Ethereum sees multiple issues as the Merge draws nearer. The ETH miners are the issue this time. Some miners trust that the migration to PoS (proof-of-stake) might prove dangerous for their undertakings.
Chandler Guo is among the miners leading the charge to retain the platform’s present PoW (proof-of-work) mechanism. He trusts that the transition will see miners broke, as the ‘multi-billion’ industry vanishes within no time.
Ethereum Taking Center Stage Once More
The ETH Foundation stays happy about the anticipated move, regardless of any remarks. The Ethereum Foundation believes the approach will reduce its platform’s power usage by 99.95%. Moreover, the transition might make blockchain technology more palatable to environ-conscious businesses.
Meanwhile, Guo told Coinmarketrecap that the anticipated blockchain migration would push miners out of business. He stated that miners are the leading stakeholders of the ETH community. Guo added that critics like him remain outshined by leading cryptocurrency firms, including Circle, Tether, and OpenSea, both supporting the Merge.
Tron ecosystem founder Justin Sun also entrusts ETH should retain its PoW mode. He asserted that ETH heads into an uncharted region. That might translate into a harmful development. Nevertheless, Sun trusts the Merge migration will progress technically. He added that markets could be 99% sure of a successful launch.
What of $ETH?
Coinmarketcap data showed Ethereum traded at $1,725 during this publication, following a brief 1.5% uptick within the last 24 hours. That enticed investors as Ethereum conquered the resistance at $1,700 again. Meanwhile, ETH surged more than 11% over the week.
The MVRV (Market Value Realized Value) Ratio presented a similar response (Santiment data). The MVRV ration hovered in the green territory during this writing. That translates to trader profitability after traversing the red region over the last weeks.
Nevertheless, the Ethereum network noted low transaction volume. Santiment data shows the metric hovering above 16.62 billion. That remains a lucrative figure as ETH enjoys the leading ecosystem within the cryptocurrency industry. Nevertheless, the volume witnessed an upsurge early in September amid amplified Merge talks.
What do you think about the anticipated Ethereum transition? You can comment below.