Based on the decision of Ethereum to move to a proof-of-stake (PoS) consensus, some miners are not willing to go unchecked. The current chain was effectively cobbled by a group known as the Ethereum Genesys (EGF).
It is not surprising how the miners shift. Notice that miners from Ethereum kicked off the next proposal for Ethereum Improvement (EIP) 1559 to lower gas fees earlier. The miners will be made obsolete with ETH 2.0 on the way and a potential move to PoS. Some miners have said they are already gradually disappearing.
EGF requires the PoW chain to be maintained In mid-April, the EGF successfully performed a hard mainnet fork. They called the “Maple Fork” their heavy fork. They also established an emblem named Ethereum Genesys and have maintained the mining culture (ETG).
The team behind the current project is confident that the group would choose the original Ethereum version. The Ethereum Foundation’s decision to implement PoS, according to them, reduces the decentralization of the network. Most Beaconchain validators work on Google Cloud, AWS or Azure (NASDAQ: GOOGL). In addition, for the average customer, the staking requirements of 32 ETH (88k) from the base are very costly.
Our first priority is to save the world’s miners who blockchain Ethereum since the start. We will therefore stay blockchain of pure PoW. We disagree with the future path of Ethereums [sic] on a pure PoS model.
Ethereum core devs are preparing to introduce EIP 3238 as part of its London hard-fork scheduled for July. By increasing PoW’s difficulty rifle levels, the “Difficuly Bomb” would make mining less profitable. This would result in longer block times and finally less benefits for miners.
The level of difficulty will continue to rise until the ‘Ice age.’ Mining is virtually unattractive at this stage. The first phase in pulling miners out of the network, Earl Mai, one of the founding members of the EGF, said the “Difficulty Bomb.” He noted that:
This code has been disabled permanently by the Ethereum GeneSys Foundation to enable mining to resume indefinitely. For easy setup, including updates to the fork settings, all the parameters necessary for enabling the fork in the ‘geth’ and ‘openethereum’ codes are provided on GitHub.
Animosity was faced with the so-called ‘Show of power’ by miners against the EIP-1559 and the new fork.