Claim Giveaway Token Proof of Reserve

ETH PoW Reveals Mainnet Plans After The Merge Is Implemented

13-Sep-2022 By: Sudeep Saxena
ETH PoW Reveals Main

On Tuesday (September 13), the Ethereum PoW chain revealed its plans for the mainnet following The Merge. It has also shared details on how to prepare full nodes for ETHW.

The ETH PoW chain has revealed its plans for the mainnet following The Merge. The chain is a fork of the ETH network that will use the proof-of-work mechanism to continue operations. On September 13, the official Ethereum PoW Twitter handle revealed its mainnet plan in great detail.

The ETHW mainnet will go live within 24 hours of The Merge, with a countdown visible one hour before launch. The initial mining difficulty will be no less than 220 T, or a hash rate of 15 TH/s. The mainnet will begin at The Merge block height plus a further 2048 empty blocks to ensure that the chainID correctly shifts to 10001 and the chain is the longest chain of ETHW.

The Twitter handle also shared all of the information required to create full nodes for ETHW. It provided several options for downloading the complete node data.

Ethereum PoW is a fork that will continue to support mining, which was a significant source of revenue for many. Chandler Guo, a Chinese crypto miner, announced the project in late July 2022.

Mining activity data before The Merge

The Merge is one of the most anticipated events in recent memory, as evidenced by the performance of different indicators. The number of unique addresses has increased significantly in the last 45 days, with an average of 70,000 new addresses added between August and September.

Surprisingly, revenue from Ethereum mining has also been strong. In the last month before The Merge, ETH mining revenue outperformed BTC. There was a 21% increase in revenue from $620.65M in July to $756.11 million in August.

Staking switch heavily impacts miners

The transition to proof-of-stake has had a massive influence on mining in the cryptocurrency industry. As miners seek to protect their revenue, Ethereum alternatives like Ethereum Classic and Ravencoin have experienced a significant surge.

At the time of writing, the price of Ethereum Classic (ETC) is currently trading at $38.1 and increased 1.68% in the last 24hrs. Meanwhile, Ravecoin (RVN) price is trading at $0.06262, increased more than 18% in the last 24hrs.

Read also: Tokenization of Illiquid Assets Expected to Reach $16T by 2030: Report

Related News
Related Blogs