Ethereum’s co-founder Vitalik Buterin on Saturday said the Ethereum transition from proof-of-work (PoW) to proof-of-stake (PoS) is unlikely to be affected by miners moving to Ethereum Classic.
Buterin reaffirms his support for the Ethereum Classic chain saying miners can continue mining Ethereum tokens after the Ethereum Merge. The price of ETC jumped over 6% as a result.
Vitalik Buterin Believes Miners Can Move to Ethereum Classic Post Merge
Ethereum co-founder Vitalik Buterin in a closed press conference during South Korea Blockchain Week said the Merge is unlikely to be impacted if miners mine tokens on the Ethereum Classic blockchain, reported Bloomberg on August 6.
The Merge will make miners obsolete, possibly impacting over 1 million people globally. Miners and users who believe in proof-of-work (PoW) can use the Classic blockchain. In fact, miners will most probably shift to Ethereum Classic (ETC) post-Merge, as their profits are already impacted after the crypto crash.
“I don’t expect Ethereum to really be significantly harmed by another fork. In general my impression from pretty much everyone I talk to in Ethereum ecosystem, they have been completely supportive of the proof-of-stake effort and the ecosystem has been quite united around it.”
He also criticized people and crypto exchanges such as Tron’s founder Justin Sun, Poloniex, and Huobi for supporting the EthereumPoW (ETHPoW) hard fork of Ethereum. He said they are “simply trying to make a quick buck.” Vitalik believes there will be problems with the fork, and the “people responsible must mitigate those problems.”
The Merge will be influential for the community. Moreover, ZK-Rollups will likely be Ethereum’s top Layer 2 scaling solution. Vitalik Buterin says he doesn’t want people to lose money due to Ethereum’s transition to PoS.
“I hope that whatever happens, doesn’t lead to people losing money. Hope for the best.”
ETC Prices Rally Higher Amid Support
The Ethereum Classic (ETC) price has rallied significantly since Vitalik Buterin and AntPool supported the PoW blockchain. The Ethereum Classic prices have jumped over 200% in just a month, from $14 to over $44.
In the last 24 hours, the ETC price has soared over 8%, with the current price trading at $38.14. Meanwhile, Ethereum’s (ETH) price is trading at $1,713, up over 3%.
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