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Ethereum Hard Fork Instigator Chandler Guo Claims The Value Of ETH And Forked ETHW Will Be The Same In 10 Years

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Ethereum Hard Fork Instigator Chandler Guo Claims The Value Of ETH And Forked ETHW Will Be The Same In 10 Years

The U.S. dollar value of the recently airdropped coin native to the forked Ethereum proof-of-work (PoW) blockchain will be at par with that of ether, Chandler Guo, the instigator of the latest Ethereum hard fork, has said. Guo added that he expects the value of the token, which is currently “very cheap,” to grow by 100x in ten years’ time.

Surging ETHW Trade Volumes

According to Chandler Guo, the self-appointed organizer of the recent Ethereum hard fork, Ether (ETH) and the recently airdropped, proof-of-work ETHW will have the same USD value in ten years. Guo argued that the new token, which currently trades at just a fraction of its September 15 high, still has the potential to grow by 100x.

In an interview with Bitcoin.com News, Guo claimed that the current price of the forked coin is “very cheap,” hence the scope for it to grow by 100x exists. Guo, a former bitcoin and ethereum miner, nonetheless concedes that the forked blockchain has a lot of catching up to do before this hundred-fold growth is achieved. He explained:

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Currently, ETH price is high because there are many developers and over 200 different projects running on top of the Ethereum PoS [proof-of-stake] blockchain. On the other hand, there are less than 10 projects on the ETHW.

Still, to prove that the work aimed at ensuring the forked chain eventually matches the PoS chain has started, Guo revealed that in just four days following the merge, “the ETH proof-of-work chain already has two DEXs [decentralized exchanges], two bridges, and two NFT [non-fungible token] exchanges already launched.”

He added: “Things are happening step-by-step and after one year I think there will be over 100 projects running on top of the PoW chain.”

Besides the launch of exchanges and bridges on the new chain, the protocol’s daily trade volume has been rising since The Merge. While the data from Coinmarketcap on September 21, 2022, suggests that the ETHW’s daily traded volume was just above $100 million, Guo however insists that the actual volume is closer to $1 billion.

“[Already] the trading volume of ETHW is huge. Today it’s almost a billion dollars. [As of today] ETHW [is] supported by more than 20 mining pools, and 2000 miners from around the world. More than 30 exchanges have listed ETHW,” claimed the former miner.

Just under a month before The Merge, Bitcoin.com News reported that a team led by Guo had confirmed that another Ethereum chain split was coming. However, as soon as the migration to PoS was concluded, two alternative chains emerged: the ETHW blockchain and Ethereumfair (ETF).

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Abandoned Energy

Commenting on the other coin’s prospects, Guo, who gained prominence after he played a part in the Ethereum blockchain’s 2016 hard fork, said:

I know another team has forked ETH but nobody is mining there, nobody is listing their token. Only a few exchanges and mining pools. It [the success of a fork] all depends on who forked the ETH. I did not fork this so that I could benefit from this. But others fork for their own good or benefit. That’s why they get rich from that — I do not [do] that.

Meanwhile, prior to the Ethereum blockchain’s switch from a PoW to a PoS consensus mechanism, it was widely reported this would result in the protocol’s use of energy dropping by more than 99%. As expected, climate change advocates have applauded the September 15 Merge, which some miners now fear will embolden opponents of the PoW consensus mechanism.

When asked to respond to the argument that bitcoin mining harms the environment, the former miner outrightly rejected this assertion. He said instead of buying electricity from power companies, bitcoin miners — particularly from China — often prefer using “abandoned energy” which is cheaper.

Abandoned energy can be natural gas or hydroelectricity which is not currently being utilized, he said. According to Guo, in regions like Kazakhstan and Russia where miners are harnessing such energy to mine bitcoin, local communities have benefited.

Meanwhile, concerning reports that the Ethereum Merge may have given the U.S. Securities and Exchange Commission (SEC) grounds to launch or institute some kind of proceedings against the blockchain’s co-founders, Guo remarked:

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“I think Vitalik [Buterin] and the boss behind him, his name is Joseph Lubin. This guy knows how to fix this problem because he has got links with Wall Street. He knows how to deal with the SEC.”

