Proposed Ethereum PoW fork token loses half of its market value in less than 6 days – Markets and Prices Bitcoin News
Within 32 days, Ethereum is expected to upgrade from a Proof of Work (PoW) consensus algorithm to a Proof of Stake (PoS) system after the network has used PoW for seven years. While test networks have implemented the new rules, most people envision a relatively smooth transition to the mainnet. However, another chain is expected to fork away from the Ethereum branch and since August 8, the proposed fork called ETHW has gained market value in a few IOU markets. Despite the amassed value, the potential coin lost more than half its US dollar value in less than six days.
While ETHW Exemplifies Value, Ethereum Fork Token Price Suggested Tremble Over 53%
Since bitcoin miner Chandler Joe started talking about a new Proof of Work (PoW) version of Ethereum, following the chain’s transition to Proof of Stake (PoS), the idea has gained some traction. Crypto asset exchange Poloniex has revealed the launch of ETHW Markets and there is a new website called ethereumpow.org.
Statistics from coinmarketcap.com show that MEXC, Digifinex, Gate.io and Poloniex list the ETHW IOU market. But ETHW also claims to have links with a number of “communities, exchanges, miners and individuals.” [that] They’ve worked together to make ETHW possible.” Twitter Vertical trends Shows that the ETHW fork is controversial between diehard Ethereum supporters and Ethereum Classic supporters knock in like that.
The website shows connections by listings of ETHW exchanges, and alleged mining backers with mentioned companies such as Binance, FTX, Antpool, Poolin, Coincheck, Huobi, Hiveon, Flexpool.io, 2miners.com, F2pool, and Bitfly. ETHW has been listed on the exchanges offering IOU markets for about six days now.
– ETCPOW (ETCPOW) August 5, 2022
Ethereumpow.org also claims to have a bridge partner and advertises the Bridgetech logo on the site. When the markets were officially launched and ETHW went out of the gate, the value jumped to an all-time high of around $141.36 per unit.
Since then, ETHW has lost 53% in value and compared to ETH’s current value, ETHW represents 3.2% at current market prices. ETHW benefited from an all-time low on August 10, 2022, reaching $65.17 per coin and up 1.9% at the time of writing, trading at around $66.10 per unit.
There are 5 major differences between an ETH1-ETH2 fork and an ETC-ETH fork. (1) The ETC-ETH fork was mainly due to ideology. It was proof of work versus proof of work; Miners could mine in any chain that was more profitable.
– Galois Capital (Galois_Capital) August 6, 2022
The value of ETHW is more comparable to the current value of ethereum classic (ETC), which is around $43.86 per unit at the time of writing. This means that the value of ETHW is $23 higher today than the current value of ETC. However, during the creation of ETHW, many crypto proponents discussed how ETC was created for ideological reasons Call “Extract the money”.
So far, there have been no meaningful spikes in Hashrate Ethereum Classic
Most of the mining pools mentioned on ethereumpow.org are already mining ethereum classic (ETC). For example, 2miners.com is the second largest ETC mining pool, allocating approximately six terahashes per second (TH/s) to ETC’s PoW network.
What does the ETH PoW fork mean to me:
Scenario B:$ ETHW The value is $0 from the start
Strategy: Post memes that you laugh at
The result: free fun
I can’t imagine a better event
– Alejandro Perezpaya (@aperezpaya) August 6, 2022
As for the ETHW fork, if one of the above-mentioned mining pools that allegedly supports the chain starts mining, then ETHW will become a reality. At the moment, it appears that dozens of Ethereum mining pools are mining ETH all the way to the ground, as the rise of crypto assets has made it very valuable to do so.
ETH hash rate is much greater than ETC hash rate and so far, there have been no meaningful spikes in ETC hash rate, except for the initial spike on July 28, 2022. Ethereum is currently one of the most profitable crypto networks for mining today, like Bitmain’s new Antminer E9, With 2.4 Giga Hashes per second (GH/s) or 0.0024 TH/s, you could get an estimated profit of around $63.43 per day.
What do you think of the proposed Ethereum fork and how the IOU token has already lost half its value in the past week? Tell us what you think about it in the comments section below.
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