Ethereum purists are resisting the merger: Ethereum Pow plummets on its market debut.
On their official Twitter profile they define themselves as "the original Ethereum powered by PoW, while the Ethereum Foundation insists on a PoS fork." It could be said, that Ethereum PoW (ETHW) is the cryptocurrency created to those who resist accepting the Ethereum merger.
It is a token that can still be mined, that is, it is maintained on the blockchain with the Proof of Work (PoW) consensus protocol - Proof of Work - and not in Proof of Stake (PoS) - Proof of Participation - which is what Ethereum has passed after the update of its blockchain software, in the event known as The Merge, and that took place last Thursday, September 15, 2022.
Ethereum Pow plummet
The moment chosen to be on the market, how could it be otherwise, was parallel to the completion of the Ethereum merger, which was completed satisfactorily.
Not so positive was the landing on the ETHW exchanges, since, according to CoinMarketCap, it fell by 77.87%. At the time of writing, the cryptocurrency is priced at 13.48 euros, after reaching a high of 60.92 euros on September 15, 2022.
Very bad debut, therefore, of this token that pretends to maintain the essence of the Ethereum co-founded by Vitalik Buterin.
One of the direct effects of the merger is that network miners must choose new places in which to mine cryptocurrencies.
Ethereum Pow plummet miners
A good way to know (quite accurately) where Ethereum miners are going is to analyze how hash rates (hashrate) are evolving on other networks. Since, the fact that there is greater computational power, to a large extent, means that there are more nodes mining.
In Spain, a first analysis of Ethereum miners was already made in this regard, and according to 2minners, Ergo, Ethereum Classic, Neoxa and Ravencoin were the tokens whose network had seen its hash rate increased the most.
Ethereum Pow plummet hashrate
They should also include Ethereum PoW, since they have gone from a hashrate of 27.63 TH/ s, on September 15, to one of 68.09 TH/ s today, which implies a growth of 146.4%.
It is important to note that the great rise occurred at 20:00 hours, when it jumped from 28.20 TH/ s to 55.43 TH/ s. Subsequently, it reached a maximum of 80.56 TH/ s, to, from that moment, enter a slow and contained downtrend.
