New Ethereum PoW Fork Gathers 60 Terahash From Well Known Pools, ETHW’s Price Shudders 39% in 24 Hours

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Following Ethereum’s transition from proof-of-work (PoW) to proof-of-stake (PoW), the main beneficiaries of Ethereum’s former hashrate were about five different crypto assets. However, 24 hours after the merge, anonymous developers launched an Ethereum PoW fork called ETHW and the fork managed to achieve 60.92 terahash per second (TH/s) hashpower. However, ETHW has lost a considerable amount of fiat value, dropping 90.72% from the crypto asset’s all-time high (ATH). The newly launched coin has lost over 39% in value during the past 24 hours.

ETHW Chain is now live, exchanges announce support

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Ethereum’s transition to PoS has strengthened the hashrate of Ethereum Classic and a handful of other crypto assets that take advantage of the Ethash algorithm. The transition also created a new PoW fork of Ethereum called ETHW, and in prior articles published by Bitcoin.com News, ETHW did not officially exist.

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Blockchain is now operational and according to reports, The ETHW project encountered some bottlenecks when starting the network. It was reported that ETHW Core developers mistakenly took advantage of a Chain ID linked to the Smart Bitcoin Cash testnet.

Supervisors due to mistake ridicule project, but other Told It doesn’t matter if the blockchain developers have chosen an already in use chain ID. While the blockchain was in the midst of a launch, the ETHW team is announcing new forks supporting exchanges and mining pools.

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On Friday morning (ET), ETHW’s Twitter account tweeted about Huobi, Poolin, Kraken, Dex Screener, Bittrue, Kyber Network and Math Wallet supporting the new ETHW asset. However, during the last day, the ETHW token has lost over 39% in value in USD and ETHW is down 90.72% from its ATH.


ETHW Loses Nearly 40% in USD Value in 24 Hours, Chain Collects Roughly 60 Terahashes of Computational Power, Ethereum Classic Still Reigns PoW Champion

Out of over 12,000 crypto assets in existence, the market cap of ETHW is ranked #2,666. Data on 16 September shows that ETHW has seen $113.38 million in global trading volume during the last 24 hours. It hit an all-time low 14 hours ago as ETHW crashed to $9.04 per unit today. Data on the 24-hour trading range shows that ETHW traded in a range of $9.04 to $23.33 on Friday. During the past hour, the price of ETHW has been fluctuating between $11.94 per unit and $12.27 per unit.

New Ethereum PoW fork collects 60 Terahash from well-known pool, ETHW price drops by 39% in 24 hours
According to data from 2miners.com, the ETHW hash rate is as of September 16, 2022.

The ETHW project has managed to collect roughly 60.92 TH/s Of Etash Hashpower from The Merge. This means that the hash rate of ETHW is only 26% of the hashrate of Ethereum Classic at 232.51 terahash per second (TH/s). The USD value of ETHW represents only 36% of Ethereum Classic (e.t.c) when the value of the US dollar used to be near parity two days ago.

While ETHW is ranked #2,666, e.t.c is ranked #19 on September 16, and e.t.c There is $1.46 billion in global trade volume during the last 24 hours. Today, there are two Ethereum-based PoW alternatives but e.t.c Hashrate is also three times larger in terms of price and trading volume.

What do you think about the recent price action of ETHW and the 60 TH/s hash rate raised by the network since the merge? Let us know what you think about this topic in the comment section below.

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Credit : news.bitcoin.com

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