CoinGecko co-founder predicts rise of Ethereum PoW fork, says the Merge could ignite volatility

09/08 01:14

According to The Daily Hodl, Bobby Ong, the co-founder of CoinGecko, said Ethereum’s current miners are motivated to create a new proof-of-work (PoW) version of ETH once Ethereum transitions to a proof-of-stake consensus mechanism, which is scheduled to happen in about a week. He said: “Ethereum is going through an upgrade where it will transition from proof of work to proof of stake. After the transition, ETH miners can no longer mine. Miners are forking ETH to keep a PoW version so they can continue mining.” According to Ong, the new ETH PoW forks will likely airdrop tokens to current Ethereum holders. Ong also said that based on Bitcoin’s (BTC) history of hard forks, it is within the realm of possibility that more than one ETH PoW fork could pop up. He said: “We have about [six] days to go to the Merge. I think many markets and protocols will get volatile, messy, and complex especially in the hours before/after Merge. One or more ETH PoW forks may show up. Dug up our old 2017 crypto report on Bitcoin forks and found this.”

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