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.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
About Author
Adam Morgan is The Block’s markets reporter. He has been based in London for the past year, initially freelancing and working for a start-up there before beginning a fellowship at Business Insider. He Tweets @AdamMcMarkets
Source: https://www.theblock.co/post/170690/ethpow-ethw-plunges-over-60-a-day-after-mainnet-launch?utm_source=rss&utm_medium=rss