Crypto Guide

Does Ethereum’s new ETHPoW fork stand an opportunity? ETHW value falls 65% post-Merge

Photo of admin admin Send an email September 16, 2022
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ETHPoW, an isolationist proof-of-work (PoW) blockchain linked to the merger of Ethereum, went reside on 15 September. Nevertheless, post-launch the chain confronted technical points, which put downward strain on its ETHW token.

ETHW value drops 65% amid ‘ChainID’ failure

Based on CoinMarketCap, the value of ETHW has dropped by 65% ​​to round $14 for the reason that launch of ETHPoW on September sixteenth. At its lowest stage, the coin was altering palms at $9.50.

ETHW value efficiency over the past seven days. Supply: CoinMarketCap

The loss coincided with a technical difficulty associated to ETHPoW’s ChainID.

ChainIDs are identifiers that assist customers establish one blockchain from one other. Thus, ETHPoW requires a brand new ChainID to separate its transaction information from the unique Ethereum blockchain after the merge, in any other case, it dangers creating duplicate transactions.

The crew behind ETHPoW introduced on September 15 that its distinctive ChainID is 10001. Nevertheless, information from Chainlist reveals {that a} cryptocurrency undertaking known as Sensible Bitcoin Money, which operates underneath the ticker BCHT, has the identical ID. This difficulty resulted in errors within the MetaMask cryptocurrency pockets.

ETHPoW acknowledged the problem and subsequently adjusted ChainID on 15 September. Nevertheless, many miners pulled out regardless of some main swimming pools to proceed the PoW chain.

Notably, the ETHPoW hash price fell to 66.64 TH/s on 16 September, having peaked at 80.56 TH/s earlier within the day.

ETHPoW hash price as of September 16, 2022. Supply: 2miners.com

As compared, the hash price of Ethereum Basic (ETC), one other PoW choice for Ethereum miners, was 234.56 TH/s on 16 September, in comparison with its peak close to 310.5 TH/s the day earlier than.

ETHW is listed on some exchanges regardless of considerations

Eric Wall, chief funding officer at cryptocurrency funding agency Arcane Belongings, noted That ETHPoW miners can’t keep the chain at present ETHW costs. he defined:

“Every day rewards are 13100 ETH, $354k as an alternative of $20 million. There is no such thing as a approach miners can merely “miner” the ETHPoW chain, regardless of the way you modify the problem. There merely isn’t sufficient rewards within the system to pay For electrical energy invoice.

RELATED: Dogecoin Turns into Second Largest PoW Cryptocurrency

Nonetheless, ETHW was listed on some main cryptocurrency exchanges together with FTX and Huobi. As well as, Bittrue additionally introduced An ETHW-based liquidity betting service that gives 6% annual returns to depositors.

The views and opinions expressed listed below are solely these of the writer and don’t essentially mirror the views of Cointelegraph.com. Each funding and buying and selling transfer includes threat, so you must do your personal analysis when making a call.