In 32 days, Ethereum is expected to upgrade from a proof-of-work (PoW) consensus algorithm to a proof-of-stake (PoS) system after using PoW for seven years. While the testnet has implemented the new rules, most people envision a relatively smooth mainnet transition. However, another chain is expected to break away from the Ethereum fork and since August 8, the proposed fork called ETHW has gained market cap in some IOU markets. Regardless of the value collected, the potential coin lost more than half of its USD value in less than six days.
While ETHW Captured Value, Proposed Ethereum Fork Token Price Dropped Over 53%
Ever since bitcoin miner Chandler Guo started talking about a new proof-of-work (PoW) version of Ethereum, following the on-chain transition to proof-of-stake (PoS), the idea has gained some traction. have done it. Crypto asset exchange Poloniex revealed the launch of ETHW markets and a new website called ethereumpow.org.
Statistics from Coinmarketcap.com show that MEXC, Digifinex, Gate.io and Poloniex make up the list of ETHW IOU markets. But the ETHW site also claims to have links with several “communities, exchanges, miners and individuals”. [that] We have worked together to make ETHW possible.” Twitter Vertical trends Show that the ETHW fork is controversial among die-hard Ethereum supporters and Ethereum Classic supporters chimed in Too.
The website shows connections via ETHW exchange listings, and alleged mining supporters such as Binance, FTX, Antpool, Poolin, Coincheck, Huobi, Hiveon, Flexpool.io, 2miners.com, F2pool and Bitfly. ETHW has been listed on exchanges offering IOU markets for about six days now.
$etc Original series. $ETH There is a fork. And $ETHW A fork is a thorn. pic.twitter.com/0PkIYu4RrE
— ETCPOW (@ETCPOW) 5 August 2022
Ethereumpow.org also claims that it is a Bridge partner and advertises the BridgeTech logo on the site. When the market officially launched and ETHW came out of the gate, the price hit an all-time high of around $141.36 per unit.
Since then, ETHW has decreased in value by 53% and compared to the current value of ETH, ETHW represents 3.2% at the current market cap. ETHW tapped to an all-time low on August 10, 2022, reaching $65.17 per coin and is up 1.9% at the time of writing, trading for around $66.10 per unit.
There are 5 main differences between this ETH1-ETH2 fork and the ETC-ETH fork. (1) The ETC-ETH fork was mainly due to ideology. It was PoW vs. PoW; Miners could just mine whichever chain was more profitable.
— Galois Capital (@Galois_Capital) 6 August 2022
The price of ETHW is more comparable to the current price of Ethereum Classic (ETC), which is approximately $43.86 per unit at the time of writing. This means that ETHW is $23 higher in USD value than the current price of ETC today. Yet many crypto proponents have discussed how ETC was created for ideological reasons, while ETHW is being called A “money grab.”
So far, there has been no significant increase in Ethereum Classic’s hashrate
Most of the mining pools mentioned on Ethereumpow.org already mine Ethereum Classic (ETC). For example, 2miners.com is the second largest ETC mining pool, dedicating approximately six terahashes per second (TH/s) to ETC’s PoW network.
What will the ETH PoW fork mean for me:
Scenario A:
The value is split across both series
Strategy: Sell $ETHW For $ETH
Result: more $ETH already.Scenario B:$ETHW Price is $0 from the beginning
Strategy: Post Laughs About Memes
Result: Free FunCan’t imagine a better event than this
— Alejandro Perezpaya (@aperezpaya) 6 August 2022
As for the ETHW fork, if even one of the aforementioned mining pools that reportedly backs the chain starts mining it, ETHW will become a reality. Currently, dozens of Ethereum mining pools are mining ETH until the very end, as the rise of the crypto asset has made it valuable enough to do so.
The hash rate of ETH is much larger than that of ETC and so far, there has been no meaningful increase in the hashrate of ETC, except for the initial spike on July 28, 2022. Ethereum is currently one of the most profitable crypto networks for me, as is the new Antminer E9 from Bitmain. , 2.4 GHz per second (GH/s) or 0.0024 TH/s, can yield an estimated profit of about $63.43 per day.
What do you think about the proposed Ethereum fork and how the IOU token dropped half of its value last week? Let us know what you think about this topic in the comment section below.
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