After seven years of using PoW, Ethereum will upgrade to a proofof-work consensus algorithm (PoW), in 32 days. The new rules were implemented by the testnets but most expect an easy transition to the mainnet. A second chain is anticipated to separate from the Ethereum branch. Since August 8, the fork called ETHW gained market value on a few IOU exchanges. Despite the value gathered, the potential token lost more than half of its USD value in less than six days’ time.
While ETHW Captures Value, Proposed Ethereum Fork Token’s Price Shudders by More Than 53%
The idea of creating a proof of work version (PoW), after Ethereum’s transition to proof-ofstake (PoS), has been discussed by Chandler Guo, the Bitcoin miner. The crypto asset exchange Poloniex revealed the launch of ETHW markets and there’s a new website called ethereumpow.org.
Statistic from coinmarketcap.com shows that MEXC Digifinex Gate.io and Poloniex all list ETHW-IOU markets. But the ETHW site also claims to have connections with a number of “communities, exchanges, miners and individuals [that] have worked together to make ETHW possible.” Twitter vertical trendsThe ETHW Fork controversy is a concern among Ethereum Classic and die-hard Ethereum fans. chimed inYou can also find them here.
This website lists connections to ETHW exchange listing and alleged mining supporters with businesses like Binance, FTX and Antpool. ETHW is currently listed on IOU exchanges for six days.
$ETCThe original chain. $ETHIs a fork. You can also find it at the bottom of this article. $ETHWA fork is just a fork. pic.twitter.com/0PkIYu4RrE
— ETCPOW (@ETCPOW) August 5, 2022
Ethereumpow.org also claims it has a bridge partner and advertises Bridgetech’s logo on the site. Markets were launched, and ETHW was released. The market value soared to 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 tapped an all-time low on August 10, 2022, reaching $65.17 per coin and it’s up 1.9% at the time of writing, trading for roughly $66.10 per unit.
These ETH1–ETH2 forks and ETC-ETH are markedly different. 1) The ETC/ETH fork is primarily due to ideology. The miners had the option to mine any chain that was profitable, but it was PoW against PoW.
— Galois Capital (@Galois_Capital) August 6, 2022
ETHW’s value is more comparable to ethereum classic’s (ETC) current value, which is around $43.86 per unit at the time of writing. That means ETHW is $23 higher in USD value today than ETC’s current value. However, many cryptocurrency supporters discuss the fact that ETC was originally created to serve ideological purposes while ETHW remains in existence. called a “money grab.”
So Far, There’s Been No Meaningful Rises in Ethereum Classic’s Hashrate
Ethereumpow.org lists most of the ETC mining pools that already mine ETC. For instance, 2miners.com is the second largest ETC mining pool, dedicating close to six terahash per second (TH/s) to ETC’s PoW network.
How ETH PoW will affect me
Scenario A:
Value is divided between both chains
Strategie: $ETHWFor $ETH
The outcome: More $ETHIt is now more common than ever.Scenario B:$ETHWValue is $0 starting at the beginning
Strategie: Post memes that make you laugh
Enjoy free entertainmentCan’t imagine a better event
— Alejandro Perezpayá (@aperezpaya) August 6, 2022
Referring to the ETHWfork, ETHW can become a fact if one of these mining pools, which allegedly support the chain, starts mining it. Presently, dozens of ethereum mining pools are seemingly mining ETH to the very end, as the crypto asset’s rise has made it quite valuable to do so.
ETH’s hashrate is much larger than ETC’s and so far, there’s been no meaningful rises in ETC’s hashrate, except for the initial spike on July 28, 2022. Ethereum is currently one of the most profitable crypto networks to mine today, as Bitmain’s new Antminer E9, with 2.4 gigahash per second (GH/s) or 0.0024 TH/s, can get an estimated profit of around $63.43 per day.
How do you feel about the Ethereum Fork? What is your opinion on the IOU token’s half-death this week? We’d love to hear your opinions on the subject below.
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