EthereumPOW continues to grow, ETH mining clearly not dead yet

A while back, the long-awaited merge update on it Ethereum (ETH) network launched. This switched the network from proof of work (PoW) to proof of stake (PoS) and thus it became mine of ETH tokens a thing of the past. However, a group of miners decided to make their own split of the network where they could still mine. This network, EthereumPOW (ETHW), continues to grow, suggesting that ETH mining is not over yet.

EthereumPOW seems popular

Even before the project was launched, it received a lot of attention. Miners in particular were keen to continue mining ETH tokens when this would no longer be possible on the Ethereum network.

One of the founders of EthereumPOW was Chandler Guo. Of course, it comes as no surprise that Guo also previously owned Ethereum miner used to be. On Twitter, he announced yesterday that EthereumPOW has already attracted more than 100 projects. He also stated that an Ethereum ‘without founder Vitalik Buterin’ is a lot better.

Blockchain analytics firm Wu Blockchain suggested a few days ago even though there are more than 80 different dApps running on the EthereumPOW ecosystem. This includes DeFi, NFTDEX and GameFi protocols.

“As a public chain that is less than a month old, its ecosystem on the chain is just as well developed as that of its closest competitor, ETC, which has been around for several years.”

ETHW rate

Before ETHW was launched, Ethereum founder Vitalik Buterin indicated that miners who want to continue their business can switch to the Ethereum Classic (ETC) network. However, Guo rejected this suggestion by stating that Ethereum Classic does not have a vibrant ecosystem at all. He seems to have been somewhat right about this, as more projects are already running on the new EthereumPOW a month later.

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The price of ETHW is a lot less good. Although initially ETHW just after the launch skyrocketed, the price of the token has already plummeted again. In mid-September the all time high around $60, but today ETHW is trading at just $7.26.

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