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.
ETHW Mainnet Info
Network name: ETHW-mainnet
New RPC URL: https://t.co/MQ04pnPQyW
Chain ID: 10001
Currency symbol: ETHW
Block Explorer URL (Optional): https://t.co/J3JllmQA8I
— Official EthereumPoW (ETHW) #ETHW #ETHPoW (@EthereumPoW) September 15, 2022
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.
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.
— HM (@HamzahM92) September 15, 2022
Allegedly, the issue was that ETHPoW had chosen a chain ID that was already in use.
MetaMask says: “The network with chain ID 10001 may be using a different currency symbol (BCHT) than the one you entered. Please verify before continuing.”
Get ready for a repeat attack LMAO!!! Do you even know what you are doing?🤣🤣🤣🤣
— Cascadia Coin (@cascadia_coin) September 15, 2022
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.