On August 19, the asset price of a potential PoW fork of Ethereum ETHPoW failed at $50. This is less than 3% of the current price of the mainnet asset, which is about $1742.

At the end of July, miner Chandler Goh voiced the idea of ​​launching an Ethereum fork that would continue to work on the Proof-of-Work (PoW) algorithm. The new network is designed to enable cryptocurrency miners to continue their operations after the main ether network merged with the Beacon Chain and migrated to Proof-of-Stake (PoS).

Earlier in August, several exchanges, including Poloniex and MEXC, released trading tokens of potential ETHPoS (ETHS) and ETHPoW (ETHW) forks. Assets are traded as IOUs issued to Ethereum with a 1:1 fixed.

According to CoinMarketCap, ETHW price peaked at $139.6 on August 8.

At the time of writing, ETHS prices are near $1687, which is about 3% below Ethereum price.

Opinions are divided in the crypto community regarding support for a possible PoW Ethereum fork. For example, crypto derivatives exchange BitMEX has offered a futures based on ETHPoW. Huobi, Digifinex and OKX said they will look into listing the asset.

The Chainlink decentralized oracle network refused to support a potential fork. The Frax Finance team urged the community not to publish the FRAX algorithmic stablecoin on the PoW network.

CoinShares experts were skeptical about the prospects of the proposed fork.

Recall that a similar view was expressed by Bob Summerville, president of the ETC Cooperative. However, he doubted the feasibility of the project.

In response, ETHPoW supporters and developers called the fork “inevitable” and said they had already completed most of the technical work on it.

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