Connect with us

2miners.com

Team Behind Ethereum’s PoW Fork Aims To Launch Network 24 Hours After The Merge

Published

on

Team Behind Ethereum’s PoW Fork Aims To Launch Network 24 Hours After The Merge

While The Merge is expected to take place in less than two days, the Ethereum proof-of-work (PoW) fork is scheduled to go live 24 hours after the transition, according to ETHW developers. On August 8, 2022, ETHW exchanged hands for $141 per unit and today the crypto asset is down 73% lower in USD value.

ETHW Mainnet to Launch 24 Hours After The Merge

After Ethereum’s Merge takes place and the blockchain transitions to proof-of-stake (PoS), a new forked token will be born called Ethereumpow (ETHW). On September 12, 2022, ETHW core developers announced “ETHW mainnet will happen within 24 hours after The Merge.” The core developer’s blog post notes the “exact time will be announced 1 hour before launch with a countdown timer and everything including final code, binaries, config files, nodes info, RPC, explorer, etc. will be made public when the time’s up.”

The ETHW team has published open letters to the ETHW community and a blog post published on August 29 summarizes some of the project’s intentions. The ETHW core team explains that the group is a bunch of “geeks and crypto investors from all over the world” and they are choosing to remain anonymous. The post further details the rationale behind the ETHW team’s efforts, and the developers highlight that blockchain regulation is “ever increasing” and “Web3 narratives are under serious strain.”

Advertisement

The ETHW core developers further state:

PoS is indeed a game changer, but only in bad ways. Nevertheless, PoW has a 12-year track record of being reliable, robust, and censorship-resistant. It is only prudent to continue a PoW Ethereum, which should be a no-brainer for those who champion openness and the free market as there is no downside.

IOU Market Data Shows Fork Coin Is Down 73%, Core Devs Choose to Reject Proposal to Merge Contract Freezing Code

The birth of a new ethereum-styled fork means everyone who owns ethereum (ETH) will be able to obtain ETHW in some fashion. Some users will get ETHW from crypto exchanges if the crypto company codifies the existence of the new token. People holding ETH in a non-custodial wallet will be able to split their coins as they did with ethereum classic (ETC). At the time of writing, ETHW IOU market data indicates the crypto asset is trading for $36.01 per unit. ETHW is down 73% lower than the all-time high (ATH) printed on August 8.

In another community letter, ETHW core devs reveal that they are not willing to freeze ETHW liquidity pools. “[ETHW core developers] rejected the proposal to merge the contract freezing code into the main codebase and insisted that no contract pool on the ETHW would be restricted in any way,” the letter clarifies.

Tags in this story

2miners.com, Antminer E9, Antpool, Binance, Bitfly, Chandler Guo, Coincheck, ETC, ETC fork, ETH fork, Ethereum Classic, ethereum classic (ETC), Ethereum Classic Hashrate, Ethereum Fork, Ethereum PoW, ETHW, ETHW core developers, F2Pool, Flexpool.io, ftx, Grayscale ETC, Hiveon, Huobi, Poloniex, Poolin, PoW version of Ethereum, Proof of Work, Proof-of-Stake, The Merge

What do you think about the ETHW fork expected to launch after The Merge? Let us know what you think about this subject in the comments section below.

Advertisement
Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Advertisement

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Advertisement

2miners.com

Ethereum Classic Hashrate Taps All-Time High Nearing 50 TH/s Ahead Of The Merge

Published

on

Ethereum Classic Hashrate Taps All-Time High Nearing 50 TH/s Ahead Of The Merge

Ethereum Classic’s hashrate surpassed the 40 terahash per second (TH/s) region last Wednesday and four days later, the network’s hashpower reached an all-time high (ATH) at 48.82 TH/s on September 4. Ethereum’s transition from proof-of-work (PoW) to proof-of-stake (PoS) is expected to take place eight days from now, and a great deal of hashrate has left the crypto asset’s network during the last few days.

Ethereum Classic’s Hashrate Runs Hot Skyrocketing Toward 50 Terahash

The sibling blockchain of Ethereum, known as Ethereum Classic, has been reaping the benefits of Ethereum’s upcoming upgrade called The Merge. That’s because when The Merge happens, ethereum (ETH) miners will no longer be able to mine ETH as the blockchain will transition to a PoS system.

