Following the transition from proof-of-work (PoW) to proof-of-stake (PoS), the Ethereum community saw the launch of two new Ethereum PoW forks: ethereumpow and ethereumfair. Over the past four months, the value of both coins has dropped from 94.8% to 98.4%.
PoW Ethereum Forks Ethereumpow and Ethereumfair experience significant value loss after launch.
Since their launch in September 2022, the two recently introduced Ethereum forks that use a proof-of-work (PoW) consensus algorithm have experienced significant value loss. Ethereum itself made the transition from PoW to proof-of-stake (PoS) on September 15, 2022, known as “The merger“. Since then, ETH has lost 25.62% of its value, falling from $1,635 per coin to $1,216.
The two forks that followed the transition from Ethereum to PoS fared poorly, losing 94.8% to 98.4% of their value since then. Ethereumpow (ETHW) is currently trading at $3.08 per unit, down from its all-time high of $58.54 on September 3, 2022. ETHW’s price was calculated before the channel went live, as some exchanges offered IOU markets before the fork.
In addition to its 94.8% loss in US dollar terms, ETHW has also fallen 19.8% in the past month. However, over the past two weeks, ETHW has seen some improvement, rising 4.3% in value. As of January 3, 2023, ETHW is ranked number 94 among the top 100 tokens by market capitalization, with a total market capitalization of approximately $326.40 million.
Along with its price drop over the past four months, the network’s hash rate has dropped from 68.17 terahasshes per second (TH/s) to 16.99 TH/s, a loss of 75.07% since the merger took place. The two main mining pools for ETHW are currently F2pool and 2miners. Ethereumfair (ETHF) is a lesser known fork of Ethereum, and has no rank assigned to it on coinecko.com.
As of January 3, 2023, it was ranked #2,736 among the 22,174 tokens on coinmarketcap.com. ETHF is down 98.4% since its all-time high of $20.59 on September 16, 2022. It has seen a total trading volume of $657,438 in the past 24 hours, with Gate.io being the top exchange in terms of trading volume for ETHF .
Over the past four months, there has been little talk of these Ethereum forks, and Google Trends data shows a significant drop in interest since “The merger“. The keyword “Ethereum Fork” had a score of 100 during the week of September 11-17, 2022, but has now dropped to four.
The same trend is seen for the keyword “ETHW“, which also reached a score of 100 during this week, but barely stops at a score of four. Conversations about these forks are also low on Twitter and forums like Reddit. The drop in price and lack of interest suggests that these two new ETH proof-of-work forks are slowly losing relevance.