Tags in this story

Bitcoin mining, Chandler Guo, Chandler Guo ETH, decentralized exchange, ETH Vitalik Buterin, Ethereum Hard Fork, ETHW, Joseph Lubin, Mining Pools, NFTs, The US Securities and Exchange Commission

What are your thoughts on this story? Let us know what you think in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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Bitcoin mining

Riot Blockchain produced over $7.1M worth of BTC in September

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Riot Blockchain produced over $7.1M worth of BTC in September

Riot Blockchain produced over $7.1M worth of BTC in September Andjela Radmilac · 2 hours ago · 1 min read

The 355 BTC Riot produced in September brings the company’s total holdings to 6,775 BTC.

1 min read

Updated: October 4, 2022 at 6:26 pm

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Cover art/illustration via CryptoSlate

Riot Blockchain, a Bitcoin mining company based in Texas, produced 355 BTC in September this year.

The news is part of Riot’s unaudited production and operations updates for last month, in which the company disclosed its BTC holdings, sales, and profits.

According to the announcement, Riot’s 355 BTC production represents a 13% decrease as compared to September 2021, when it produced 406 BTC. Nonetheless, last month’s production brings the company’s total holdings to 6,775 BTC, worth over $135 million at current prices.

Out of the 355 BTC it produced last month, Riot sold 300 BTC, generating net proceeds of approximately $6.1 million.

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Since the beginning of September, the company deployed 9,070 new miners, with around 6,900 additional miners staged for deployment. Once all of them are turned on, the company will have over 62,000 miners deployed with a hash rate capacity of around 6.4 EH/s. The company’s current 5.6 EH/s hash rate capacity is expected to increase to 12.5 EH/s in the first quarter of next year. Riot said it expects to deploy over 115,000 miners.

The NASDAQ-listed company saw its stocks rise 5.7% in pre-market trading on Tuesday, continuing its 8.45% rise over the past month.

The company has become a poster child for the crypto mining industry in the U.S. after it set up shop in Texas’s Milam County in 2020. Riot’s large mining facility has added hundreds of new jobs to the county and increased the local tax base by millions of dollars, the Texas Tribune reported. To incentivize the company to stay in the area, the county offered Riot a 45% discount on local taxes for 10 years.

Having a large energy consumer like Riot in the area turned out to be beneficial to the entire state of Texas as well. In July, Riot curtailed its power consumption to ensure more power would be available to ERCOT, which supplies power to 25 million Texans.

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Argentine Oil Subsidiary YPF Luz Powering Bitcoin Mining Activities With Residual Gas

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Argentine Oil Subsidiary YPF Luz Powering Bitcoin Mining Activities With Residual Gas

YPF Luz, a subsidiary of the Argentine state oil company YPF, is currently piloting a project to power bitcoin mining operations with residual gas. The initiative, which is currently being tested in Vaca Muerta, one of the biggest oil fields in the country, seeks to take advantage of this byproduct from the initial stages of oil well drilling.

Argentine Company YPF Luz Takes Bitcoin Mining to the Oil Wells

Cryptocurrency miners are always looking for new forms of getting cheap and convenient power sources to run mining operations. YPF Luz, a subsidiary of the state-owned YPF in Argentina, is running a pilot project to take advantage of flare or residual gas to power bitcoin mining operations. This project, which has been running for three months in Vaca Muerta, a large oil field in the country, seeks to take advantage of this gas, which would be otherwise be burned.

The gas in these oil fields cannot be taken to other sites to be used, so the only way is to bring interested parties to the zone. YPF Luz already has a series of customers that pay for this kind of power, which is being produced on-site with generators installed during the oil well drilling phase.

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Martin Mandarano, CEO of YPF Luz, stated:

This first pilot, which is already operating, operates with 1 [megawatt] of generation and a second project is being developed simultaneously to start operating before the end of the year, with about 8 MW, in the Bajo del Toro area.

Customers and Modus Operandi

Mandarano also referred to the relationship the company has with these customers, and how they pay for this generated power. The payment varies, and is sometimes tied to the price of the asset mined on international markets, and sometimes the price is fixed by the company. However, he did not specify the conditions in which a company would pay in one way or the other.

