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Miners say they plan to fork Ethereum within 24 hours of ‘merger’

The cohort of miners preparing to fork Ethereum has released a timeline.

Doubling their “ETHPoW” project with the “ETHW” token, the group tweeted that “ETHW mainnet will occur within 24 hours of the merger. The exact time will be announced 1 hour before the launch with a countdown.

“Mainnet will start at block height of Merge block ‘plus’ 2048 EMPTY blocks as padding”, the EthereumPoW Twitter account wrote“…Therefore, Merge+ block 2049 will be the 1st block on ETHW that can hold transactions. Block rewards for empty blocks will be directed to multi-sig wallet 1559.”

This means that the EthereumPoW chain will start processing transactions 2049 blocks after the merger, if all goes as planned by the group.

Following the Tweet thread on Tuesday morning, the controversial EthereumPoW token jumped 58% in 24 hours, reaching $45.21, before falling back to $29.98.

The Ethereum “merger” is expected to complete on Thursday, according to estimates. If all goes according to plan, the upgrade will move Ethereum from a proof-of-work consensus mechanism to a proof-of-stake, significantly reducing its environmental impact.

The merger effectively eliminates Ethereum mining, leaving these miners without a source of income. Some miners have spent tens of thousands of dollars on equipment, looking for long-term financial stability, and are not ready to go down without a fight.

That’s why, after the merger, miners hope to fork – a kind of blockchain split – Ethereum to try to continue a proof-of-work chain to keep their livelihoods no matter how long the odds last.

After all, the value of Ethereum itself, and its native cryptocurrency Ether, will have nothing to do with the fork. Several prominent projects, like Uniswap Labs and stablecoin giants such as Circle and Tether, have pledged to support the post-merger Ethereum proof-of-stake chain.

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