ETHW price collapses by 61% after the Ethereum upgrade

According to CoinGecko, the value of the token fell from $45 to $27,42

15.09.2022 - 09:45

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What’s new? 3 hours after Ethereum switched to the Proof-of-Stake (PoS) consensus algorithm, the value of the ETHW fork running on the Proof-of-Work (PoW) algorithm plummeted by 60,93% from $45 to $27,42. This is evidenced by the data of the aggregator CoinGecko.

ETHW price chart on CoinGecko’s website

What is known about the upgrade? On September 15, at 06:45 UTC, the Ethereum network made the transition from PoW to PoS. The blockchain’s co-founder Vitalik Buterin confirmed the successful completion of the upgrade. The Merge was launched at block 15 537 432.

What is known about the PoW fork? EthereumPOW developers are in favor of keeping the original PoW consensus algorithm for the Ethereum blockchain. A number of major Ethereum mining pools are expected to support ETHW, including F2Pool, Nanopool, Poolin, and BTC.com. The network also partners with backup mining pool EthwMine. Meanwhile, Ethereum’s largest mining pool, Ethermine, stopped supporting the PoW algorithm.

Cryptocurrency exchange Binance credited users with ETHW coins at a ratio of 1:1 in accordance with their balance of the original asset.

The EthereumPOW team will announce the launch of the fork within 24 hours of The Merge.

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