According to Chandler Guo, an influential Chinese bitcoin miner, a proof-of-work (PoW) version of Ethereum is “coming soon.” The news comes as The Merge is expected to be implemented on Ethereum during the week of September 19, and growing talk of delaying the highly anticipated Proof of Stake (PoS) transition.
Chinese miner Chandler Guo says ‘Ethereum PoW’ is coming soon
Chandler Guo declared that a proof-of-work (PoW) version of Ethereum is “coming soon” ahead of the merger that has been scheduled for the week of September 19. Guo is a well-known Chinese cryptocurrency miner and last week he wrote that it had forked once, and “will fork it again”. However, Guo’s statement contradicts how it officially unfolded in the summer of 2016, when the Ethereum Classic (ETC) chain was introduced to the world.
I’m Chandler Guo, 51% attack on Ethereum Classic (ETC) is coming with my 98G hashrate https://t.co/9VM6vPa8CS
— ChandlerGuo (@ChandlerGuo) July 24, 2016
At that time, Guo threatens at 51% attack the ETC chain with around 98 gigahash of hashrate in July 2016. The following month, Guo told the public that he had “made a mistake” and added, “It’s not a joke. It’s a revolution. It’s freedom. God bless Ethereum Classic,” Guo added at the time. Despite how it turned out, Guo played a role during ETC’s debut.
Individuals respond to Guo’s tweet saying a PoW version of Ethereum already exists in Ethereum Classic
Most people were confused by Guo’s comment that a PoW version of Ethereum was coming soon. “There is already ETC. The real immutable Ethereum”, a person replied to Guo while sharing a post that says Bitmain’s Antpool would support ETC by injecting $10 million into the Ethereum Classic ecosystem. Guo shared other tweets about a PoW version of Ethereum and said “ETH PoW is DAO”.
ETC has already received a PoW hashrate in the past few weeks, as the on-chain hashrate is around 26.07 terahash per second (TH/s) of hashing power. The hash power of ETH is progressing to 1.01 petahash per second (PH/s) or around 1,000 TH/s. ETH has risen 52% against the US dollar over the past month and in the same time frame ETC has gained 134% against the dollar.
ETH POW is ETC.
— OmniEdge – Free Humanity 🌞🧡☘️🌋🔑⚡ (@CryptoHolon) July 31, 2022
ETC has had support from various parts of the ecosystem and Grayscale launched an ETC trust in January 2017. Ethereum Classic has a much lower hashrate than Ethereum today and ETC has suffered a 51% attack in the past. In fact, ETC has been 51% attacked numerous times and delisted from multiple exchanges in January 2019 and August 2020.
I fork Ethereum once, I will fork it again！ https://t.co/3DdlZ3zMz9
— ChandlerGuo (@ChandlerGuo) July 27, 2022
In addition to Guo’s comment, crypto hedge fund Galois Capital shared a survey the same day that also discussed the possibility of an Ethereum chain split. At that time, Paolo Ardoino, CTO of Tether, explained that his company would support the PoS version of Ethereum after The Merge.
What do you think of Chandler Guo talking about an Ethereum PoW chain? Let us know your thoughts on this in the comments section below.
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