The move from the miners is not unexpected. Recall that Ethereum miners had earlier kicked against the upcoming Ethereum Improvement Proposal (EIP) 1559, which aims to lower gas fees. With ETH 2.0 on the way and a future switch to PoS, miners would be rendered redundant. Some miners have claimed that they are already being slowly phased out.
EGF wants to retain the PoW chainThe EGF successfully carried out a mainnet hard fork in mid-April. They dubbed their hard fork the “Maple Fork.” In addition to retaining the mining community, they’ve created a token called Ethereum Genesys (ETG).
The team behind the new project is positive that the community will prefer their version to the original Ethereum. According to them, the move by the Ethereum Foundation to adopt PoS makes the network less decentralized. This is because most Beaconchain validators run on Google (NASDAQ:GOOGL) Cloud, AWS, or Azure. Furthermore, the 32 ETH (88k) staking requirement from the foundation makes it very expensive for an average user.
The difficulty level will continue to increase until the “Ice Age.” At this point, mining becomes practically unattractive. One of the founding members of EGF, Earl Mai, said that the “Difficulty Bomb” was the first step to kick miners out of the network. He remarked:
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Source: Cryptocurrency - investing.com
