Investing.com – The Ethereum PoW token, ETHW, which has forked after consolidation from its network and continues to operate in a Proof of Work model, cannot escape a decline despite being backed by several crypto exchanges.
Ethereum, the second largest blockchain network in the crypto market, successfully completed its history last week. However, while the merger update coincided with negative macroeconomic data, ETH price was not priced as expected. Meanwhile, miners who want to continue running Ethereum in a Proof of Work consensus mechanism have gone to the Ethereum PoW fork and introduced ETHW tokens to the market.
After the launch of ETHW, trading began on several platforms, including the major exchanges. However, in conjunction with the general decline in the market, the currency is still subject to a difficult sell-off.
Ethereum PoW (ETHW) has lost nearly 30% in the last 24 hours. Since its launch on September 15, it has been trading at $5.46, down more than 70%. On the other hand, Ethereum lost 25% last week and is at $1,300 today.
Despite its bearish performance, ETHW remains one of the most popular crypto assets since its launch on September 15th. This indicates that investors are watching ETHW’s performance with interest.
Latest developments about ETHW
ETHW was first listed on high-traffic crypto exchanges such as FTX, Houbi Global, Kraken, and Bitrue. On the other hand, Binance said that if the Ethereum PoW is implemented successfully, it will support ETHW airdrops as much as ETH for its users who have ETH in their instant wallets. However, the Binance exchange also stated that it will not be in a rush to list.
Last week, a statement was released about ETHW from Grayscale, the world’s largest digital asset manager. The asset management company reported that it acquired more than 3 million tokens from ETHW due to its investment in Ethereum. He has pledged his best efforts to recover the ETHW assets transferred to the investors’ accounts and then sell these assets within 180 days.
Are Ethereum miners in trouble?
Crypto miners gave an interview to Coindesk last week, claiming that 90% of Ethereum miners could go bankrupt soon. The reason for this is that no expensive graphics cards and hardware are required to issue new tokens in Ethereum.
There are still concerns that other PoW networks that are compatible with the hardware used in Ethereum mining, such as the Ethereum PoW, will not be sufficient to power mining profitably.
Author: Gunay Caymaz