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Ethereum Merge Hard Forks Disclose Rivals Proof-of-Work Projects

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The Ethereum merger successfully removed the network’s reliance on miners, but the path forward for those who prefer proof of work is unclear.

In order to create ETHPoW and ETHW, many Ethereum miners who wished to continue mining joined a well-known faction headed by Chandler Guo. Despite some roadblocks, their hard fork is currently trading at $5.26, down 35% in the last day as of the time of writing, according to CoinMarketCap.

Even before ETHPoW, there was EthereumFair, another faction dedicated to preserving Ethereum’s proof-of-work model with the ETF, formerly ETHF. However, EthereumFair has received a fraction of the attention that EthereumPoW has.

On Twitter, EthereumFair claims to be the first PoW token to fork from Ethereum. The account, which was established in January 2020, has approximately 14,000 followers. Despite having a two-year head start, that is less than the Twitter account for EthPoW, which has just over 15,000 followers since its inception in July.

EthereumFair is led by a group of Chinese miners, and its core documentation is available in Chinese. Organizers only focused on creating Telegram groups for different languages this weekend.

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EthereumFair is led by a group of Chinese miners, and its core documentation is available in Chinese. Organizers only focused on creating Telegram groups for different languages this weekend.

Tokens are held in 86.3 million addresses on ETHW, which has recorded 1.7 billion total transactions.

According to 2miners.com, Ethereum Classic, which was forked off of Ethereum in 2015, experienced a surge in hash rate as a result of the merger as miners switched to mining it as well.

Poloniex was the first exchange to announce that it would support EthereumFair “based on the market situation, consensus of users and the community.” Poloniex, which also renamed ETHF to ETF, later added ETHW support.

Users exchanging Tron’s USDD stablecoin for an ETF on Poloniex will not be charged any fees, which does not apply to purchases made with other stablecoins such as Tether’s USDT or Ethereum.

The exchange is ranked 23rd in CoinMarketCap’s list of top exchanges, with $32 million in trading volume in the previous 24 hours. The coin is also currently traded on the cryptocurrency exchanges Huobi and BitCoke.