Ethereum’s Merge may reveal whether Chinese miners still have an influence on the crypto industry, said Matthew Graham, CEO of Beijing-based crypto investment firm Sino Global Capital.
Graham added that a large portion of Chinese miners, whether based abroad or in China, are “still heavily involved” in mining.
Graham said it will also “be very telling to see how much influence [miners] still have on our industry” when it comes to Ethereum, the second-biggest blockchain after Bitcoin, and its long-expected changeover this week.
Read more: Ethereum Proof-of-Work Fork Timing Posted
“It doesn’t really make sense to me, but it will be telling in that one specific way,” Graham said, referring to Chinese miner Chandler Guo. Guo said he planned to fork Ethereum to maintain a proof-of-work version. Guo is hoping to attract the Ethereum miners the new PoS blockchain will leave behind because the new system will not require a miner's computing power to validate transactions on the chain.
Graham called the Merge a “seminal moment” in “the history of our industry,” and should be appreciated despite vigorous competition within the industry.
“It's an enormous credit to Vitalik [Buterin, Ethereum’s co-founder] and all the developers and everyone in the Ethereum community,” Graham said.
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