The Merge is far from having made everyone agree. For ETH miners, this operation was not desired as it would cause them to lose their profitability. Recently, a new PoW project was born following the hard fork of the Ethereum main chain. It is EthereumPoW (ETHW).
What is EthereumPoW (ETHW)?
EthereumPoW is a Proof-of-Work (PoW) blockchain that emerged from mainnet of Ethereum shortly before the merger. Its creation follows the desire of some members of the ETH community (mainly miners) to maintain the network in PoW. Their goal was to keep their rewards from mining. Therefore, the group, then led by miner Chandler Guo, created a forking to continue operating the original channel.
EthereumPoW has a native token called ETHW. This one really gained popularity after the successful launch of The Merge. Because of this, it is currently listed on a dozen exchanges, including ByBit, FTX, Kraken. It is expected that other exchanges will gradually support it as well. This should very soon be the case for Coinbase. In addition, the network is supported by several wallets and DEX (MetaMask, Uniswap V3, etc.). Another important information, pools of mining majors, who had abandoned the old chain Ethereum, have recently engaged in the mining from ETHW.
The ETHW tumble
On September 16, the new cryptocurrency suffered a steep drop due to a technical error. The reason given was setting a wrong ChainID. It is an attribute that helps distinguish one blockchain from another. To address this issue, the project team released a new patch. But the damage was already done. The incident resulted in the removal of some miners, anomalies on Metamask, and the devaluation of ETHW. In just a few hours, the token is passed from $27 to $9, a drop of more than 65%.
Currently, the token is trading at around $5.17. This represents an even greater drop. The question now is whether ETHW will stand the test of time or be a fading memory. In the meantime, the EthereumFair (ETF) token, created under the same circumstances, is trying to compete with it.
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