Crypto miners drop ETH PoW tokens ahead of The Merge

Ethereum The Merge or Ethereum 2.0 launch is coming which will transform from a Proof-of-work consensus mechanism to a Proof-of-Stake model.

As a result, a huge amount of traders are switching from ETH PoW tokens to alternates with the PoW model prior to the merge.

Ethereum Classic (ETC) has risen to an all-time high in popularity as many miners are exchanging their ETH for ETC.

The Proof of work is miner-oriented but the ETH 2.0 doesn’t offer miners this facility, forcing miners to plan ahead and switch to other blockchains that still offer the PoW mechanism.

In other words, the merge doesn’t allow miners to create new ETH instead the traders are supposed to stake larger quantities of already-existing ETH to create a new ETH.

Many exchanges are offering users a 1:1 rate to convert ETH into ETHS and ETHW tokens. ETHS will be converted into a new token without the PoW model while ETHW will be in the PoW chain where miners can continue to mine Ethereum.

ETHW is linked to a spin-off PoW network forked by the famous Chinese crypto miner, Chandler Guo.

Justin Sun announced he will list two new tokens on the Poloniex exchange to support a hard fork of Ethereum post-merge.

However, Vitalik Buterin, the founder of Ethereum, in South Korea Blockchain Week, said that ETHW is  “just trying to make a quick buck” introduced by exchanges.