Ethereum’s proof-of-work (PoW) powered by GPUs generated approximately $19 billion in revenue last year for ETH miners. But these revenue streams are in danger as Ethereum is expected to become a proof-of-stake (PoS) blockchain via “the Merge” upgrade in September.
Miners could then revolt against the new upgrade by continuing to mine on the old Ethereum PoW after the hard fork chain split.
A survey from crypto hedge fund Galois Capital recently revealed that 33.1% of respondents believe that the Merge would create two parallel blockchains: ETH1 (PoW) and ETH2 (PoS).
Question 1: What happens during the merge? If Choice 2 or 3 go to Questions 2-5.
— Galois Capital (@Galois_Capital) July 27, 2022
Nevertheless, most respondents, or 53.7%, expect Ethereum’s chain to smoothly transition from PoW to PoS.
Is the ETH1 PoW