- Ethereum miners’ efforts have so far not worked out as they had hoped
- ETHW Price at the time of writing – $8.12
- ETH itself is down by 15%
The ETHW Ethereum proof-of-work fork has had a rough start. According to CoinGecko, the price of the coin is down 31% for the week and 86% from its all-time high of $58.54 on September 3.
A competing fork known as EthereumPoW was launched by miners as a means of continuing their mining activities after the Ethereum blockchain eliminated mining and completed its long-anticipated transition to proof of stake in the middle of September.
The price of the coin is down 31% for the week
Mining is the process of adding and verifying transaction blocks to a public blockchain. The cryptocurrency-supporting blockchain network is maintained and audited by miners. In exchange for completing a block, miners receive cryptocurrency.
The price of Ethereum-related coins, including the native cryptocurrency of the OG blockchain Ethereum Classic, increased as a result of the hype surrounding the Ethereum merge, which completed the transition of the network to proof of stake.
However, the cryptocurrency bear market has been brutal, and the majority of these gains have already been lost. The price of Ethereum itself is currently around $1,300, down about 15% from the day of the merger.
ALSO READ: Institutions are getting serious about staking
Hackers made off with 200 ETHW after the network suffered an attack
The first month of EthereumPoW’s existence has been turbulent, and if this is any indication of the future, former Ethereum miners may need to look for alternative sources of income.
Prior to the launch of its network, ETHW was traded on exchanges as an IOU token, generating initial enthusiasm that was ultimately fleeting. In addition to the decline in the price of its native cryptocurrency, EthereumPoW experienced technical issues that hampered its launch.
Blockchain detectives discovered that the ETHPoW developers had chosen a chain ID that was already in use shortly after the network went live on September 15.
Chain IDs help blockchains verify the identity of on-chain assets and serve as an identifier on a particular network. Following an attack on the EthereumPoW network that targeted an exploit in the Omni bridge that enabled the hackers to send first 200 Wrapped ETH and then ETHW, cybercriminals stole 200 ETHW a few days later.
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