ETHW: 90% miners may go bankrupt as forked network sees a rocky start

Sequel to its launch on the mainnet on 15 September, the correct take-off of the forked Ethereum Proof-of-work (ETH-PoW) has been hindered by glitches. Consequently, the post-Merge PoW blockchain stays inaccessible simply two days after its launch. 

In an interview with Coindesk on 16 September, Ethereum miner Chandler Guo made some daring claims about ETHW miners. Guo occurs to be the one who led the push for the fork of the Ethereum mainnet community. Chandler Guo confirmed that in line with him, 90% of miners on the forked community would possibly go bankrupt. He said.

“Some folks (miners) have free electrical energy and might (proceed) to work on that. The opposite 90%, bankrupt.”

ETH-PoW since launch

After the transition of Ethereum right into a PoS community, the forked community launched on the mainnet. This occurred in order that miners might proceed their work on a PoW consensus mechanism. 

As per extra knowledge from OKLink, 1,715,991,282 transactions have been processed on the community for the reason that Merge. Nonetheless, at press time, 204,368 transactions have been pending approval on the chain.

Transactions price 9.54 billion ETHW have been processed on the PoW blockchain for the reason that mainnet launch on 15 September. Additional knowledge from OKLink revealed that whole addresses on the community stood at 254,528,549, with 9,104 addresses added within the final 24 hours.

Energetic addresses on the community at press time have been 46,616, having logged a 56% decline within the final 24 hours. Moreover, 86,516,070 addresses presently maintain the native token (ETHW) of the chain. The variety of addressed witnessed an addition of 798 within the final 24 hours. 

ETHW –  a lot ado about nothing?

In response to knowledge from CoinMarketCap, ETHW exchanged palms at $10.37. For the reason that mainnet launch two days in the past, the worth of the forked asset has declined by an enormous 234%.

Supply: CoinMarketCap

Within the final 24 hours, ETHW posted a ten% drop in its worth. Nonetheless, throughout the identical interval, knowledge from CoinMarketCap revealed a 44% rally within the buying and selling quantity of the forked coin. This type of price-volume divergence signifies consumers’ exhaustion and is a precursor to a continued decline within the worth of a cryptocurrency asset. 

On a each day chart, the ETHW was considerably oversold. The Relative Power Index (RSI) was positioned at 21. The asset’s Cash Circulation Index (MFI) was pegged at 14. With a extreme decimation to purchasing strain, ETHW’s Chaikin Cash Circulation (CMF) was pegged at -0.49 as of this writing. 

Supply: TradingView

The spots occupied by these key indicators level at one factor – a heavy distribution of ETHW.