ETHW: 90% of miners can go bankrupt when the hyper-network gets off to a rough start

Continuing the mainnet launch on September 15, the correct launch of the Ethereum Proof of Work (ETH-PoW) fork has been hampered by bugs. As a result, the blockchain is still after the PoW دمج integration inaccessible Just two days after launch.

In an interview with Coindesk on September 16, Ethereum miner Chandler Guo made some bold claims about ETHW miners. Guo happens to be the one who led the push towards the fork of the Ethereum mainnet. Chandler Joe confirmed that, according to him, 90% of miners on the forked network could go bankrupt. He said.

Some people (miners) have free electricity and can (continue) to work with it. The remaining 90% are bankrupt.”

ETH-PoW since launch

After Ethereum moved to PoS, the forked network was launched on the mainnet. This happened so that miners could continue their work using the Proof of Work consensus mechanism.

According to the additional data From OKLink1,715,991,282 transactions have been processed on the network since the merger. However, at the time of writing, there were 204,368 transactions awaiting chain approval.

Transaction value reached 9.54 billion ETHW has been processed on the PoW blockchain since the mainnet was launched on September 15. Additional data from OKLink showed that the total number of addresses in the network was 254,528,549, with 9,104 addresses added in the last 24 hours.

The number of active addresses on the network at the time of publication was 46,616, after noticing a 56% drop in the past 24 hours. In addition, 86,516,070 titles currently contain the original string (ETHW) token. The number of accused has increased by 798 in the past 24 hours.

ETHW – Much Ado About Nothing?

According to data from CoinMarketCap, ETHW has changed hands at $10.37. Since the launch of the mainnet two days ago, the price of the common asset has dropped by a whopping 234%.

Source: CoinMarketCap

In the last 24 hours, ETHW has seen a 10% price drop. However, during the same period, data from CoinMarketCap revealed a 44% increase in the trading volume of the fork. This type of divergence between price and volume indicates buyer exhaustion and is an indication of the continued decline in the price of the crypto asset.

On the daily chart, ETHW has been significantly oversold. The Relative Strength Index (RSI) was set at 21. The Asset Money Flow Index (MFI) was flat at 14. With a sharp drop in buying pressure, ETHW’s Chaikin Money Flow (CMF) was flat at -0.49 at the time of writing.

Source: TradingView

The places occupied by these leading indicators indicate one thing – a strong distribution of ETHW.

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