Following the consolidation of Ethereum, several crypto community members discussed the proof-of-work (PoW) fork known as ETHW as it dropped significantly in value over the past few days. However, many people don’t know that there is another Ethereum-based PoW fork called ethereumfair (ETF) and that the ETF has collected a small amount of hash value and fiat value since the token’s mainnet launch.
Crypto community embraces another PoW fork called Ethereumfair
Most people know that the proof-of-work (PoW) crypto asset called ETHW was created after The Merge on September 15, because it announced weeks before the mainnet launch. At the time of writing, ETHW is 17% off against the US dollar in 24 hours and the project’s hashrate has also dropped a lot.
On September 15, ETHW’s hashrate hit an all-time high (ATH) at 80.56 terahash per second (TH/s). Although, ETHW hashrate has dropped recently and the PoW network has lost 53.35% of hashpower since then.
A lot of people don’t know that ETHW is not the only ETH-based PoW fork as there is another ETH-based PoW fork called ethereumfair (ETF). The Ethereumfair team has website and several social media channels.
Teams Twitter account was created in January 2020 and it has 14,100 followers on Twitter at the time of writing. The Ethereumfair account has about 1,000 fewer followers compared to ETHW’s 15,000 Twitter followers. While ETHW has lost 17%, the ETF is also down 17.6% against the US dollar at $1.57 per unit.
Coingecko.com statistics show that the ETF has seen prices range between $1.48 and $3.50 per unit and $3.43 million in global trading volume. bridge. Two days ago, the price of the ETF hit an all-time high at $20.59 per unit, and on the same day it dropped to as low as $0.99 per coin.
Today’s ETF trading activity is prominent on Huobi and Gate.io with the most dominant trading pair being tether (USDT). Poloniex also listed ETFs but the exchange took advantage of the ETHW IOU market and renamed it to ETF.
Market Price Anomaly Follows Poloniex ETHW Rename – Ethereum Classic still holds high position in USD Value and Overall Hash Rate, ETHW Hash Rate and ETF is equivalent to 21% of Ethereum Classic’s Hashpower
At press time, there is a price anomaly between the ETF exchange rates of Poloniex, Huobi, and Gate.io. Because while Huobi ETF exchange rate is $1.57 per ETF and Gate.io data shows $1.58, the Poloniex ETF markets between $7.94 and $7.99 per unit, matching the same value as ETHW’s current price.
Ethereumfair has also collected a small percentage of the remaining hashrate from Unify. At the time of writing, Ethereumfair’s hash rate is 7.9 TH/s and there are seven dedicated nodes for the new network. Compared to ETHW hashrate, ETF hashpower represents 21% of ETHW’s total hashrate.
Ethereum Classic’s hash rate today is decreasing at 219 TH/s, according to statistics collected by 2miners.com. The combined hash rate of ETFs and ETHW is just over 20% ET CETERAaggregate hashpower. ET CETERA currently trading at $33.35 per unit, which means ETHW is equivalent to 22% ET CETERAvalue of, while the ETF is equivalent to 4.73% of ET CETERAnet USD value of.
A double fork that follows The Merge is unusual, but many forks have happened to blockchain networks in the past. For example, in April 2018, privacy-focused blockchain network Monero divided into four different protocols after the hard fork that year.
What do you think about the birth of Ethereumfair and the fact that there are now two PoW forks based on Ethereum? Let us know your thoughts on this topic in the comments section below.
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