After it became apparent that Ethereum's transition to a new algorithm was inevitable, a group of enthusiasts decided to branch out to the ETH blockchain. ETH holders were to receive ETHW with an airdrop in a 1:1.
It is not hard to guess that Ethereum PoW (ETHW) is an ether that continues to work on the PoW algorithm. As for the use of transaction history, it is the same as with the ETH network, but after the merge new blocks occur.
Perhaps the main reason for the emergence of ETHW was the categorical disagreement of most of the cryptocurrency community with the transition to the new algorithm. It was due to the belief that this step would only benefit a narrow circle of people who were interested in it.
At its core, ETHPoW technology is a "home" for digital finance so payments and applications were originally derived from ETH. The community has been able to create a veritable layer of the digital economy, as well as new options for making money online and in many other areas.
EthereumPoW is a fair financial system with no room for procrastination or discrimination. In the realities of today's world, this is a highly relevant issue given how many people are unable to open accounts and are trying to cope with blocked accounts.
The essence of DeFi ETHPoW is the ability to transfer funds anywhere in the world only if the Internet is available.
It is also important to remember that this cryptocurrency is not just for digital money. What you own can be transferred to NFT and make money from the resale of non-mutually exchangeable tokens. This token can also help you get borrowed money when you need it.
EthereumPoW: advantages and disadvantages
Even though this cryptocurrency is new, you can already talk about some of its advantages and disadvantages. A lot will still be figured out in the process, but some factors have already become apparent.
- The possibility of mining is important for those market participants who have invested large sums in equipment
- Various applications
- Simplification of several financial transactions
- Earnings opportunities for holders
- The difficulty of working in competition with other coins
- The disbelief of part of the community
- Risks of the regulatory ban on PoW algorithm
EthereumPoW key metrics
As of September 21, 2022:
- Ranking position: 2659
- Value: $5.88
- Capitalization: $697 434 486.05
Coins can be purchased on exchanges, via the crypto exchange, or mine. Let's consider the most effective pools for mining EthereumPoW.
TOP-5 pools for mining ETHPoW
F2pool. The platform started working in 2013 and has already managed to prove itself as a reliable partner for miners, offering them all the necessary services. It is a recognized world leader and the first pool opened on the Chinese site.
As of September 21, 2022: hashrate 9.54 TH/s, 1% PPS.
2miners. A multi-currency mining pool supports a large number of coins. Uses the Ethash/Equihash algorithms. Focuses on Russian miners. Payouts every 2 hours.
As of 21.09.2022: hashrate 6.17 TH/s, 1% PPLNS.
Poolin. Created by Blockin developers, who pay a lot of attention to the implementation and expansion of the latest technologies. Supports nine coins. Gives you the ability to control your mining equipment and receive regular payouts.
As of 21.09.2022: hashrate 3.28 TH/s, 1% PPLNS.
Woolypooly. One of the most profitable pools due to low commissions. The pool employs a qualified team of programmers and developers who are ready to fix problems in time. Has dedicated servers with high performance.
As of 21.09.2022: 3.06 TH/s hashrate, 0.9% PPLNS, 0.9% SOLO.
Nanopool. In operation since 2015, supports nine coins. In 2018 became one of the leaders in ETH mining. The main specialization is coins, which are available for mining on video cards.
As of 21.09.2022: hashrate 2.76 TH/s, 1% PPLNS.