Five different crypto assets were among the beneficiaries of Ethereum’s former hashrate. An anonymous group of developers created an Ethereum PoW fork, ETHW, within 24 hours of The Merge. The fork has generated 60.92 terahash per seconds (TH/s), hashpower. However, ETHW's fiat value has dropped 90.72% since its all-time high (ATH). Over 39% has been lost in the last 24 hours by the newly launched coin.
ETHW Chain Now Live, Exchanges Announce Support
The transition to PoS by Ethereum has helped boost Ethereum Classic's havehrate, and a few other crypto assets that use the Ethash algorithm. The transition has created ETHW, a PoW fork, of Ethereum. This is a change from the ETHW that was previously reported by Bitcoin.com News.
The blockchain is now operational. According to reports, there were a few hiccups during the initialization of the network by the ETHW project. According to reports, the ETHW core developers mislaid a Chain ID tied to the Smart Bitcoin Cash Testnet.
The new ETHPoW(ETHW) chain uses exactly the same Chain ID that the "Smart Bitcoin Cash Testnet". ShortName "gon" means "gone" and is used to refer to your coins in a replay attack. https://t.co/1DFl4KyeO7
— Cascadia Coin (@cascadia_coin) September 15, 2022
This mistake led to some ridicule of the project. Others said it didn't matter that the Blockchain developers chose a Chain ID that was already in use. ETHW announced new mining pools and exchanges that support the new fork while the blockchain was still in its initial stages of launch.
Today's new token: $ETHW @ethereumpow
Trading begins NOW
At 15H30 UTC, deposits and withdrawals begin on Sept 16.
$ETHW distribution already started
Learn more https://t.co/MnsL2p19vT pic.twitter.com/t6s7R2HJXd
— Kraken Exchange (@krakenfx) September 16, 2022
Friday morning ET, ETHW's Twitter account posted about Huobi and Poolin, Krakens, Dex Screener (Dex Screener), Bitrue, Kyber Network and Math Wallet supporting ETHW. The ETHW token lost more than 39% USD in the last day and ETHW is down 90.72% since its ATH.
ETHW loses close to 40% USD value in 24 hours, Chain gathers 60 Terahashs of computational power, Ethereum Classic still reigns PoW champ
ETHW is ranked #2666 among more than 12,000 existing crypto assets. According to data, ETHW saw $113.38 Million in global trade volume over the past 24 hours. It also reached an all-time low of $9.04 per unit, which was recorded 14 hours ago. ETHW traded between $9.04 and $23.33 per unit on Friday, according to the 24-hour trading range statistics. ETHW's prices fluctuated between $11.94 and $12.27 over the last hour.
The ETHW project has been able to collect approximately 60.92 TH/s Ethash hashpower via The Merge. This means that ETHW's havehrate is just 26% smaller than Ethereum Classic's at 232.51 terahash/second (TH/s). ETHW's USD price is only 36% of ethereum Classic's (ETC), U.S. Dollar value, whereas it was closer to parity two days ago.
ETC is ranked #19 in September 16th, and ETC has $1.46 Billion in global trade volume over the last 24 hours. There are currently two Ethereum-based PoW options, but ETC is the dominant PoW alternative. ETC has a three-fold higher trade volume and price than ETHW.
What do you think of ETHW's recent price actions and the 60 TH/s in hashrate that the network has managed since The Merge Please comment below to let us know your thoughts on this topic.
By: Jamie Redman
Title: New Ethereum PoW Fork Gathers 60 Terahash From Well Known Pools, ETHW’s Price Shudders 39% in 24 Hours
Sourced From: news.bitcoin.com/new-ethereum-pow-fork-gathers-60-terahash-from-well-known-pools-ethws-price-shudders-39-in-24-hours/
Published Date: Fri, 16 Sep 2022 18:30:24 +0000