The long-anticipated transition of Ethereum to Proof-of-Stake (PoS) — commonly referred to as the "Merge" — is more than a technical upgrade. It marks the end of an era for Ethereum miners who have powered the network using energy-intensive Proof-of-Work (PoW) mining. With this shift expected in mid-2025, a critical question emerges: What will happen to Ethereum miners when PoW is no longer part of the network?
This isn't just a theoretical concern — it involves billions of dollars in mining hardware, infrastructure, and livelihoods. As ETH’s hashing power becomes obsolete on the mainnet, miners face pivotal decisions that will shape the future of decentralized mining.
Two Paths Forward for Ethereum Miners
As the Merge approaches, Ethereum miners are broadly dividing into two strategic camps:
- Supporting a PoW fork of Ethereum, such as ETHW (EthereumPoW)
- Migrating to alternative PoW blockchains, like Ethereum Classic (ETC)
While both paths offer potential, each comes with significant risks, uncertainties, and technical challenges.
👉 Discover how blockchain transitions are reshaping mining economics — and what you can do next.
The ETHW / EthereumPoW Fork: A Controversial Lifeline
Among the most debated solutions is the proposed hard fork known as ETHW or EthereumPoW (ETHPoW) — a community-driven initiative aiming to preserve the PoW consensus mechanism post-Merge.
The idea gained momentum after Chinese miner Guo Hongcai, a key figure behind previous ETC forks, publicly declared: “I forked Ethereum once. I’ll do it again.” Since then, the movement has grown rapidly across mining communities on WeChat and Telegram, eventually forming an official project with a Twitter presence, website, and GitHub repository based on a fork of Go-Ethereum.
Core Principles of ETHPoW
The team has outlined several foundational rules:
- Fair launch with no pre-mining or special allocations
- Exclusive use of Proof-of-Work consensus
- Rejection of EIP-1559 and gas fee burning
- Commitment to decentralization
- Disbandment of core development team within three years
These ideals sound promising, but skepticism remains high — particularly around one controversial feature.
The Multi-Sig Treasury: Innovation or Red Flag?
Unlike Ethereum’s EIP-1559, where base fees are burned, ETHPoW proposes redirecting these fees into a multi-signature wallet controlled jointly by miners and community members.
On the surface, this could incentivize long-term participation. However, critics argue it introduces centralization risks and trust issues. Without transparent governance or audited controls, this treasury could become a point of manipulation — or worse, a vector for fraud.
Moreover, while the team claims testnet readiness and removal of the "difficulty bomb," real-world viability depends on adoption by developers, users, and exchanges — none of which are guaranteed.
Exchange Support: Fueling Market Confidence
In crypto, exchange listings often determine survival. Several major platforms have already signaled support for ETHPoW:
- Poloniex: First to announce full backing
- BitMEX, Gate.io, MEXC: Followed with official support
- Binance, Huobi, OKX: Indicated potential listing pending evaluation
This institutional interest enables futures trading ahead of the fork, creating liquidity and speculative opportunities. But listing ≠ long-term success.
History shows that even widely listed forks can fail without sustained ecosystem engagement.
Lessons from Past Forks: ETC and BCH
To understand ETHPoW’s potential trajectory, we can look at two precedents: Bitcoin Cash (BCH) and Ethereum Classic (ETC).
Bitcoin Cash (2017)
After forking from Bitcoin, BCH saw its price surge — briefly reaching 0.28 BTC in value. However, developer support waned, innovation stalled, and hash rate gradually declined.
Ethereum Classic
Born from the 2016 DAO hack reversal, ETC preserved the original PoW chain. Its price spiked post-fork (up to 0.33 ETH), but development slowed for years. Notably, ETC hash rate surged nearly 6x during Ethereum’s final PoW months — proving demand exists when miners seek alternatives.
Both cases highlight a harsh truth: technical continuity doesn’t guarantee economic sustainability. Without active developers, DeFi ecosystems, and user trust, even well-funded forks risk becoming digital relics.
Where Are the Developers?
This is perhaps the biggest obstacle for ETHPoW.
