EthereumPOW hit by triple whammy: plummeting mining activity and…

• Mining exercise on EthereumPoW is at an all-time low.
• DeFi exercise on the chain can also be nearly non-existent.

The hashrate of EthereumPoW’s [ETHW] community has hit an all-time low as a consequence of a steady lower in mining exercise, information from 2Miners.com revealed.

As of this writing, the community’s hashrate stood at 14.82 TH/s, having fallen by nearly 80% for the reason that chain grew to become operational final September.

Supply: 2Miners.com

Likewise, the drop in mining exercise on the EthereumPOW in the previous few months culminated in the same downward development within the chain’s mining problem.

At press time, the community problem was 199.83 T, its lowest stage for the reason that first block was mined on the community when Ethereum transitioned right into a Proof-of-stake (PoS) consensus mechanism in September 2022.

Supply: 2Miners.com

A lower in a community’s hashrate and mining problem can recommend a discount within the variety of miners who’re actively collaborating within the community’s mining course of.

This may be brought on by a variety of elements, resembling decreased rewards for miners, or a decline within the worth of the cryptocurrency being mined.

Learn EthereumPoW’s [ETHW] Worth Prediction 2023-2024

ETHW’s value motion for the reason that merge confirmed a gentle fall in worth.

In response to CoinMarketCap, the alt’s value has decreased by 91%. This has led to a drop in charges miners earn on the proof-of-work community, inflicting them to exit the chain of their numbers.

Ought to this decline persist, it may result in decreased safety and stability of the community over time.

DeFi exercise can also be dwindling

Per information from DefiLlama, the entire worth of property (TVL) locked on EthereumPoW was $533,354. This 12 months alone, the community’s TVL has declined by 32%. 

Following its launch in September 2022, the community skilled a notable enhance within the variety of DeFi tasks launched on it.

This resulted in a brief rise in its TVL, which reached a report excessive of $6.76 million on 29 October 2022. Nevertheless, since then, the TVL has declined by 92%.

Supply: DefiLlama

To supply context, of the 15 DeFi protocols housed throughout the chain, just one logged a meager 0.16% uptick in TVL within the final 30 days. Of the 15 tasks, 9 recorded double-digit declines in TVL. 

Supply: DefiLlama

Consumer exercise is excessive

In response to information from OKLink, EthereumPoW noticed an inflow of recent addresses within the final 24 hours.

In response to the on-chain information supplier, 196,541 new addresses have been created on the blockchain, bringing the entire variety of addresses on the chain to 294 million.

How a lot are 1,10,100 ETHWs price in the present day?

Notably, the chain has 294 million addresses, however solely 304,492 addresses, which is equal to 0.1%, have been lively.

Supply: OKLink