Four days ago, Bitcoin.com News reported on ETC’s hashrate rise over the 40 TH/s zone but at that time, Ethereum’s hashrate remained the same. The report noted that the hashrate would likely come in waves, and since the report on August 31, 2022, the waves of hashpower have started to increase.

Advertisement
Seven-day Ethereum Classic hashrate chart on September 5, 2022, recorded by 2miners.com.

Metrics recorded by the Ethash mining pool 2miners.com indicates that ETC’s hashrate tapped an ATH at 48.82 TH/s on September 4. Ethereum Classic’s hashrate is 19.86% higher than the ATH recorded on August 31. At that time, Ethereum’s hashrate remained roughly the same but during the course of the last four days, it’s been fluctuating more often and declining at the same time.

Seven-day Ethereum hashrate chart on September 5, 2022, recorded by 2miners.com.

By the first day of September, ETH’s hashrate according to 2miners.com statistics was coasting along at 917 TH/s. Today, on September 5, Ethereum’s hashrate is running at 926.02 TH/s and Ethereum Classic’s hashpower has a dedicated 46 TH/s. ETC’s hashrate is just a hair down from the 48.82 TH/s ATH and will likely surpass the ATH again this week.

The Merge countdown. The transition from PoW to PoS is expected to occur on September 13, 2022. Source: wenmerge.com

The Merge is expected to happen in just over eight days from now and it’s likely larger waves of hashrate will move from ETH to ETC. However, there is a planned Ethereum PoW fork in the cards called ETHW and the public won’t know how much hashrate this proposed chain will have until the network’s first few days of mining.

At the time of writing, Ethermine.org is the largest ethereum mining pool with 260 TH/s dedicated to the chain. Ethermine noted at the end of August it would stop mining ethereum at the PoW level and revealed it would offer a liquid staking service for ETH 2.0. Antpool announced it would not support a new ETH PoW chain and said it would bolster ETC. Antpool also revealed an Ethereum Classic firmware upgrade for the company’s E9 Ethash mining rig.

Below Ethermine’s hashrate, in terms of the largest dedicated streams of Ethereum hashpower, are the mining pools F2pool, Hiveon, Poolin, 2miners.com, and Flexpool.io. Most of the mining pools that mine ethereum (ETH) mine ethereum classic as well. Poolin is the largest ETC mining pool on Monday with 9.73 TH/s of hashrate dedicated to the chain. Poolin is followed by F2pool, 2miners.com, Ethermine, Hiveon, and Antpool.

Advertisement
Tags in this story

2miners.com, All time high, Antpool, Block Height, ETC, ETC miners, ETC Mining, ETH mining, Ethereum, Ethereum (ETH), Ethereum Classic, ethereum classic (ETC), Ethermine, F2Pool, Hashpower, Hiveon, MH/s, Miners, mining, Mining ETC, PH/s, Terahash, TH/s

What do you think about Ethereum Classic’s hashrate tapping an all-time high on September 4? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.

Advertisement

Image Credits: Shutterstock, Pixabay, Wiki Commons, wenmerge.com, 2miners.com,

Advertisement

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Continue Reading

132 Petahash

Ethereum’s Hashrate Surpasses Lifetime High As The Merge Gets Closer

Published

on

Ethereum’s Hashrate Surpasses Lifetime High As The Merge Gets Closer

Following the all-time high (ATH) recorded in May, Ethereum’s hashrate has been breaking records again, as it reached 132 petahash per second (PH/s) on Saturday, June 4. Presently, Ethereum’s hashrate is coasting along at 129 PH/s and the network’s top mining pool Ethermine commands 0.24% of the network’s hashrate.

Ethereum’s Hashrate Captures Another Record High This Year

On June 2, Bitcoin.com News reported on the top five mining pools retaining over 71% of Bitcoin’s hashrate during the month of May. BTC’s hashrate at the time had a rough average of around 200 exahash per second (EH/s) and 16 known mining pools mined the leading crypto asset.

Last May, around 1.03% of Bitcoin’s hashrate stemmed from stealth miners and the processing power tapped an ATH on May 2, 2022, at block height 734,577. Ethereum’s hashrate also reached an ATH in May during the Terra LUNA and UST fallout, tapping 127 PH/s at block height 14,770,231.

