ETC Cooperative has published an open letter addressing prominent Chinese crypto miner Chandler Guo ("Bao Er Ye"), strongly advising against proceeding with the proposed Ethereum Proof-of-Work (PoW) fork. Here's their comprehensive position:
Why the ETH PoW Fork Won't Succeed
Technical Complexity
Unlike the ETH/ETC split in 2016, this fork requires:- Removal of PoS transition logic from testnet code
- Disabling the difficulty bomb
- Chain ID updates for network protection
- Potential forks/updates to mining software
Ecosystem Coordination Challenges
Success would depend on:- Wallet providers supporting ETHW
- Exchanges listing ETHW tokens
- Major projects maintaining smart contracts on the new chain (which many likely won't)
Timing Constraints
With the Merge just weeks away, ETC Cooperative argues it's too late to:- Build necessary infrastructure
- Secure meaningful ecosystem support
- Attract users beyond speculative traders
The Case for Ethereum Classic
👉 Why ETC is the natural home for ETH miners
ETC Cooperative highlights several advantages for miners considering ETC:
- Established infrastructure and ecosystem
- No disruptive transition (remaining PoW)
- Strong industry backing (including from DCG's Barry Silbert)
- Long-term revenue potential
Market Realities of a PoW Fork
- Token Economics: Most ETH value exists in tokens, not native ETH
- Project Support: Major protocols may disable PoW chain contracts
- User Confusion: Potential for significant losses due to chain confusion
- Sustainability: Likely to fail after initial speculative pump
Frequently Asked Questions
Q: Why is this fork different from 2016's ETH/ETC split?
A: The 2016 split maintained identical technical parameters. This fork requires extensive code changes amid a much more complex ecosystem.
Q: What happens to DeFi on a PoW fork?
A: Most protocols will likely disable PoW chain functionality, rendering the chain useless for DeFi users.
Q: Is there still time to cancel the fork?
A: Yes, according to ETC Cooperative, canceling would prevent unnecessary market confusion.
Q: Where should ETH miners go after the Merge?
A: ETC Cooperative argues Ethereum Classic offers the most viable, long-term solution.
Q: What's the risk of supporting ETHW?
A: Exchanges and wallets may refuse support, leaving holders with worthless tokens.
Industry Perspective
The letter cites DCG CEO Barry Silbert's position:
"We fully support ETH PoS except for ETC and will not support any ETH PoW forks. ETH miners should move to ETC to maximize their long-term revenue."