September 29, 2022

Phemex exchange expert talks about Ethereum merger

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The Phemex exchange expert Ilya Zhdanov shared his thoughts on the update procedure itself and told what the consequences would be for the miners, as well as whether a fork would happen. According to him, given the last test launch of Bellatrix, which did not reveal any failures, we can say that the team is ready for the update and everything is going according to the roadmap.

Zhdanov revealed that the final Merger will be done on the Paris upgrade, which will happen at the consensus and blockchain level based on PoW in the old blockchain. After that, blocks will be created by validators, not miners.

The expert noted: theoretically, after the Merger, miners should stop checking and adding blocks to the old blockchain. However, in August 2022 alone, PoW mining brought in $750 million. Therefore, it is far from obvious that the fork will not happen. But for now, these are just rumors.

Many miners have already switched to mining Ethereum Classic (ETC), but no one has yet taken responsibility for conducting a possible fork and creating a new platform. At the same time, ETC developers did a lot to ensure that Classic ceased to be an outsider in the crypto industry. The influx of miners, in turn, will take the development to a new level, as it will lead to an increase in investment.

The question of an ETH PoW (Proof-of-Work) fork has remained open, and speculation on this topic is gaining momentum. Zhdanov said that a token called ETHW was created, allowing you to bet on whether there will be a fork or not. In early September, the price of the virtual asset rose to $55, but in recent days it has fallen by 30%, and now the crypto asset is worth about the same as ETC.

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