- EtherePoW’s hashrate and mining difficulty are currently at their lowest levels since the network’s inception.
- Miners are gradually exiting the network.
- Less than 1% of all addresses on the network are active.
almost three months after the divergence of Ethereum Proof of Work [ETHPOW] From the Ethereum mainnet, its hashrate recently hit an all-time low. 2Miners.com Indicated.
read Ethereum PoW Price Prediction 2023-24
As of this writing, the Proof of Work network has a hashrate of 19.7 TH/S, the lowest since the network was forked from the Ethereum mainnet after the September 15th merger.
For context, on the day of the merger, the ETHPOW network had a hashrate of 68.17 TH/S, but has steadily declined since then.
Source: 2Miners.com
A steady decline in a network’s hashrate usually indicates a decline in the computing power required to validate and add transactions to that blockchain, thus increasing the security of that network. shows the status of
Furthermore, a constant drop in hashrate also indicates miners exiting the network due to little to no profitability levels.
ETH POW’s constant hashrate drop may be due to the gradual exit of miners from the network. Since its inception, the price of ETHPOW has been steadily declining, meaning that the value of revenue paid to miners on the network has been declining for months.
Chandler Guo, the miner behind the fork of the Ethereum mainnet network, said: crypto news outlets In a September interview, he said 90% of miners in the forked network could go bankrupt. Mr. Guo
“Some people (miners) have free electricity and can (continue) work on it. The other 90% go bankrupt.”
Likewise, the network’s mining difficulty has reached its lowest level since launch. 2Miners.com clearly. Mining difficulty correlates with hashrate as the former is adjusted based on changes in the latter. Therefore, the more miners working on the network, the higher the difficulty of mining.
The plummeting ETH POW mining difficulty after September 15 further confirms the fact that multiple miners have left the network. At the time of writing this he was 259.98 T.
Source: 2Miners.com.
On-chain performance since the fork
According to data from ok link, 1.67 billion transactions have been completed since the ETH POW network was forked.142.6 million to complete the same Approximately $516.21 million worth of ETHW tokens have been spent by network users.
Additionally, 274.58 million addresses have been created on the network since its inception. Over 300,000 addresses were added in the last 24 hours alone. Of all addresses on the network, only 474,677 were active. This shows that less than 1% of all addresses on his network are active.
Source: OKLink