Given the nature of the operations, the equipment must be moved to new locations when the drilling of the well in which the generator is installed is finished. However, this is no problem, because the equipment is designed to be portable and modular to be able to be carried to other locations quickly.

Mandarano clarified that this new focus is part of an atypical solution to the power problem. He stated:

We are taking the demand to where the supply is, in this case in Vaca Muerta, when normally the supply is elsewhere, hundreds or thousands of kilometers away, for which it is necessary to build transmission, which is precisely one of the infrastructure problems.

Other big mining companies have already established a presence in Argentina, like Bitfarms, which recently started operations in a facility located in Rio Cuarto.

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What do you think about YPF Luz’s onsite energy generation plans for Bitcoin mining? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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$11.9 million

Bitcoin Mining Industry Reveals Mergers, Hashrate Increases, And New Facilities Amid Market Downturn

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Bitcoin Mining Industry Reveals Mergers, Hashrate Increases, And New Facilities Amid Market Downturn

While bitcoin is down more than 72% from the crypto asset’s all-time high, bitcoin mining operations are expanding at a rapid pace during the downturn. On Tuesday, the bitcoin miner Cleanspark said its hashrate has surpassed 4 exahash per second (EH/s), and the Texas mining company Rhodium revealed it raised $11.9 million, according to a September 19 Securities and Exchange Commission (SEC) Form D filing. Rhodium further disclosed a merger with Silversun Technologies on September 29. Two days ago, Merkle Standard held a ribbon-cutting ceremony as it opened a new mining facility in Spartanburg, South Carolina.

Rhodium Raises $11.9M, Reveals Merger With Silversun Technologies

A recently filed SEC Form D registration explains that Rhodium Enterprises, Inc. raised $11.9 million this month, according to a notice of an exempt offering of securities filing published on September 19, 2022. Ten days later, Rhodium and Silversun Technologies detailed the two companies will be merging.

The newly merged operation plans to apply for a public listing and the business combination is expected to settle by the end of the year. The Texas-based Rhodium utilizes “proprietary tech to self-mine bitcoin,” according to the firm’s website.

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Cleanspark Hashrate Exceeds 4 Exahash per Second

Following a number of announcements during the last three months, Cleanspark, Inc. (Nasdaq: CLSK) revealed on Tuesday that the company’s mining operations have surpassed 4 exahash per second (EH/s). Cleanspark details that the company is on schedule to meet the end-of-the-year goal of around 5 EH/s. Cleanspark’s CEO Zach Bradford said during the 4 EH/s milestone announcement that bitcoin mining can decarbonize the economy.

“Bitcoin mining, when done with an eye toward low-carbon energy sources, can hasten the decarbonization of our economy,” Bradford remarked. “No other industry can do this like Bitcoin. In addition to being a technology that we believe will revolutionize our monetary system, Bitcoin is also a technology capable of revolutionizing our energy systems, making them more resilient, abundant, and clean.”

Merkle Standard Opens Data Center in Spartanburg, South Carolina

On Tuesday, Merkle Standard held a data center ribbon-cutting ceremony with residents of Spartanburg county, South Carolina state treasurer Curtis Loftis, BV Power, and congressman William Timmons (R-SC). “This is the future, so digital assets are going to be a part of our lives going forward and it’s great that we’re on the leading edge,” Timmons said during the ceremony.

According to the local news reports, Merkle Standard’s new facility is a $35 million investment in the Spartanburg county region. Timmons further noted on Tuesday that Merkle Standard’s new data center has provided the county with roughly two dozen jobs and he added that the number is expected to grow.

Tags in this story

$11.9 million, 4 EH/s, 5 EH/s, Bitcoin Miners, Bitcoin mining, BTC miners, BTC Mining, BV Power, Cleanspark, Curtis Loftis, data center, Merger, Merkle Standard, mining bitcoin, Mining BTC, mining facilities, mining rigs, Rhodium, Rhodium and Silversun Technologies, Silversun Technologies, south carolina, Spartanburg County, Texas, William Timmons, Zach Bradford

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What do you think about the bitcoin mining operation expansions during the last week amid the crypto winter’s downturn? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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