ETHW is down 67% in one day and the ETHPoW servers are all for it

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

Life without YOU

Well, despite taking a huge hit, ETHPoW — the rival offshoot of the ETH network 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 basic technical requirements and details. Here, the official RPC for users to add ETHPoW to their wallets and block the explorer URL.

The price of the ETHPoW token increased drastically moments after the merger. Before that, the fork’s native cryptocurrency, ETHW, was up about 70% to $60.68, likely in anticipation of the network’s launch. Soon, the token jumped from $34.08 to $51.35 moments after the merger.

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

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

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

Others mentioned also followed the lead. However, Ethermine has chosen to end its Ethereum mining services due to Ethereum’s PoS activation, officially announcing a withdrawal-only operation.

Error #101

It is fair to say that this celebration was short-lived indeed. Technical issues prevented the forked PoW blockchain from rolling out after the merge. ETHPoW’s website servers have been shut down due to increased activity.

Different users faced problems accessing the site given such a huge hurdle.

Allegedly, the issue 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 potential volatility around the token’s value.

Well, the symbol met the rage here. At the time of writing, ETHW has fallen a MASSIVE 67% in just 24 hours as it traded around the $14 mark.

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