Following Ethereum’s transition from proof-of-work (PoW) to proof-of-stake (PoW) roughly five different crypto assets were the main beneficiaries of Ethereum’s former hashrate. However, 24 hours after The Merge, anonymous developers launched an Ethereum PoW fork called ETHW and the fork has managed to garner 60.92 terahash per second (TH/s) of hashpower. However, ETHW has lost a considerable amount of fiat value, dropping 90.72% from the crypto asset’s all-time high (ATH). The newly launched coin has shed over 39% in value during the past 24 hours.
ETHW Chain is now live, exchanges announce support
Ethereum’s transition to PoS has strengthened the hashrate of Ethereum Classic and a handful of other crypto assets that take advantage of the Ethash algorithm. The transition also created a new PoW fork of Ethereum called ETHW, and in prior articles published by Bitcoin.com News, ETHW did not officially exist.
The blockchain is now operational and according to reports, the ETHW project had a few hiccups while starting the network. It was reported that the ETHW core developers mistakenly leveraged a Chain ID that’s tied to the Smart Bitcoin Cash Testnet.
Supervisors due to mistake ridicule project, but other Told It doesn’t matter if the blockchain developers have chosen an already in use chain ID. While the blockchain was in the midst of a launch, the ETHW team is announcing new forks supporting exchanges and mining pools.
On Friday morning (ET), ETHW’s Twitter account tweeted about Huobi, Poolin, Kraken, Dex Screener, Bitrue, Kyber Network, and Math Wallet supporting the new ETHW asset. However, during the last day, the ETHW token has shed more than 39% in USD value and ETHW is down 90.72% from its ATH.
ETHW Loses Nearly 40% in USD Value in 24 Hours, Chain Collects Roughly 60 Terahashes of Computational Power, Ethereum Classic Still Reigns PoW Champion
Out of over 12,000 crypto assets in existence, the market cap of ETHW is ranked #2,666. Data on 16 September shows that ETHW has seen $113.38 million in global trading volume during the last 24 hours. It hit an all-time low 14 hours ago as ETHW crashed to $9.04 per unit today. Data on the 24-hour trading range shows that ETHW traded in a range of $9.04 to $23.33 on Friday. During the past hour, the price of ETHW has been fluctuating between $11.94 per unit and $12.27 per unit.
The ETHW project has managed to gather roughly 60.92 TH/s of Ethash hashpower from The Merge. This means ETHW’s hashrate is only 26% of the size of Ethereum Classic’s hashrate at 232.51 terahash per second (TH/s). ETHW’s USD value only represents 36% of ethereum classic’s (ETC) U.S. dollar value when it used to be closer to parity, two days ago.
While ETHW is ranked #2,666 during the last 24 hours, ETC is ranked #19 on 16 September, and ETC has $1.46 billion in global trading volume. Today, there are two Ethereum-based PoW options, but ETC is three times larger in value and trading volume as well as hashrate.
