Ethereum Proof of Work ETHW/USD is up 22%, making it the highest performer on CoinMarketCap's daily gainers' list.
What Happened: At the time of writing, Ethereum ETH/USD was trading at $1,272, down 1.15%. Apex crypto Bitcoin BTC/USD was trading below the $17,000 mark, down 1.27% in the past 24 hours.
ETHW is an asset born out of Ethereum’s Merge in September. It should be noted that ETH transitioned from proof-of-work to proof-of-stake, making the second largest cryptocurrency far more energy efficient by eliminating the need for miners and replacing them with validators, who stake crypto and don’t utilize expensive energy-intensive machines to secure the network.
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However, ahead of the Merge, Chinese miner Chandler Guo launched a campaign to oppose the move — the result was a completely new cryptocurrency via a hard fork that still uses proof of work mining.
ETHW Foundation said in a tweet that 2.5 months after the fork over 86 million active addresses hold the forked crypto.
2.5 months after the fork -— EthereumPoW (ETHW) Official #ETHW #ETHPoW (@EthereumPoW) November 30, 2022
✅Addresses and Tokens are not bad at all.
✅Still need to catch up in terms of Transactions.
👍👍Thanks to the users that are holding and active!
👍👍Thanks to those contract builders!#ethw #ethpow #ethereumpow #eth #ethereum #buidl #ethweco pic.twitter.com/4mf2jwQ3vb
Binance said in September that it was releasing an ETHW mining pool for its users, noting that users would not be charged fees until Oct.29 if they participated.
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