Ethereum PoW (ETHW) has long been a subject of interest in the cryptocurrency community, especially following Ethereum’s historic transition to proof-of-stake. While the original Ethereum blockchain moved away from energy-intensive mining, a faction of miners and developers chose to preserve the legacy proof-of-work model—giving birth to EthereumPoW. Over the past 24 hours, ETHW price has declined by 1.24%, reflecting short-term market volatility amid ongoing debates about decentralization, mining sustainability, and blockchain governance.
Despite this dip, ETHW continues to hold relevance for GPU miners and crypto enthusiasts who value decentralized consensus mechanisms. This article explores the fundamentals of Ethereum PoW, its price dynamics, technical framework, mining process, and key historical milestones—all while addressing common questions surrounding its long-term viability.
What Is Ethereum PoW (ETHW)?
EthereumPoW (ETHW) is a hard fork of the Ethereum blockchain that emerged after "The Merge" in September 2022. When Ethereum transitioned from proof-of-work (PoW) to proof-of-stake (PoS), ETHW preserved the original mining-based consensus mechanism. The network was created by cloning Ethereum’s state at the exact block height where the merge occurred, effectively forking all existing balances, tokens, and smart contracts onto a new PoW chain.
This move allowed dApp developers, miners, and users who opposed the shift to staking to continue operating on a familiar infrastructure. By copying app states from Ethereum, ETHW aimed to inherit not only user balances but also decentralized applications and liquidity—though in practice, much of that value did not carry over organically.
Chandler Guo, a prominent Chinese miner and blockchain advocate, played a central role in launching ETHW. He and others believed that PoW offers superior decentralization and resistance to centralization pressures compared to PoS systems. With mining rigs rendered obsolete on the main Ethereum chain, many miners saw ETHW as a lifeline—a way to keep their hardware productive.
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How Does EthereumPoW Work?
At its core, Ethereum PoW operates using the same foundational principles as the pre-Merge Ethereum network. It relies on miners solving complex cryptographic puzzles to validate transactions and create new blocks. The algorithm used is based on Keccak-256, the same hashing function as Ethereum, but with optimizations designed to favor GPU mining over specialized ASIC hardware.
One key technical difference lies in data chunking: ETHW processes data in 32-bit chunks instead of 64-bit, making it more accessible for consumer-grade GPUs. Additionally, it employs a large Directed Acyclic Graph (DAG) file—initially 1GB at block 30,000—that grows over time. This DAG increases memory requirements for mining, discouraging ASIC dominance and promoting a more decentralized mining ecosystem.
The use of pseudorandom mathematical operations derived from the DAG further complicates ASIC development, ensuring that mining remains relatively fair and distributed. However, this also means that miners must invest in high-memory GPUs and maintain robust cooling systems due to sustained computational loads.
Despite these technical merits, ETHW faces structural challenges. Since it copies all assets from Ethereum—including NFTs, tokens, and stablecoin balances—it creates a parallel universe of digital ownership. But duplication does not equate to intrinsic value. Stablecoins like USDT or DAI on ETHW lack backing because issuers do not support the forked chain, causing their value to collapse to near zero.
Similarly, liquidity pools (LPs) on decentralized exchanges can be drained instantly, as there’s no real economic incentive to provide liquidity without demand. Oracles—critical for price feeds and smart contract execution—also largely ignore ETHW, limiting its utility for DeFi applications.
EthereumPoW Price Trends and Market Performance
Shortly after its launch, EthereumPoW price surged due to exchange support and speculative trading. Binance announced mining services for ETHW on September 30, 2022, triggering a 12% spike that pushed the coin to $12.21 within 24 hours. At its peak on September 3, 2022, ETHW reached an all-time high of **$58.54**, driven by hype and early miner adoption.
However, as initial excitement waned and developer activity remained minimal, the price corrected sharply. By December 19, 2022, ETHW hit an all-time low of **$2.87**. As of now, the **live ETHW price** hovers around $3.77—a level that reflects limited market confidence but sustained interest from niche mining communities.
Several major exchanges including FTX (prior to its collapse) and Bybit listed ETHW shortly after launch, facilitating liquidity and enabling airdrop campaigns. Users received free ETHW tokens simply for holding ETH at the time of the fork—a strategy used to bootstrap distribution and community engagement.
Key Events in ETHW’s History
- September 2022: Ethereum completes "The Merge," transitioning to proof-of-stake; ETHW launches immediately after as a PoW continuation.
- September 3, 2022: ETHW hits its all-time high of $58.54 amid strong early demand.
- September 30, 2022: Binance announces support for ETHW mining, boosting visibility and price.
- December 19, 2022: ETHW reaches its lowest point at $2.87 during broader crypto market downturns.
These milestones highlight both the momentum and fragility of community-driven forks in the absence of sustained development and real-world use cases.
Can You Still Mine ETHW?
Yes—ETHW mining remains active and is one of the few viable options for former Ethereum GPU miners. Unlike staking on Ethereum 2.0, which requires locking up capital, mining ETHW allows participants to earn rewards through computational work.
Miners compete to solve cryptographic challenges using GPUs. Successful miners are rewarded with newly minted ETHW tokens. While profitability depends on electricity costs, hardware efficiency, and market price, many see it as a way to repurpose otherwise obsolete equipment.
Validators on the PoS Ethereum chain stake ETH to participate in consensus and earn yield. In contrast, ETHW rewards those who contribute hash power—appealing to those skeptical of staking centralization or concerned about inflation from newly minted staked tokens.
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Frequently Asked Questions (FAQ)
Q: Is Ethereum PoW the same as Ethereum Classic?
A: No. EthereumPoW (ETHW) is a fork of Ethereum after The Merge in 2022, while Ethereum Classic (ETC) is the original chain that continued after a 2016 hard fork due to the DAO hack.
Q: Do I get free ETHW if I hold ETH?
A: Only if you held ETH at the time of the September 2022 fork and had access to your private keys on a self-custody wallet. Most exchange users missed out unless platforms supported the airdrop.
Q: Is ETHW secure?
A: It uses proven PoW mechanics but has significantly lower hash rate than pre-Merge Ethereum, making it potentially vulnerable to 51% attacks if malicious actors concentrate mining power.
Q: Why did ETHW’s price drop so much?
A: Lack of developer support, limited dApp ecosystem, absence of oracle integration, and declining miner interest contributed to reduced demand and lower valuation.
Q: Can I use DeFi apps on ETHW?
A: Some forks of popular dApps exist, but liquidity is thin and risks are high due to unreliable price feeds and low user adoption.
Q: Will ETHW survive long-term?
A: Its survival depends on continued miner support and potential partnerships with exchanges or mining pools. Without broader utility or innovation, long-term sustainability remains uncertain.
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Final Thoughts
While Ethereum PoW (ETHW) represents a bold attempt to preserve proof-of-work ideals in a rapidly evolving ecosystem, its long-term success hinges on more than nostalgia or technical feasibility. Real adoption requires active development, secure oracles, functional stablecoins, and vibrant DeFi ecosystems—all areas where ETHW currently lags behind.
Nonetheless, for GPU miners seeking purpose in a post-mining-Ethereum world and for ideologically committed decentralization advocates, ETHW remains a symbol—and sometimes a practical tool—of resistance against centralized consensus models.
As the crypto landscape evolves, watching how networks like ETHW adapt—or fade—offers valuable insights into the balance between innovation, ideology, and economic reality.
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