Ethereum Forks Take Hit: Value Down 94-98%; Hashrate 75% Lower

• The Ethereum community saw the launch of two new PoW Ethereum forks: ethereumpow and ethereumfair, four months ago.
• Since then, the value of both coins has dropped by 94.8% to 98.4% in U.S. dollars.
• The network’s hashrate has fallen from 68.17 terahash per second (TH/s) to 16.99 TH/s, a 75.07% decrease since The Merge.

The Ethereum community saw the launch of two new proof-of-work (PoW) Ethereum forks, ethereumpow and ethereumfair, four months ago, following the transition from proof-of-work (PoW) to proof-of-stake (PoS). Unfortunately, in the past four months, the value of both coins has dropped drastically, with ethereumpow (ETHW) down 94.8% and ethereumfair (ETHF) down 98.4% in U.S. dollars.

At the time of launch, ethereumpow was trading at $58.54 per unit and ethereumfair was trading at $25.20, but their value has since dropped to $3.08 for ETHW and $0.50 for ETHF. Both coins have seen a decrease in the past month, with ETHW down 19.8% and ETHF down 22.3%. However, over the past two weeks, ETHW has seen some improvement, climbing 4.3% in value.

The network’s hashrate has also been affected by the transition to proof-of-stake, falling from 68.17 terahash per second (TH/s) to 16.99 TH/s, a loss of 75.07% since The Merge took place. The top two mining pools for ETHW currently are F2pool and 2miners. With an overall market valuation of around $326.40 million, ETHW is ranked 94th among the top 100 tokens in terms of market capitalization.

Despite the significant value loss and decreased hashrate, the Ethereum forks remain popular within the cryptocurrency community, offering users an alternative to proof-of-stake and providing a variety of uses for their coins. As the Ethereum network continues to grow and develop, it remains to be seen if the two forks can rebound and experience a market recovery.