In the event of Ethereum chain split to a proof of work chain, there could be a two way challenge. With Ethereum developers already suggesting that miners shift to Ethereum Classic, ETC stands a chance to benefit from The Merge. Already, Ethereum Classic showed signs of huge traction from traders with the ETC’s price hike in recent times. Meanwhile, the miners announced plans to launch the Ethereum proof of work hard fork immediately after The Merge.
With Ethereum Classic on one side and the proof of work (ETHW) chain on the other, there could be a dual split.
When Will Ethereum Proof Of Work Chain Be Launched
The ETHW organizers have already announced a schedule for launch of the mainnet. With the Ethereum Merge set to be completed on September 15, ETHW could be forked on September 16. The mainnet will happen around 24 hours after Ethereum’s transition to proof of stake consensus. The mainnet will start at the block height of the Merge block “plus” 2048 EMPTY blocks, they said in an announcement.
“ETHW mainnet will happen within 24 hours after the Merge. The exact time will be announced 1 hour before launch.”
Support To ETHW Launch
Some of the major mining pools like f2pool, Poolin and BTC.com have already confirmed their support to ETHW mining. In addition, some new pools are also doing mining tests based on data from ETHW testnet. Crypto exchange Poloniex has also announced its support for the listing of potential forked token ETHW. After the Merge, the market pair for ETHW/ETH will be added on Poloniex, it said. Also, crypto exchange Binance said the forked token associated with proof of work (PoW) mainnet would be named $ETHW.
Whether the Ethereum Merge will lead to huge push for ETH price rally remains to be seen. However, there are concerns of ETH becoming subject to a bear rally thanks to the shorting of Ethereum derivatives. Despite a price dip on Tuesday, the Ethereum (ETH) price remained largely flat over the past 24 hours. As of writing, ETH price stands at $1,601.83, down 0.19% in the last 24 hours, according to price tracker CoinMarketCap. Whereas Ethereum Classic (ETC), ranked 17 as per market cap, is on an upward curve. ETC price currently stands at $36.95, up 4.02% in the last 24 hours.