Get Forked: Ethereum PoW Forks Fall 66% In Just Days

Keshav Verma

2 years ago

3 mins read

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Data shows the Ethereum Proof-of-Work forks have sharply fallen down in the few days following the merge.

Ethereum PoW Forks Have Fallen 66% In Just Five Days

According to the latest weekly report from Arcane Research, the ETH PoW forks have performed very poorly against ETH since the merge.

The much talked-about event transitioned Ethereum to a Proof-of-Stake consensus mechanism, essentially obfuscating the use of miners on the network.

However, some communities that were in favor of the old PoW-based system decided to create forks as the merge came approaching.

These new forks still rely on mining for reaching consensus on the network and have therefore naturally attracted the stranded ETH miners.

Here is a chart that shows how some of the most popular forks (ETC, ETHW, and ETF) have compared versus Ethereum in the last five days:

Looks like the worst performer out of these was ETF | Source: Arcane Research's The Weekly Update - Week 37, 2022

As you can see in the above graph, Ethereum has been struggling since the merge, registering around 17% in negative returns.

The PoW forks, however, have been even worse. ETHW has noted losses upwards of 66%, while ETF investors have been yet deeper into the red with their holdings going down by more than 72% during the period.

The best of this bunch was Ethereum Classic, being down “only” 25% in the last five days. This performance was much better than the other two forks, but still noticeably lower than ETH’s returns.

The report notes that this wasn’t something unpredictable as the forks were expected to struggle with amassing any meaningful adoption and to view almost no significant DeFi activity.

The current selling pressure in these cryptos is likely coming from Ethereum holders selling off their airdrops, as per the report.

ETC saw a large amount of ETH miners connecting to the network, leading to a hashrate, and hence a difficulty, explosion for the coin.

Since Ethereum Classic’s miner revenues are less than $1 million per day, while they were more than $20 million for ETH, mining the crypto isn’t viable on the same scale as ETH’s in the long term.

ETH Price

At the time of writing, Ether’s price floats around $19.1k, down 5% in the last seven days. Over the past month, the crypto has lost 10% in value.

The below chart shows the trend in the price of the coin over the last five days.

The value of the crypto seems to have failed to recover from the plunge a few days back | Source: BTCUSD on TradingView

Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Arcane Research

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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