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Offline huy22862  
#1 Posted : Saturday, October 8, 2022 8:17:18 AM(UTC)
huy22862


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After the merger, Ethereum miners put their hopes on ETHW, but the price of this token kept falling, causing them to turn off the power, pack up the graphics card.
On September 15, The Merge event officially took place, moving the network from PoW (proof of work) authentication method to PoS (proof of stake). This marks the end for Ethereum miners, as current mining systems mainly use PoW mechanism to operate.
Previously, from July 28, a miner in China named Chandler Guo proposed a hard fork of Ethereum into two networks. In addition to the new network with PoS mechanism, they want to split another Ethereum network still following the PoW model, called Ethereum PoW (ETHW) to continue mining. After that, some small exchanges started listing ETHW with prices sometimes up to 140 USD.
The hard fork was conducted within 24 hours of The Merge's end. This is considered a lifesaver for miners because switching to mining other cryptocurrencies is almost unprofitable. Miners' confidence continues to be strengthened when a series of exchanges announce their readiness to list ETHW tokens.

]Hard fork can't save miners

Immediately after The Merge, the ETHW price spiked to $51.35, though it later fell to the $30 region. Many miners quickly switched to ETHW mining in the hope that they could continue to maintain the existing mining rig, avoiding the situation of covering and dusting.
ETHW is also mainnet (official network launch) but having trouble getting the same ChainID with another project called Smart Bitcoin Cash. The ETHW issuer team quickly recognized the problem and fixed ChainID, but many project developers reported that they could not connect to the new Ethereum network due to this duplicate error.
On September 18, a replay attack against ETHW caused the token price to plummet. This is a form of cyber security attack by repeating the transmission of a valid data.
According to BlockSec, the attack targeted the Omni Bridge on ETH PoW. The hacker transferred 200 WETH (a token on the Ethereum bearer) through the Omni Bridge on the Gnosis chain and repeated the same thing on ETH PoW. Immediately, the ETHW price plummeted to $ 6.8 as of the afternoon of September 20.
Miners said that at this price, ETHW is no different from "junk coin", mining is not only profitable but also loses electricity. A miner in Vietnam estimates, with the current average electricity bill of 2,500 VND per number, on average his buffalo rig can only mine 0.5 ETHW per day, equivalent to 3 USD in converted value. "Now, mining ETHW is only losing more, not making a profit," this person said.
Many diggers collapsed, completely abandoning the last lifeline, looking to the last resort of quitting the job.
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