ETHW drops 67% in one day and ETHPoW’s servers have everything to do with it

ETHW drops 67% in one day and ETHPoW’s servers have everything to do with it

Ethereum [ETH], the largest altcoin, completed the historic merger into PoS on September 15th. But what about the newest, liveliest Ethereum fork – “designed” by veteran Ethereum miner, ETH PoW? Is it dead yet or is it still breathing deep in the crypto ocean?

Life without YOU

Well, despite a major blow, ETHPoW – the ETH network’s rival offshoot continued to believe in its ability. In fact, ETHPoW officially launched its mainnet on September 16th. This was followed by the team announcing the same via social media.

The release included important technical requirements and details. Here is the official RPC for users to add ETHPoW to wallet and block explorer URL.

The price of the ETHPoW token rose drastically moments after the merger. Prior to this, the fork’s native cryptocurrency, ETHW, surged around 70% to $60.68, likely in anticipation of the network’s launch. Soon the token rose from $34.08 to $51.35 moments after the merger.

Meanwhile, the platform even received support from mining giants. EthereumPoW, the community advocating for ETHPoW, or the PoW Ethereum version, released a list of mining pools to continue mining after the launch of the ETHW network. These included F2Pool, Poolin and Antpool.

F2pool launched the ETHW (EtheremPoW) mining pool. The blog added,

“(…) the remaining hashrate in our ETH pool is redirected to our ETHW mining pool. ETHW uses the Ethash mining algorithm, it can be mined with current GPUs and Ethash ASIC miners.”

Others mentioned also followed the lead. However, Ethermine chose to end its Ethereum mining pool services due to Ethereum turning on PoS, and officially announced a withdrawal-only mode.

Mistake #101

It’s fair to say that this celebration was indeed short-lived. Technical issues prevented the launch of the forked, post-Merge PoW blockchain. ETHPoW’s website servers are shutting down due to increased activity.

Various users faced difficulties in accessing the site given such a huge obstacle.

Apparently the problem was that ETHPoW had chosen a chain ID that was already in use.

Many took to social media to warn about interacting with the brand new chain. They also raised concerns about potential replay attacks and possible volatility around the token’s value.

Well, the token met the wrath here. At the time of writing, ETHW fell a MASSIVE 67% in just 24 hours as it traded around the $14 mark.

Leave a Reply

Your email address will not be published.