# Miners Propose Ethereum Fork to Preserve Their Interests
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Chapter 1: The Shift to Proof of Stake
In the coming 48 hours, disgruntled miners might find themselves with millions of dollars worth of obsolete hardware. Ethereum's transition to a Proof of Stake system is designed to enhance scalability and dramatically reduce energy consumption—by approximately 99.95%. This overhaul is akin to changing an airplane's engine while in flight, ultimately making Ethereum more energy-efficient than popular streaming services.
Once the merge is finalized, the energy cost for each transaction will drop from the equivalent of 2.8 days of energy usage for an average household to just 20 minutes of powering a television. This represents a significant shift.
The contrast in energy consumption is remarkable. Yet, not all stakeholders are celebrating this change. Miners are understandably frustrated, and it's easy to see why. The move to a Proof of Stake consensus model has been part of Ethereum’s roadmap for around seven years, but now many miners fear for their livelihoods.
To avoid their businesses collapsing, they have announced intentions to maintain a proof-of-work version of Ethereum through a "Hard Fork."
Chandler Guo, a former cryptocurrency miner and strong advocate for the Proof of Work model, is assembling a group of developers to establish a fork of Ethereum that keeps the original consensus mechanism intact. Guo, who played a pivotal role in the Ethereum Classic fork, has stated, "I’ve forked Ethereum once; I will do it again!"
In a recent interview with Forecast News, Guo recounted that the idea emerged during a pool party where miners expressed their worries about moving away from Proof of Stake. "We began discussions in early August, and progress has been swift. I learned that the merge could jeopardize many miners' businesses, leaving some unable to cover their costs."
Miners have invested heavily in their operations, and mining facilities cannot easily be repurposed. Guo recognized the urgency and proposed the fork.
Section 1.1: What Happens If the Fork Succeeds?
If the Hard Fork of Ethereum is successful, holders may receive a copy of every digital asset on a replica of the previous Ethereum chain. If successful, you’re likely to get an airdrop of ‘duplicate’ tokens in your non-custodial wallet.
By keeping your digital assets in a wallet like MetaMask or Coinbase, you will automatically receive an airdrop based on your balance at the time of the merge. However, these tokens may have little to no value and are unlikely to be tradable on most platforms. Exercise caution if you think about selling them for profit, as you could be vulnerable to a “Replay Attack.”
Section 1.2: Exchange Response to the Fork
Popular cryptocurrency exchanges like Binance, Coinbase, and Nexo have not yet ruled out listing the ETHW coin following the merge. Some exchanges are already offering IOU versions of the proposed ETHW coin. If the fork is successful, these IOUs will become redeemable for the Proof of Work coin shortly after the merge.
Exchanges currently listing IOUs include Poloniex, Gate.io, MAC, Pemex, DigiFinex, and CoinW. Ethereum's creator, Vitalik Buterin, has commented that those supporting the hard fork are merely "trying to make a quick buck."
Most of the crypto industry is unlikely to recognize or assign value to duplicated assets. Any assets that do show value will likely be speculative. Therefore, it's essential to be cautious and avoid putting yourself at risk in hopes of making a quick profit.
Chapter 2: Conclusion
This article is for informational purposes only and should not be construed as financial, tax, or legal advice. Always consult a financial advisor before making significant financial decisions.