Ethereum's merge is getting closer and closer and with that we are starting to get some attention of minters who are now pushing back. With the update it will make ALL miners obsolete and instead they will need to stake Ethereum in order to take part in the "mining" aspect of Ethereum.
With the changes coming it means Ethereum miners who spent thousands on GPUs, Energy costs or infrastructure etc will now become obsolete. It's only natural that they would be pushing back against such a change as it means their investment honestly becomes a big fat paper weight.
Mining of these miners are report already thinking about working together to support a forked chain that would essentially keep the "original" Ethereum up and running. Throw in a already forked version called Ethereum Classic that still is running to this day with the possibility of another one coming right after the merge that will happen in September is a real possibility.
These forks often times cause more tokens to be held at a 1:1 ration across what will now be two blockchains.
For example if you held 100 Ethereum when Ethereum forked and created Ethereum Classic(the original Ethereum) and then Ethereum you would have 100 Ethereum classic and 100 Ethereum if you didn't sell any of them back in 2016 when the hard fork took place. This same thing could very well happen with a new chain when the "Merge" takes place.
There's no name for it yet but being there's increased support for it from miners there very well could be substantial captial to back it up and actully make it something. There's also speculation at the moment that Proof of Work miners might just move to Ethereum Classic.
The only issue with that however is Ethereum classic does not have all of the updates to how Ethereum currently works in it and that change could be enough to cause a fork.
Overall though this fork most likely wont become much. Ethereum's core will still have thousands of use cases and transactions going for it like that of openseas, defi projects and many other layer 2 options like Polygon.
It really all comes down to use cases and no longer about what miners want and don't want. In a way that's the way it should be as miners should not be controlling the system. While yes this shows centralization of Ethereum I would love for anyone to show me a project that has faired well without some type of centralization to move forward on. Every decentralized system I've seen turns into a mess of a thousands directions, nothing getting done and battles between people because they feel they are right over the other person.
What are your thoughts? Will we see yet another hardfork of Ethereum creating yet another new token or will they simply move to Ethereum Classic? Will any of these hold big value?
