Following the Ethereum merger, many members of the cryptocurrency community have been discussing the price of ETHW, a proof-of-work (PoW) fork that has dropped significantly over the past few days. However, many people don’t know that there is another Pow fork based on Ethereum called EthereumFire (ETF) and the ETF has gathered quite a bit of hashrate and fiat value since the token was launched.
The crypto community welcomes another PoW fork called Ethereum
Most people knew that a proof-of-work (PoW) crypto asset called ETHW was created following the September 15th merger, as it was announced weeks before the network launch. At the time of writing, ETW was down 17% against the dollar in 24 hours, and the project’s hash rate has also slipped significantly.
On September 15, the ETHW hashrate hit an all-time high (ATH) of 80.56 terashes per second (TH/s). Although the ETHW hashrate has been declining in recent times and the PoW network has lost 53.35% of its hash power since then.
A lot of people don’t know that ETHW is not the only ETH-based PoW fork because there is another ETH-based PoW fork ethereumfair (ETF). The Ethereumfair team has a website and a few social media channels.
of the group Twitter account It was created in January 2020 and has 14,100 Twitter followers at the time of this writing. Ethereum’s account has 1,000 fewer followers than ETHW’s 15.1K Twitter followers. While ETHW is down 17 percent, the ETF is down 17.6 percent at $1.57 against the US dollar.
Coingecko.com statistics have seen the ETF trade in a price range between $1.48 and $3.50 per unit and $3.43 million in global trading. Two days ago, the ETF price hit a high of $20.59 per unit and on the same day, it slipped to a low of 0.99 cents.
ETF trading activity today is highlighted on Huobi and Gate.io, with the most prominent trading pairs being Tether (USDT). Poloniex also lists an ETF, but the currency has taken off the ETHW IOU market and converted to an ETF.
Market Value Anomaly Poloniex Follows Rename ETHW — Ethereum Classic Still Leads Champion in USD Value and Total Hashrate, ETHW and ETF Hashrate Equals 21% of Ethereum Classic Hashpower
At the time of publication, there is a price difference between Poloniex’s, Huobi’s and Gate.io’s ETF. Because Huobi’s 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, which is similar to the current price of ETHW.
Ethereum collected a small percentage of the hashrate left over from The Merge. At the time of writing, EthereumFire’s hashrate is at 7.9 TH/s and there are seven nodes dedicated to the new network. Compared to the ETHW hashrate, the hash power of ETF represents 21% of the ETHW hashrate.
According to statistics collected by 2miners.com, the Ethereum Classic hashrate is currently approaching 219 TH/s. The combined hashrate of ETF and ETHW is equal to more than 20% of the total hash power of ETC. ETC is currently trading at $33.35 per unit, which means that ETHW is equivalent to 22% of ETC’s value, while ETC is equivalent to 4.73% of ETC’s net USD value.
A double fork following a merger is unusual, but multiple forks have occurred on blockchain networks before. For example, in April 2018, privacy-focused blockchain network Monero split into four different protocols following a hard fork that year.
What do you think about the birth of Ethereumfair and the fact that there are now two Ethereum-based PoW forks? Let us know what you think about this in the comments section below.
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