Data shows the Ethereum Proof-of-Work forks have sharply fallen down in the few days following the merge. Ethereum PoW Forks Have Fallen 66% In Just Five Days According to the latest weekly report from Arcane Research, the ETH PoW forks have performed very poorly against ETH since the merge. The much talked-about event transitioned Ethereum to a Proof-of-Stake consensus mechanism, essentially obfuscating the use of miners on the network. However, some communities that were in favor of the old PoW-based system decided to create forks as the merge came approaching. These new forks still rely on mining for reaching consensus on the network and have therefore naturally attracted the stranded ETH miners. Related Reading: Bitcoin Long-Term Holder Dumping May Have Been Behind Revisit Below $19k Here is a chart that shows how some of the most popular forks (ETC, ETHW, and ETF) have compared versus Ethereum in the last five days: Looks like the worst performer out of these was ETF | Source: Arcane Research's The Weekly Update - Week 37, 2022 As you can see in the above graph, Ethereum has been struggling since the merge, registering around 17% in negative returns. The PoW forks, however, have been even worse. ETHW has noted losses upwards of 66%, while ETF investors have been yet deeper into the red with their holdings going down by more than 72% during the period. The best of this bunch was Ethereum Classic, being down “onl...
What Happened In Crypto This Week?
