are ETH Traders In Jeopardy?

15-Sep-2022 By: Ashish Sarswat
ETH Hard Fork Gains

The Ethereum merger is about to go live in less than 1 hour. The final upgrade, Paris, is less than 1000 blocks away from being activated. 

Paris will signal the end of Ethereum Proof-of-Work and the completion of the merge. However, the Ethereum hard fork is gaining traction in keeping PoW operational on Ethereum.

Who Is Supporting ETHW?

ETHW reveals that large mining pools are supporting a hard fork. Following the merger, large mining pools including f2pool, BTC.com, and poolin began to allow ETHW mining. The second largest mining pool, f2pool, had previously hoped for a successful shift to proof-of-stake. However, it appears that the group's viewpoint has shifted.

ETHW has revealed a list of 18 mining pools that support ETHW mining. Eight pools are already accessible for the ETHW testnet. The Ethereum Hard Fork will be available for mining 24 hours after the merge.

Many other influential figures have already backed a hard fork. Justin Sun, the Tron blockchain's founder, said that the ETHW token will be listed on his Poloniex exchange. The hard fork was also supported by cryptocurrency exchanges such as Huobi and BitMEX.

How Ethereum Hard Fork Can Impact Ethereum

The Ethereum Hard Fork may have a significant influence on the merge. DeBank Defi, a major crypto portfolio company, has declared a successful merger a disaster for the whole crypto industry. Chainlink, a prominent smart contract vendor, has said clearly that it would not support any hard fork tokens.

According to Vitalik Buterin, anyone who supports the hard fork is an exchange owner looking to make a quick profit. He emphasized the importance of Proof-of-work supporters backing the Ethereum Classic blockchain. Ethereum Classic is yet another Ethereum hard fork. Vitalik, on the other hand, is confident that the hard fork will not gain traction from the consumers.

At the time of writing, the price of Ethereum is trading at $1,606. While Ethereum Merge is a fundamentally bullish event, it is feasible that its price may fall following the merger before a strong rally.

Read also: Experts Say Cryptomarket Hasn't Bottomed Out Yet

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