- Following ETH Merge, miners responded by creating a rival fork dubbed EthereumPoW.
- ETHW started trading as an IOU token on exchanges before its network launched.
The ETHW fork, which is a proof-of-work fork of Ethereum, has had a rocky start. According to CoinGecko, the price of the currency has dropped 31% over the last week. And an astounding 86% since hitting an all-time high of $58.54 on September 3.
After the long-awaited switch from mining to proof of stake was implemented on the Ethereum blockchain in the middle of September. Miners responded by creating a rival fork dubbed EthereumPoW.
Miners Again Stranded
By adding and verifying blocks of transactions on a public blockchain, mining is the mechanism by which this ledger is maintained. It’s the miners’ job to keep the blockchain network going and make sure it’s all legit. As a token of appreciation for their efforts, miners get cryptocurrency whenever a block is successfully mined.
The finalization of Ethereum’s transition to proof of stake, which was widely publicized as the “Ethereum merge,” boosted the value of all Ethereum-related currencies, including Ethereum Classic’s native coin. However, this crypto bear market has been quite severe, and most of these profits have already been lost. Ethereum’s price is about $1,300 at the time of writing, down around 15% from the day of the unification.
If the first month of EthereumPoW’s existence is any indicator of the future. Previous Ethereum miners may need to search elsewhere for earnings.
ETHW started trading as an IOU token on exchanges before its network launched, and it had some initial, though fleeting, interest. EthereumPoW’s debut was delayed due to both technical challenges and the precipitous drop in the value of its original cryptocurrency. When the ETHPoW network launched on September 15th, blockchain investigators quickly realized that the ETHPoW developers had picked an already in-use chain ID.
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