ETHW down over 80% from its Thursday ATH

The native token of EthereumPoW, a miner-led fork of the Ethereum network, plunged 80% after the turbulent start troubled by ChainID confusion.

Asset price crash concept.

Since the fork went live on September 16, the price of its ETHW token recorded significant losses, currently trading just below $12. Following the Merge, ETHW briefly climbed to as high as $60.68 on Thursday morning, before crashing back to around $30 shortly after. As per data from CoinMarketCap, the asset lost 41% of its value over the last 24 hours.

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ETHPoW to USD one week Chart
Image: CoinMarketCap

EthereumPoW was initiated by Chandler Guo, an influential Chinese miner and angel investor, who also assembled a team of developers tasked with maintaining the new blockchain. Having been previously involved in Ethereum Classic development, Chandler acknowledged that ETHPoW has little chances to succeed. Nevertheless, he chose to continue the initial plan to fork the network — so miners can at least extract some value from the platform before facing hard times in a post-Merge world where GPU mining became virtually obsolete.

However, the project was headed for a rough start due to technical issues related to ETHPoW ChainID. Before the launch, miners announced that the blockchain's unique ChainID number is 10001, which coincided with another crypto project called Smart Bitcoin Cash, which resulted in errors on Metamask wallets. Soon ETHPoW team spotted the issue and adjusted the ChainID, but such a turbulent start put downward pressure on ETHW price.