ETHW Token Plummets 60% Soon After Its Launch On Mainnet

• The ETHW token’s worth has dropped 60% successful the past 24 hours 
• The token was earlier trading astatine $60.08. However, astatine property time, the token has documented a autumn of 60% and is presently sitting astatine $11.75.

The Ethereum PoW fork token, which launched 24 hours aft the Ethereum merge deployment, tanked 60% soon aft it went unrecorded connected the mainnet. 

ETHW Token Value Drops To $11.75 

According to the information from Coinmarketcap, the autochthonal token of EthereumPoW, ETHW, initially traded astatine a whopping terms of $60 soon aft its motorboat connected Thursday. 

However, the caller metrics represent a antithetic story, denoting the autumn of the ETHW token from its earlier worth of $60.68 to $11.81 astatine property time. The token has registered a diminution of 32% successful the past 24 hours.

Described arsenic a imaginable hard fork of the Ethereum blockchain, the forked token went unrecorded 24 hours aft the Ethereum merge deployment. 

Launched nether the enactment of EthereumPoW, the organisation describes itself arsenic an “original impervious of enactment blockchain.” ETHW is led by a radical of crypto miners, including Chandler Guo, a Bitcoin miner, who was the archetypal idiosyncratic to suggest forking the Ethereum blockchain. 

A faction of crypto miners were aggressively vying for an Ethereum hard fork execution alternatively of the merge to assistance the blockchain successful retaining its archetypal PoW consensus. The token was launched successful effect to the increasing miner’s request, whose worth has present dropped 60% station the merge event. 

Before proceeding up with the fork, Guo was warned by the ETC Cooperative astir the imaginable repercussions of launching an ETHW token, which had a precocious probability of nonaccomplishment upon its launch. The cooperative had besides issued an unfastened missive for the same, advising the miners to simply migrate to the Ethereum Classic, a PoW rendition of the existent Ethereum blockchain 

On the contrary, Ethereum Classic has been gaining credible traction implicit the past fewer days. Following the Ethereum merge upgrade and its caller power to PoS, respective crypto miners person begun to see Ethereum Classic arsenic a viable alternate to practicing accepted crypto mining. The surging online enactment connected Ethereum Classic has spiked its caller hash complaint metrics, which went soaring connected Thursday to 307 Th/s aft Ethereum’s PoS upgrade.

At property time,$ETC is trading astatine $33.81, down 8% successful the past 24 hours, with its existent hashrate sitting astatine 228.93 Th/s.

Image: EthereumPoW/Twitter