Ethereum Fork ETHW Is Already Down 86% From Its All-Time High
The price of the coin is down 31% for the week—and a remarkable 86% from its all-time high of $58.54 on September 3, according to CoinGecko. Ethereum blockchain did away with mining and completed its long-anticipated transition to proof of stake in mid-September, miners launched a competing fork called EthereumPoW.
Mining is the process by which blocks of transactions are added to a public blockchain and verified. Miners sustain and audit the blockchain network that supports the cryptocurrency. When miners complete a block, they are rewarded with cryptocurrency. The hype around the Ethereum merge, which finalized the network's move to proof of stake, pushed the price of Ethereum-related coins higher, including the native cryptocurrency of OG blockchain Ethereum Classic.
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