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Some of those miners have turned to a proof-of-work (PoW) fork of Ethereum so they can continue mining. But even Chandler Guo, one of the fork's strongest advocates, thinks only 10% of miners using PoW to mine ETHPOW (the token of the Ethereum Merge fork) or ETC (the token of Ethereum Classic) will ultimately survive.

Ethereum miner Guo told CoinDesk TV’s “First Mover” program on Friday the miners with access to cheaper electricity will be the ones that survive.

“Some people [miners] have free electricity and can [continue] to work on that,” Guo said, referring to the PoW fork. “The other 90%, bankrupt.”

Early Thursday, Ethereum, the second-biggest blockchain after Bitcoin, smoothly made the historic move of migrating from its proof-of-work consensus mechanism to a faster and less-energy-consuming protocol known as proof-of-stake (PoS).

This article was originally published on Sep 19, 2022 at 8:17 a.m. UTC

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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

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The Merge put a big hurt on mining, the proof-of-work advocate told CoinDesk TV. He believes the Ethereum fork he backs will draw what miners remain as the glitches are fixed.

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