Advertisement
Ethereum’s top mining pools on June 4, 2022. While Bitcoin (BTC) has 16 known pools, Ethereum has approximately 78 mining pools on Saturday.

Roughly two weeks later, Ethereum’s hashrate reached 127 PH/s again at block height 14,874,537 on May 30. While Bitcoin has 16 known mining pools capturing a majority of the network’s hashrate — as the top five command more than 70% — Ethereum has 78 pools dedicated to the chain.

Ethereum’s top mining pool Ethermine commands 296.69 terahash per second (TH/s) and the second-largest pool, F2pool, captures 151.46 TH/s. Ethermine and F2pool are followed by Poolin, Hiveon, and 2miners. Out of the top five ether mining pool metrics, the combined pools produce 0.745% of Ethereum’s global hashrate.

Ethereum’s hashrate tapped an all-time high on June 4, 2022, reaching 132 petahash per second (PH/s) at block height 14,902,285.

Saturday’s data shows that Ethereum’s hashrate reached 132 PH/s, as the hashpower metric once again tapped another ATH in 2022. The ATH took place at block height 14,902,285 and it was 3.93% higher than the ETH hashrate metrics recorded on May 13 and May 30 (127 PH/s).

The record highs this year come as The Merge approaches and the network will be fully transitioned into a proof-of-stake (PoS) blockchain protocol. Once the transition is complete, the 78 mining pools dedicating hashpower to the Ethereum chain will need to mine another network.

There are a number of crypto networks ETH miners could choose from, including ethereum classic (ETC), ubiq (UBQ), musicoin (MUSIC), callisto (CLO), and quarkchain (QKC). At the time of writing, Ethereum’s consensus algorithm Ethash is the most profitable and it is followed by the consensus algorithm Kadena in terms of profitability.

Advertisement

Further, three other consensus algorithms are more profitable than SHA256 (BTC’s algorithm), which include Scrypt, X11, and Cuckatoo32. Following The Merge, however, the consensus algorithm Ethash will likely drop from being the most profitable algorithm to mine with ethereum (ETH) mining capabilities removed.

Tags in this story

132 Petahash, 132 PH/s, 2miners.com, ETH, ETH Hashpower, ETH hashrate, Ethash, ethereum hashrate, Ethereum mining, ethereum mining operations, Ethereum Network, Ethereum’s hashrate, ethermine.org, F2Pool, Flexpool.io, hashrate ATH, hiveon.net, Lifetime Hashrate High, megahash, mining, Petahash, Poolin, PoS, PoW, Terahash, The Merge

What do you think about Ethereum’s hashrate reaching an all-time high on Saturday? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Advertisement

Advertisement

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Advertisement

Continue Reading

2miners.com

Ethereum Hashrate Taps An All-Time High Amid This Week’s Crypto Market Meltdown

Published

on

Ethereum Hashrate Taps An All-Time High Amid This Week’s Crypto Market Meltdown

Amid the crazy week in the world of cryptocurrencies and the Bitcoin network’s mining difficulty reaching a lifetime high at 31.25 trillion, Ethereum’s hashrate tapped an all-time high on May 13, at block height 14,770,231. Cryptocurrency miners continue to dedicate large quantities of processing power toward the second-largest crypto network in terms of market capitalization.

Ethereum’s Hashrate Continues to Climb Higher

Proof-of-work (PoW) ethereum miners are working harder than ever before to mine ethereum before the upcoming Merge. While most of the attention was directed at the Terra blockchain meltdown this past week, Ethereum’s hashrate tapped an all-time high (ATH) on May 13, 2022, at block height 14,770,231.

Ethereum hashrate on May 15, 2022.

The network reached 127 petahash per second (PH/s) that day and the processing power is currently operating at 1.18 PH/s at the time of writing. Miners have been hashing away at the Ethereum network and plan to do so up until the network’s proof-of-stake (PoS) transition.

Advertisement

Since June 28, 2021, Ethereum’s hashrate skyrocketed 124.33% from 0.526 PH/s to today’s 1.18 PH/s. Furthermore, since March 25, 2019, Ethereum’s hashrate has jumped 725.17%. Ethereum miners are still profiting a great deal since the crypto market downturn, as Innosilicon’s A11 Pro with 1,500 megahash per second (MH/s) can profit by $36.66 per day using today’s ether exchange rates.

