ETHPoW, a separatist proof-of-work (PoW) blockchain forked from Ethereum’s Merge, went reside on Sept. 15. Nonetheless, the chain suffered technical points after the launch, which put downward strain on its ETHW token.
ETHW value down 65% amid “ChainID” fiasco
The worth of ETHW has dropped by 65% since ETHPoW’s launch to round $14 on Sept. 16, in response to CoinMarketCap. At its lowest, the token was altering palms for $9.50.
The losses coincided with a technical difficulty associated to ETHPoW’s ChainID.
ChainIDs are identifiers that assist customers determine one blockchain from one other. Thus, ETHPoW required a brand new ChainID to separate its transaction information from the unique Ethereum blockchain after the Merge, in any other case, it risked creating duplicate transactions.
Lol EthPow miners set to mistaken chainID, in order that they’re mining testnet https://t.co/IichaPURjr
— David Trrrrrrr (@daveytea) September 15, 2022
The crew behind ETHPoW introduced on Sept. 15 that its distinctive ChainID is 10001. Nonetheless, information from Chainlist exhibits {that a} cryptocurrency venture known as Good Bitcoin Money, working below the ticker BCHT, has the identical ID. This difficulty resulted in errors on the MetaMask cryptocurrency pockets.
The ETHPoW acknowledged the problem and adjusted the ChainID in a while Sept. 15. Nonetheless, a number of miners appeared to have pulled out regardless of a couple of main swimming pools persevering with to mine the PoW chain.
Notably, the ETHPoW hash charge fell to 66.64 TH/s on Sept. 16 after peaking at 80.56 TH/s earlier within the day.
As compared, the hash charge of Ethereum Traditional (ETC), one other PoW different for Ethereum miners, was 234.56 TH/s on Sept. 16 versus its peak close to 310.5 TH/s the day earlier than.
ETHW listed on some exchanges regardless of considerations
Eric Wall, the chief funding officer at cryptocurrency funding agency Arcane Property, famous that ETHPoW miners couldn’t maintain the chain at present ETHW costs. He defined:
“The day by day rewards are 13100 ETH, $354k as a substitute of $20m. There isn’t any approach miners can simply “maintain mining” the ETHPoW chain, irrespective of the way you modify the issue. There merely aren’t sufficient rewards within the system to pay for the electrical energy payments.”
Associated: Dogecoin turns into second largest PoW cryptocurrency
However, ETHW was listed at some main cryptocurrency exchanges, together with FTX and Huobi. As well as, BitTrue has additionally launched an ETHW-based liquidity staking service that gives depositors a 6% annual return.
The views and opinions expressed listed below are solely these of the writer and don’t essentially mirror the views of Cointelegraph.com. Each funding and buying and selling transfer entails threat, you must conduct your individual analysis when making a call.
