News

ETHPoW Hard Fork Gains Traction After BitMex Announcement

Published by
ETHPoW Hard Fork Gains Traction After BitMex Announcement

The ETHPoW hard fork appears to be garnering more publicity than expected. As the Ethereum community moves closer to The Merge, ETH miners are looking to fork the chain to retain mining revenue.

Some crypto entities have indicated support for this ambition, most notably Tron’s Justin Sun. However, the most recent endorsement move appears to be coming from BitMex.

Advertisement

BitMex will allow margin trading for ETHPoW with up to 2x leverage

Seychelles-based cryptocurrency exchange, BitMex, recently announced that it would be launching margin trading options for the expected ETHPoW fork. The announcement was made on August 8 on the platform’s official page.

According to BitMex, when the margin contract goes live, users will have access to up to 2x leverage trading against USDT-ERC20. Users can already explore the trading opportunity on BitMex’s testnet platform.

BitMex admitted that the asset which would have the ticker ETHPOWZ22, is highly speculative, and it might never exist. Hence, the exchange modified a few leverage trading items including marking method, fees, and price limits, among others.

Advertisement

Buterin does not see the fork as a threat to Ethereum

BitMex had earlier addressed the reality of the ETHPoW fork. On August 1, the exchange noted that the fork could garner interest from notable entities in the space.

“Although there are many technical challenges that ETHPoW faces, as long as the chain survives, it looks likely that there could be positive narratives around the coin and leading centralized exchanges are likely to list it,”

BitMex noted in the publication.

As earlier reported, Chinese miner Chandler Guo last month indicated an interest in forking the ETH chain to preserve ETH mining. This move aims to help miners retain mining revenue which would otherwise be nonexistent in a PoS ETH chain.

As The Merge brings the coalescence of The Beacon Chain and the Ethereum Mainnet, the transition to PoS would make miners obsolete. Guo and other miners do not particularly want this. Since making his intentions known, Guo has received support from certain crypto entities, including Justin Sun.

However, most Ethereum proponents have shown contempt for the fork, noting that anyone supporting it is doing so for selfish reasons. Ethereum co-founder, Vitalik Buterin said the fork does not threaten Ethereum. Buterin also added that the people endorsing it are only looking to make “a quick buck.”

Advertisement

Share
Abigal Vee

Abigal .V. is a cryptocurrency writer with over 4-years of writing experience. She focuses on news writing, and is skilled in sourcing hot topics. She’s a fan of cryptocurrencies and NFTs.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • News

Ripple’s Chris Larsen Expands XRP Realized Profit to $764M Amid Evernorth Deal

Ripple executive chairman Chris Larsen has amassed millions in realized profit from XRP withdrawals since…

October 23, 2025
  • News

Just In: Hyperliquid Strategies Eyes $1B Capital Raise, Plans HYPE Token Accumulation

Hyperliquid Strategies has filed with the U.S. SEC to raise up to $1 billion through…

October 23, 2025
  • News

Senators Reaffirm Commitment to Market Structure Bill After Meeting with Coinbase, Ripple

Senate Democrats and Republican lawmakers have ended separate roundtable meetings focused on the Crypto Market…

October 23, 2025
  • News

How the Crypto Market Could React to the Next Fed Meeting on October 29?

The crypto market has, for a while now, been pricing a potential 25 basis points…

October 23, 2025
  • News

$1.68 Trillion T. Rowe Price Files for First Active Crypto ETF Holding BTC, ETH, SOL, and XRP

Rowe Price has filed for its first actively managed crypto exchange-traded fund (ETF). It is…

October 22, 2025
  • News

Standard Chartered Predicts Bitcoin Could Drop Below $100K Amid U.S.–China Trade Tensions

Standard Chartered analyst Geoff Kendrick has predicted that the Bitcoin price could suffer a significant…

October 22, 2025