After Ethereum’s transition from Proof of Work (PoW) to Proof of Stake (PoW), approximately five different crypto assets were the main users of Ethereum’s previous hashrate. However, after 24 hours of The Merge, anonymous developers launched a Pow fork of Ethereum called ETHW and the fork was able to achieve hashpower of 60.92 Terash per second (TH/s). However, ETHW lost a significant amount of fiat value, dropping 90.72% from the crypto asset’s all-time high (ATH). The newly launched coin has lost more than 39 percent in value in the last 24 hours.
The ETHW chain is now live, exchanges have announced their support
Ethereum’s transition to PoS has added Ethereum’s classic hashrate and a handful of other crypto assets that use the Ethash algorithm. The transition created a new PoW fork of Ethereum called ETHW, and according to previous articles published by Bitcoin.com News, ETHW did not officially exist.
The ban is now working and accordingly Reports, the ETHW project had a few obstacles when starting the network. It has been reported that the ETHW core developers mistakenly used the chain ID associated with the Smart Bitcoin Cash Testnet.
Therefore, the new ETHPoW (ETHW) chain uses the same chain ID as the “Smart Bitcoin Cash Testnet”. Short name “side” as in “off” as your coins replay? ??? https://t.co/1DFl4KyeO7
— Cascadia Coin (@cascadia_coin) September 15, 2022
The error caused observers to see ridicule The project, but others he said. It’s okay for blockchain devs to choose an already used chain ID. At the time of the ban, the ETHW team had been announcing exchanges and mining pools that would support the new fork.
? New token available today: $ ETHW @ethereumpow
? Shopping starts now
⏳ Deposit and withdrawal will start on September 16 at around 15H30 UTC
✅ $ ETHW Broadcast has started.Learn more ?https://t.co/MnsL2p19vT pic.twitter.com/t6s7R2HJXd
— Kraken Exchange (@krakenfx) September 16, 2022
On Friday morning (ET), the ETAW Twitter account tweeted about Huobi, Poolin, Kraken, Dex Screener, Bitrue, Kyber Network, and Math Wallet supporting the new ETAW asset. However, on the last day, the ETHW token dropped by more than 39% against the USD and ETHW decreased by 90.72% from ATH.
ETHW Loses Nearly 40% USD In 24 Hours, Chain Accumulates Approximately 60 Terahs Of Computing Power, Ethereum Classic Still Reigns PoW Champ
Out of over 12,000 current crypto assets, ETHW’s market cap is ranked #2,666. According to data, on September 16, ETHW saw $113.38 million in global trading volume in the last 24 hours. It also hit an all-time low 14 hours ago, when ETHW reached $9.04 per unit today. The 24-hour trading range statistics showed that ETHW traded between $9.04 and $23.33 on Friday. ETHW price fluctuated between $11.94 and $12.27 in the last hour.
The ETHW project was able to collect 60.92 TH/second of ETH hash power from fusion. This means that ETHW’s hashrate is only 26% of Ethereum Classic’s hashrate at 232.51 Terashes per second (TH/s). Ethereum Classic (ETC) only represents 36% of the US dollar value of Ethereum Classic (ETC) when the US dollar price was close to parity two days ago.
While ETHW ranks at 2,666, ETC ranks 19th on September 16, and ETC has $1.46 billion in global trading volume in the last 24 hours. Today, there are two Ethereum-based PoW options, but ETC is the champion in terms of value and trading volume, with hashrate being three times larger.
What do you think about ETHW’s recent price action and the 60 TH/s hashrate that the network was able to achieve after the merger? Let us know what you think about this in the comments section below.
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