Ethereum’s dominance wasn’t built on mining alone — it was fueled by DeFi innovation, smart contracts, NFTs, and a vibrant developer community. Most major projects have already aligned with PoS:
- Chainlink supports the PoS chain
- USDC and USDT issuers have committed to PoS only
- No major DeFi protocol has announced plans to deploy on ETHPoW
Stablecoins are especially critical — they anchor DeFi markets. Their absence would cripple lending protocols, DEXs, and yield strategies on any forked chain.
There are rumors that Justin Sun (founder of Poloniex) may launch a stablecoin on ETHPoW. If true, this could be a game-changer — but it’s far from confirmed.
Even if technical replication occurs (e.g., copying Uniswap contracts), success requires liquidity, users, and ongoing maintenance — resources currently absent.
And don’t expect tools like MetaMask to officially support ETHPoW unless there's clear demand. Users may need to manually configure networks — a barrier for mainstream adoption.
Alternative Destination: Ethereum Classic (ETC)
For miners seeking stability over speculation, Ethereum Classic offers a more viable short-term option.
It uses a variant of Ethash (the same algorithm as pre-Merge Ethereum), making hardware migration seamless. Antpool (a Bitmain-affiliated mining pool) has pledged $10 million to boost ETC’s DeFi ecosystem — aiming to replicate Ethereum’s success story.
But numbers tell a sobering tale:
| Metric | Ethereum (PoW) | Ethereum Classic |
|---|---|---|
| Annual Mining Revenue | $18.4 billion | $318.7 million |
| Hash Rate (approx.) | 900 TH/s | 30 TH/s |
That’s a 60x difference in revenue and a 30x gap in hash rate. Even with investment, ETC cannot absorb all displaced Ethereum miners without massive price appreciation — likely requiring a 50x increase in ETC’s value.
👉 See how top miners are adapting to new consensus models — and where opportunities lie.
Other PoW Chains: DOGE, RVN, LTC
With limited capacity on ETC and uncertainty around ETHPoW, many miners may diversify across smaller PoW networks:
- Dogecoin (DOGE) – Meme-powered but limited utility
- Ravencoin (RVN) – Focused on asset issuance
- Litecoin (LTC) – Established but low growth
While these chains can absorb some hash power, none have the economic scale to replace Ethereum-level rewards. The most realistic outcome? A fragmented mining landscape, where hash rate spreads thinly across multiple chains — reducing individual profitability.
FAQs: Your Questions Answered
Q: Will Ethereum mining still be possible after the Merge?
A: No — Ethereum will fully transition to PoS. Traditional GPU/ASIC mining will no longer be valid on the mainnet.
Q: Can I keep earning ETH after the Merge by mining a fork?
A: Only if you mine a PoW fork like ETHPoW. However, value and longevity are unproven.
Q: What happens to my existing mining rigs?
A: You can repurpose them for other PoW coins (e.g., ETC, RVN) or sell them — though resale value may drop post-Merge.
Q: Is ETHPoW a scam?
A: Not inherently — but risks include centralization (via multi-sig treasury), lack of developer support, and low liquidity.
Q: Could ETHPoW become more valuable than expected?
A: Short-term speculation could drive price spikes, especially during exchange listings or market volatility — but long-term value depends on real-world usage.
Q: Should I wait for official mining pools to announce plans?
A: Yes. Reputable pools like F2Pool and Ethermine are evaluating options — their moves will signal broader industry confidence.
Final Outlook: No Easy Exit
The reality is stark: there is no perfect fallback for Ethereum miners.
- ETHPoW offers emotional continuity but faces structural flaws
- ETC provides technical compatibility but lacks economic capacity
- Smaller PoW chains can absorb fragments — not floods — of hash power
Ultimately, most miners will likely distribute their operations across multiple chains in pursuit of optimal returns. Yet even under ideal conditions, profits will pale in comparison to Ethereum’s peak mining era.
Ethereum 2.0 isn’t just an upgrade — it’s a transformation that ends one chapter of crypto history while forcing thousands to adapt or exit.
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