After the Merge, current Ethereum miners will be left with immense amounts of computer hardware that will be much less useful, DavidZMorris writes. But some miners are not going gently into the night.
and has also seen rallies in the leadup to previous Ethereum upgrades, supporting the idea that there is some perceived value in a “backup” version of Ethereum.
One simple and helpful frame for traders considering their positions is the question of value distribution between the two chains. Kevin Zhou at Galois Capital, for instance,that while 96% of Ethereum’s value will stay with the new PoS chain, 4% might accrue to the new ETH PoW chain. BitMEX suggests that extreme measures, up to the major undertaking of running your own entire Ethereum node, will be necessary to make an ETH PoW play. For anyone not instantly intimidated by that idea, BitMEX also lays out some interesting tactical options.Personally, as a decidedly non-expert trader, my plan for a hypothetical ETH PoW fork is extremely simple and beautifully lazy.
The BitMEX report also contains what I think is the most honest assessment of the ETH PoW trade you’ll read anywhere:
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