The crypto founder also listed reasons opinionated by some community members. Miners were key players under this model, contributing to network security and ETH emissions to allow new tokens to enter circulation.
This changed after “The Merge” in September 2022 when Ethereum moved to a proof-of-stake (PoS) infrastructure, replacing miners with stakers in a massive technological overhaul. Due to the PoS transition, proponents were divided.
Some decried a switch in ETH’s fundamental ethos, while a group led by Chinese miner Chandler Guo even banded together to maintain a version of Ethereum’s PoW chain. As of April 26, the ETHW native cryptocurrency changed hands under $4 per CoinMarketCap.