New Ethereum PoW Fork Gathers 60 Terahash From Well Known Pools, ETHW’s Price Shudders 39% In 24 Hours

Following Ethereum’s transition from proof-of-work (PoW) to proof-of-stake (PoW) roughly five different crypto assets were the main beneficiaries of Ethereum’s former hashrate. However, 24 hours after The Merge, anonymous developers launched an Ethereum PoW fork called ETHW and the fork has managed to garner 60.92 terahash per second (TH/s) of hashpower. However, ETHW has lost a considerable amount of fiat value, dropping 90.72% from the crypto asset’s all-time high (ATH). The newly launched coin has shed over 39% in value during the past 24 hours.

ETHW Chain Is Now Live, Exchanges Announce Support

Ethereum’s transition to PoS has bolstered Ethereum Classic’s hashrate and a small handful of other crypto assets that leverage the Ethash algorithm. The transition has also created a new PoW fork of Ethereum called ETHW, and in prior articles published by Bitcoin.com News, ETHW did not officially exist.

The blockchain is now operational and according to reports, the ETHW project had a few hiccups while starting the network. It was reported that the ETHW core developers mistakenly leveraged a Chain ID that’s tied to the Smart Bitcoin Cash Testnet.

So the new ETHPoW (ETHW) chain uses the same Chain ID as the “Smart Bitcoin Cash Testnet”. shortName “gon” as in “gone” like your coins in a replay attack?🤔Can’t make this stuff up and it just keeps getting better LMAO!!! 😂😂😂😂 https://t.co/1DFl4KyeO7

— Cascadia Coin (@cascadia_coin) September 15, 2022

The mistake caused observers to ridicule the project, but others said that it did not matter that the blockchain devs chose a Chain ID already in use. While the blockchain was in the midst of launch, the ETHW team has been announcing exchanges and mining pools that support the new fork.

📢 New token available today: $ETHW @ethereumpow

💪 Trading begins NOW
⏳ Deposits & withdrawals start Sept 16 at approximately 15H30 UTC
✅ $ETHW distribution has already started

Learn more 👇https://t.co/MnsL2p19vT pic.twitter.com/t6s7R2HJXd

— Kraken Exchange (@krakenfx) September 16, 2022

On Friday morning (ET), ETHW’s Twitter account tweeted about Huobi, Poolin, Kraken, Dex Screener, Bitrue, Kyber Network, and Math Wallet supporting the new ETHW asset. However, during the last day, the ETHW token has shed more than 39% in USD value and ETHW is down 90.72% from its ATH.