Most PoW miners intend to mine Ergo, not Ravencoin or Ethereum Classic post-Merge

Twitter poll by node operator @cryptovium Most Ethereum miners have revealed that they intend to mine Ergo after the merge.

“By imminent #PoS $ETH Marge, I’m curious what the whole thing is #minor Planning to move their rig there.“

Ethereum Merge Is Imminent

A recent estimate is September 19th As the date on which the merge occurs. The highly anticipated event will combine the existing Proof of Work (PoW) payment layer with a Proof of Stake (PoS) beacon chain, removing the need for miners to validate transactions and maintain the system.

The Ethereum protocol will become more energy efficient. 99.95% Reduced energy consumption. Proponents also say that Merge will improve efficiency and scalability, and introduce deflationary aspects through reduced token issuance.

The peak-to-trough rise since mid-July has been +94%, suggesting investors expect the price of ETH to surge further. However, it is debatable whether Merge is priced.

Analyst for the event Miles Deutscher We have identified four variables that can affect Merge. These are potential delays, impact of PoW forks, censorship resistance of PoS chains, especially in light of Tornado Cash sanctions, and post-merge staking yields.

4 major $ETH A merge variable occurred:

will you be late?
What percentage of POW forks?
Are OFAC risks a real concern for: $TORN?
What is the yield after the merger?

🧵: All of them lead to one final question: Is The Merge priced? This thread will help you decide.

— Miles Deutscher (@milesdeutscher) August 22, 2022

Ergo is the number choice for miners

Aside from the unanswered question posed by Deutscher, the upheaval from Merge leaves existing Ethereum miners in a bind – which GPU-compatible coins should they mine instead?

poll conducted by @cryptovium Four options are listed: Ravencoin, FLUX, Ergo, and Ethereum Classic. Out of 4,895 participants, Ergo was the most popular with 45.5% of the votes. Next he was FLUX with 27.6%, followed by Ravencoin with 19%, and finally he was with Ethereum Classic with just 8%.

At the time of writing, there are six hours left before voting closes. Nevertheless, Ergo’s lead over FLUX is a dominant one.

The results were astounding as co-founder of Ethereum Vitalik Buterin We recently approved Ethereum Classic, which requires PoW chain miners to switch.

“This is a very welcoming community and I think fans of Proof of Work will definitely be welcome…if you like Proof of Work, you should go with Ethereum Classic. It’s a totally awesome chain.”

1 user We questioned the validity of the vote by asking if @cryptovium’s follower base acted as an echo chamber and skewed the results. @cryptovium I acknowledged that this may be true. But he noted that polls often pull in “other communities.”