A 750 MH/s miner can get $17.82 per day in ether profits and 500 MH/s can get around $11.71 per day. Presently, Ethermine.org is the largest ethereum mining pool today with 303.12 TH/s of computational power.

The second-largest ether mining pool is F2pool with 155.35 TH/s and Poolin commands the third-largest share of Ethash with 121.69 TH/s. Other notable ethereum mining operations include hiveon.net (118.59 TH/s), 2miners.com (67.36 TH/s), and flexpool.io (59.77 TH/s).

Ethereum has more than 80 mining pools or operations dedicating hashrate to the blockchain using the proof-of-work (PoW) algorithm Ethash. It’s likely ethereum miners will continue to dedicate hashrate to the blockchain up until The Merge takes place.

However, the miners mining ether will not be able to hash away at the Ethereum network after The Merge completes the transition as the chain will be fully PoS. Ethereum developer Tim Beiko, has said The Merge is likely to be pushed to the third quarter of 2022. Beiko further detailed that he “strongly suggests not investing more in mining equipment at this point.”

Advertisement
Tags in this story

2miners.com, ETH, Ethash, ethereum hashrate, Ethereum mining, ethereum mining operations, Ethereum Network, ethermine.org, F2Pool, Flexpool.io, hiveon.net, megahash, mining, Petahash, Poolin, PoS, PoW, Terahash, The Merge, Tim Beiko

What do you think about Ethereum’s hashrate reaching an all-time high on May 13, 2022? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Advertisement

Advertisement

Image Credits: Shutterstock, Pixabay, Wiki Commons

Advertisement
Continue Reading

Top posts

NFT Collection Veefriends Physical Collectibles To Debut At Macy’s And Toys’R’Us NFT Collection Veefriends Physical Collectibles To Debut At Macy’s And Toys’R’Us
Andy Kraniak6 hours ago

NFT Collection Veefriends Physical Collectibles To Debut At Macy’s And Toys’R’Us

In recent times, non-fungible tokens (NFTs) and their physical counterparts have started to debut at well known retail stores and...

This Tether update may finally bear some good results in the weeks to come This Tether update may finally bear some good results in the weeks to come
Altcoins8 hours ago

This Tether update may finally bear some good results in the weeks to come

Tether, the firm behind USDT, the largest stablecoin made some key changes to its asset reserves. On 3 October, Chief...

Pro-Russian Groups Raised $400,000 In Crypto Since Ukraine Invasion, Report Reveals Pro-Russian Groups Raised $400,000 In Crypto Since Ukraine Invasion, Report Reveals
conflict8 hours ago

Pro-Russian Groups Raised $400,000 In Crypto Since Ukraine Invasion, Report Reveals

Groups supporting Russia’s war effort in Ukraine have been actively collecting cryptocurrency to fund paramilitary operations and evade sanctions, researchers...

MATIC – The how and why of this buying opportunity MATIC – The how and why of this buying opportunity
Altcoins9 hours ago

MATIC – The how and why of this buying opportunity

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice....

Over $4B laundered through DEXs, coin swaps and cross-chain bridges, Elliptic reports Over $4B laundered through DEXs, coin swaps and cross-chain bridges, Elliptic reports
DEX9 hours ago

Over $4B laundered through DEXs, coin swaps and cross-chain bridges, Elliptic reports

Over $4B laundered through DEXs, coin swaps and cross-chain bridges, Elliptic reports Oluwapelumi Adejumo · 11 mins ago · 2...

Can MakerDAO’s latest development drive MKR towards its next bull rally Can MakerDAO’s latest development drive MKR towards its next bull rally
Altcoins10 hours ago

Can MakerDAO’s latest development drive MKR towards its next bull rally

MKR holders that aped in towards the end of September are pleased with their decision considering the healthy run-up in...

Bankrupt Crypto Lender Celsius’ Asset Sale Is Scheduled, Sources Say FTX CEO May Bid Bankrupt Crypto Lender Celsius’ Asset Sale Is Scheduled, Sources Say FTX CEO May Bid
Bankruptcy10 hours ago

Bankrupt Crypto Lender Celsius’ Asset Sale Is Scheduled, Sources Say FTX CEO May Bid

According to a filing published by the U.S. Bankruptcy Court for the Southern District of New York, the crypto lending...

