A large part of the cryptocurrency community expected that the Ethereum network operating with the Proof of Work (mining) mechanism would remain and work in parallel with the new network operating in quotas.
Currently, the prospects for a PoW network are highly unpredictable at the moment.
On the other hand, there are high chances that Ethereum miners will convert to Ethereum Classic after the merge upgrade.
Also, it will be interesting how ETC price action could be after September 15th.
What about the Proof of Work (mining) mechanism after the merger?
After the integration is upgraded to the Ethereum mainnet, the old Proof of Work network will continue to exist.
Also, people can still continue to trade in the old currency associated with the Proof of Work mechanism.
Additionally, miners will be looking to mine the old coins to their full potential before they move on to the new mechanism.
There may also be the possibility of a fork in the Ethereum blockchain.
This could cause significant confusion and potential technical issues.
Ethereum holders who wish to stick to the old mechanism of the stake network will be migrated automatically and by default.
After the merger, all of the traders' legacy Ethereum will already be running on the new consensus mechanism.
Possible forked numeric codes:
Cryptocurrency exchange Poloniex is already ready to trade ETHPoW.
Poloniex also has the option to exchange old Ethereum to other forked digital tokens.
Since June of this year, the share of Ethereum's dominance in the cryptocurrency market has increased considerably.
Currently, cryptocurrencies hold approximately 20% of the total market capitalization.
Whereas, the market share of Bitcoin has been declining recently.
The market share of Bitcoin dominance at the time of the article is 38.88% while that of Ethereum is 19.6%.
While for Bitcoin, it is trading at $19,700 and Ethereum at $1565.
Meanwhile, the price of Ethereum Classic is trading at $32, down 1.04% in the last 24 hours.
However, if any hurdles arise in turning Ethereum into a quota mechanism, ETC could see a surge in demand.
