After Ethereum transitioned from proof of work (PoW) to proof of stake (PoW), around five different crypto assets were the main beneficiaries of Ethereum’s previous hashrate. However, 24 hours after The Merge, anonymous developers launched an Ethereum PoW fork called ETHW and the fork managed to get 60.92 terahash per second (TH/s) hashpower. However, ETHW has lost a significant amount of its fiat value, down 90.72% from the crypto asset’s (ATH) all-time high. The newly launched coin has dropped more than 39% in value in the last 24 hours.
ETHW Chain Now Live, Exchanges Announce Support
Ethereum’s transition to PoS has bolstered the hashrate of Ethereum Classic and a handful of other crypto assets that use the Ethash algorithm. The transition has also spawned a new PoW fork of Ethereum called ETHW, and in previous articles published by Bitcoin.com News, ETHW does not officially exist.
Blockchain is now up and running report, the ETHW project experienced some network startup problems. It is reported that the core developers of ETHW misused a chain ID associated with the Bitcoin Cash Smart Checking Network.
So the new ETHPoW (ETHW) chain uses the same chain ID as the “Smart Bitcoin Cash Testnet”. shortName “gon” as in “disappear” like your money in a replay attack? 🤔Can’t make this and it just keeps getting better than LMAO!!! 😂😂😂😂 https://t.co/1DFl4KyeO7
– Cascadia Coin (@cascadia_coin) September 15, 2022
Mistakes make observers ridicule project, but others speak It doesn’t matter that the blockchain developers chose an already used chain ID. While the blockchain is in the launch phase, the ETHW team has announced new fork-enabled exchanges and mining pools.
💪 Trading starts NOW
⏳ Deposits and withdrawals start September 16 at around 15:30 UTC
✅ $ ETHW distribution has started
– Kraken Exchange (@krakenfx) September 16, 2022
On Friday morning (ET), the ETHW Twitter account tweeted about Huobi, Poolin, Kraken, Dex Screener, Bitrue, Kyber Network, and Math Wallet supporting the new ETHW asset. However, in the past day, the ETHW token has dropped more than 39% in USD value, and ETHW is down 90.72% against its ATH.
ETHW Loses Almost 40% of USD Value in 24 Hours, Chain Gathers Nearly 60 Terahash of Computing Power, Ethereum Classic Still Dominates PoW Champ
Among the more than 12,000 crypto assets in existence, ETHW’s market cap is ranked #2,666. Data shows that on September 16th, ETHW reached $113.38 million in global trade volume over the past 24 hours. It also hit an all-time low 14 hours ago, when ETHW dropped to $9.04 per unit today. 24-hour trading range statistics show that ETHW was trading between $9.04 and $23.33 on Friday. Over the past hour, the price of ETHW has fluctuated between $11.94/unit and $12.27/unit.
The ETHW project has collected about 60.92 TH/s of Ethash hashpower from The Merge. This means that ETHW’s hash rate is only 26% the size of Ethereum Classic’s hash rate at 232.51 terahash per second (TH/s). The USD value of ETHW is only 36% of the value of ethereum classic (ET CETERA) US dollar value when it used to be closer to parity, two days ago.
While ETHW is ranked #2,666, ET CETERA ranked #19 on September 16th and ET CETERA had a global trade volume of 1.46 billion USD in the last 24 hours. Nowadays, there are two PoW alternatives based on Ethereum but ET CETERA is the domination champion by price and trading volume along with a hash rate greater than three times.
What do you think of ETHW’s recent price action and the 60 TH/s hashrate the network has managed to collect since The Merge? Let us know your thoughts on this topic in the comments section below.
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