DOGE up 8% as Elon Musk makes new acquisition offer for Twitter DOGE up 8% as Elon Musk makes new acquisition offer for Twitter
Investments11 hours ago

DOGE up 8% as Elon Musk makes new acquisition offer for Twitter

DOGE up 8% as Elon Musk makes new acquisition offer for Twitter Liam ‘Akiba’ Wright · 16 mins ago ·...

Cardano’s [ADA] price reacts this way as Voltaire hint airs Cardano’s [ADA] price reacts this way as Voltaire hint airs
ada11 hours ago

Cardano’s [ADA] price reacts this way as Voltaire hint airs

Late in September, Cardano [ADA] released the Vasil hardfork. Positive feelings persisted after the fork, as the network continued to...

Sears Home Warranty Review Sears Home Warranty Review
Uncategorized11 hours ago

Sears Home Warranty Review

Sears Home Warranty Ratings at a Glance While you likely already know Sears for the company’s series of department stores,...

Riot Blockchain produced over $7.1M worth of BTC in September Riot Blockchain produced over $7.1M worth of BTC in September
Bitcoin mining11 hours ago

Riot Blockchain produced over $7.1M worth of BTC in September

Riot Blockchain produced over $7.1M worth of BTC in September Andjela Radmilac · 2 hours ago · 1 min read...

Crypto giants criticize Twitter on scam, bot accounts impersonating them Crypto giants criticize Twitter on scam, bot accounts impersonating them
Buterin12 hours ago

Crypto giants criticize Twitter on scam, bot accounts impersonating them

Crypto giants criticize Twitter on scam, bot accounts impersonating them Oluwapelumi Adejumo · 2 hours ago · 2 min read...

Will Litecoin’s new update improve its chances of winning the PoW race Will Litecoin’s new update improve its chances of winning the PoW race
Altcoins12 hours ago

Will Litecoin’s new update improve its chances of winning the PoW race

Litecoin [LTC] has been making improvements to its existing technology for quite some time now. In line with the same,...

Ethereum Marks Three Consecutive Red Weekly Closes, Will Uptober Change Its Trajectory? Ethereum Marks Three Consecutive Red Weekly Closes, Will Uptober Change Its Trajectory?
ETH12 hours ago

Ethereum Marks Three Consecutive Red Weekly Closes, Will Uptober Change Its Trajectory?

Ethereum has been one of the cryptocurrencies that have received major support from the crypto community regardless of how the...

Mastercard Debuts Blockchain Surveillance Tool For Banks And Crypto-Centric Card Issuers Mastercard Debuts Blockchain Surveillance Tool For Banks And Crypto-Centric Card Issuers
Ajay Bhalla12 hours ago

Mastercard Debuts Blockchain Surveillance Tool For Banks And Crypto-Centric Card Issuers

On Tuesday, the multinational financial services corporation Mastercard revealed that it is launching a new crypto monitoring product called Crypto...

Research: Grayscale’s GBTC drops to all-time low of $12.5K; conversion to spot ETF could trigger rebound Research: Grayscale’s GBTC drops to all-time low of $12.5K; conversion to spot ETF could trigger rebound
adoption12 hours ago

Research: Grayscale’s GBTC drops to all-time low of $12.5K; conversion to spot ETF could trigger rebound

Research: Grayscale’s GBTC drops to all-time low of $12.5K; conversion to spot ETF could trigger rebound Christian Nwobodo · 2...

Biggest Movers: MATIC Hits 3-Week High, LINK Up Almost 10% Biggest Movers: MATIC Hits 3-Week High, LINK Up Almost 10%
Analysis13 hours ago

Biggest Movers: MATIC Hits 3-Week High, LINK Up Almost 10%

Polygon raced to a three-week high during today’s session, as bullish sentiment returned to cryptocurrency markets. Chainlink was also in...

Ethereum Registers Massive Inflows Even Though It Shows Subtlety Ethereum Registers Massive Inflows Even Though It Shows Subtlety
Cardano14 hours ago

Ethereum Registers Massive Inflows Even Though It Shows Subtlety

The second largest cryptocurrency is making a new wave in space in inflows, Ethereum and its related products recorded massive...

Trending

Free Bitcoin MiningEarn from $50 to $75 daily with just your phone