ETHPoW (ETHW) plunges over 60% a day after mainnet launch

Quick Take

  • ETHPoW, a fork of the proof-of-work Ethereum chain, was trading at $12.80 on Friday.
  • The chain was forked by miners following The Merge, despite other proof of work chains existing prior to this. 

The native token of EthereumPoW, a continuation of the proof-of-work Ethereum blockchain, was trading down over 60% on Friday a day after its mainnet launch.

ETHW spiked as high as $60.68 in the early hours of Thursday morning following The Merge, before crashing back towards $30 shortly after. The miner-led chain launched its mainnet on Thursday, but this had little impact as the price of ETHPoW continued its downward trend. It's now trading at $12.80 for a loss of 61% in the past 24 hours, per CoinMarketCap data at the time of writing.

ETHPoW was planned ahead of Ethereum's upgrade, led by a miner called Chandler Guo, who hoped to split away from Ethereum following The Merge. Prior to this, Guo was warned by the ETC Cooperative, an Ethereum Classic community, that his fork would not succeed and miners should simply migrate to Ethereum Classic. 

Ethereum Classic recorded a massive spike in hash rate on Thursday, as miners moved over to the network, soaring 280% at one stage. The network even reached 307  terahashes per second (TH/s) on Thursday. Currently the hash rate is around 234.41 TH/s, per data from mining pool 2Miners.

Ethereum Classic was trading at $34.19 at the time of writing per CoinMarketCap data, down 9.44% in the past 24 hours. 


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