ETHW: 90% miners may go bankrupt as forked network sees a rocky start
Sequel to its launch on the mainnet on 15 September, the right take-off of the forked Ethereum Proof-of-work (ETH-PoW) has been hindered by glitches. Consequently, the post-Merge PoW blockchain stays inaccessible simply two days after its launch.
In an interview with Coindesk on 16 September, Ethereum miner Chandler Guo made some daring claims about ETHW miners. Guo occurs to be the one who led the push for the fork of the Ethereum mainnet community. Chandler Guo confirmed that in accordance with him, 90% of miners on the forked community would possibly go bankrupt. He said.
“Some individuals (miners) have free electrical energy and may (proceed) to work on that. The opposite 90%, bankrupt.”
ETH-PoW since launch
After the transition of Ethereum right into a PoS community, the forked community launched on the mainnet. This occurred in order that miners may proceed their work on a PoW consensus mechanism.
As per extra information from OKLink, 1,715,991,282 transactions have been processed on the community because the Merge. Nevertheless, at press time, 204,368 transactions had been pending approval on the chain.
Transactions price 9.54 billion ETHW have been processed on the PoW blockchain because the mainnet launch on 15 September. Additional information from OKLink revealed that complete addresses on the community stood at 254,528,549, with 9,104 addresses added within the final 24 hours.
Lively addresses on the community at press time had been 46,616, having logged a 56% decline within the final 24 hours. Moreover, 86,516,070 addresses presently maintain the native token (ETHW) of the chain. The variety of addressed witnessed an addition of 798 within the final 24 hours.
ETHW – a lot ado about nothing?
In keeping with information from CoinMarketCap, ETHW exchanged palms at $10.37. Because the mainnet launch two days in the past, the value of the forked asset has declined by an enormous 234%.
Supply: CoinMarketCap
Within the final 24 hours, ETHW posted a ten% drop in its value. Nevertheless, inside the identical interval, information from CoinMarketCap revealed a 44% rally within the buying and selling quantity of the forked coin. This kind of price-volume divergence signifies patrons’ exhaustion and is a precursor to a continued decline within the value of a cryptocurrency asset.
On a day by day chart, the ETHW was considerably oversold. The Relative Power Index (RSI) was positioned at 21. The asset’s Cash Move Index (MFI) was pegged at 14. With a extreme decimation to purchasing strain, ETHW’s Chaikin Cash Move (CMF) was pegged at -0.49 as of this writing.
Supply: TradingView
The spots occupied by these key indicators level at one factor – a heavy distribution of ETHW.
