Did you know that there is another variant of Ethereum that runs on Proof of Work? This coin is nowhere near regular Ethereum in popularity, but is still heavily traded, as evidenced by its current 27% price increase.
Ethereum PoW price rises
The current price of Ethereum PoW is 3.10 euros. This is due to the increase of almost 27% in the past 24 hours. There are currently 108 million ETHW in circulation with a total market value of €254 million. Compare this to ‘real’ Ethereum, which has a total market value of €244 billion.
If we rank all currencies based on their total market value, Ethereum ranks second (after Bitcoin). Ethereum PoW ranks 155th. Much lower, but considering the journey this coin has taken, it is quite impressive.
What is Ethereum PoW again?
The original Ethereum blockchain is based on the PoW consensus mechanism, where miners use computing power to perform complex calculations and add new blocks to the blockchain. These miners were rewarded with Ether, Ethereum’s native cryptocurrency.
This system offers advantages, but also a major disadvantage, namely energy consumption. The Ethereum Foundation therefore decided long ago that Proof of Work should be abandoned. In September 2022 the time has finally come.
Overnight, a new model emerged in which miners could no longer earn anything. Of course, not everyone was happy with this. Chinese miner Chandler Guo therefore almost immediately launched the PoW-based Ethereum blockchain.
To distinguish it from the new Ethereum, it was simply called Ethereum PoW. Nice and simple.
Anyone who owned Ethereum at the time of The Merge on September 15 would automatically (and for free) receive the same amount of Ethereum PoW.
Source: BTC Direct
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Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
