Following Ethereum’s Merge, a number of cryptocurrency community members have been discussing the proof-of-work (PoW) fork called ETHW as it dropped significantly in value during the past few days. However, a lot of people are unaware that there’s another Ethereum-based PoW fork called ethereumfair (ETF), and ETF has gathered a small amount of hashrate and fiat value since the token’s mainnet launch.
Crypto Community Welcomes another PoW Fork, the Ethereumfair
Most people knew that ETHW, a proof of work (PoW), cryptocurrency asset was created after The Merge was launched on September 15. It was made public weeks before mainnet launch. At the time of writing, ETHW is down 17% against the U.S. dollar in 24 hours, and the project’s hashrate has slipped a great deal as well.
On September 15, ETHW’s hashrate tapped an all-time high (ATH) at 80.56 terahash per second (TH/s). Although, ETHW’s hashrate has faltered in recent times and the PoW network has lost 53.35% of hashpower since then.
A great number of people are unaware that ETHW is not the only ETH-based PoW fork as there’s another ETH-based PoW fork called ethereumfair (ETF). A website is available for Ethereumfair, as well as a number of social media channels.
The team’s Twitter accountIt was launched in January 2020 and has 14,100 followers as of the writing. The Ethereumfair account has roughly 1,000 fewer followers than ETHW’s 15.1K Twitter followers. ETF, which is trading at $1.57/unit against the U.S dollar, has also lost 17.6% compared to ETHW.
Coingecko.com statistics show that ETF’s price has ranged from $1.48 to $2.50 per unit, and there have been $3.43million in global trade volume. Two days ago, ETF’s price tapped an all-time high at $20.59 per unit, and on the same day, it slid to its lowest point at $0.99 per coin.
ETF trading today is quite prominent on Gate.io as well as Huobi. Poloniex has ETF listed as well, however the exchange leveraged ETHWIOU and renamed ETF.
Market Price Anomaly Follows Poloniex Renaming ETHW — Ethereum Classic Still Reigns Champ in USD Value and Overall Hashrate, ETHW and ETF’s Hashrate Equates to 21% of Ethereum Classic’s Hashpower
At press time, there is a price anomaly between Poloniex’s, Huobi’s, and Gate.io’s ETF exchange rates. Because while Huobi’s ETF exchange rate is $1.57 per ETF and Gate.io’s data shows $1.58, Poloniex ETF markets are between $7.94 to $7.99 per unit, which matches the same value as ETHW’s current price.
Ethereumfair also has a little bit of the hashrate left over from The Merge. At the time of writing, Ethereumfair’s hashrate is at 7.9 TH/s and there are seven nodes dedicated to the new network. Compared to ETHW’s hashrate, ETF’s hashpower represents 21% of ETHW’s total hashrate.
Ethereum Classic’s hashrate today is coasting along at 219 TH/s, according to statistics collected by 2miners.com. ETF’s and ETHW’s combined hashrate equates to just over 20% of ETC’s aggregate hashpower. ETC is currently trading for $33.35 per unit, which means ETHW equates to 22% of ETC’s value, while ETF equates to 4.73% of ETC’s net USD value.
The Double Fork following The Merge was unusual. However, multiple forks have been made to other blockchain networks over the years. In April 2018, for example, the privacy-focused blockchain network Monero was split into four protocols after a hardfork in that year.
Do you have any thoughts about Ethereumfair being born and that two Ethereum-based PoWforks are now in existence? Please comment below to let us know your thoughts on this topic.
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