Ethereum’s transition to Proof of Stake (PoS) didn’t give a respite in the bear market as some had hoped, and prices were also on the decline overall. But it seems that the old PoW chain has suffered much more damage.
Prior to the Merge, ETHW, the native token of the PoW network created by cryptocurrency miners, was hovering just under $30. Shortly before the transition, it rose to almost $ 60.
Those who had accumulated Ether (ETH) prior to the Merge update disposed of their Ether in chunks over the next 24 hours, causing the token price to drop. ETHW is trading at $6.5 as of 20.15 TSI. Within a week, the price had dropped to $4.
Hash rate dropped, miners are not convinced
Although the official EthereumPoW Twitter account describes this chain as the “original Ethereum”, the network’s falling hash rate alone shows that it is not enough to convince miners to stay. Mining activity peaked at near 80 TH per second just after Merge, then rapidly dropped to around 30 TH per second three days later and is still at that level.
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