Ethereum (ETH): What will miners continue to do after a successful merge
When the long-awaited Ethereum merger was completed on September 15, Ethereum miners had to look for other altcoins to keep their business afloat. As a result, some coins have seen a significant increase in their hashrate.
Ethereum PoW, which is a newly created fork chain with an incentive to protect ETH miners, has also shared some good news as several mining pools offer their support to the network.
Most recently, Nanopool announced that it will support the EthPow Ethereum hard fork, which is expected to be mineable within 24 hours of the ETH merge.
This is an extremely positive development for ETHW as Nanopool has a contributing hash rate of nearly 30TH/s on the Ethereum network.
With this newly announced support, the total number of mining pools supporting ETHW has reached 18, which is a good sign for the ETHW community. Several large mining pools are also on the list, including Poolin, 2miners, Antpool, BTC.com, and several others.
What else is on the table?
Apart from the news of new mining pools joining the ETHW community, the past few days have been quite active as various updates and announcements have been made.
For example, the ETHW community shared an open letter where they discussed the ETHW mainnet and ETHW mining. The big announcement is that ETHW will launch within 24 hours of the completion of the merger.
Additionally, the ETHW community recently reminded miners to withdraw ETH within seven hours in a separate tweet.
Interestingly, while these developments occurred, the ETHW token price reacted accordingly. Since its launch, ETHW has been steadily falling in price, but for now, the situation looks to be going in favor of the token.
At the time of writing, ETHW is priced at $32.25 with over 40% increase in volume over 24 hours. ETHW's daily chart is mostly painted green, offering hope of brighter days ahead.
While the developments around ETHW look promising, there are a number of other blockchains that are also receiving rewards from the merger.
For example, Ethereum Classic and Ravencoin trended on CoinMarketCap a few hours before consolidating. ETC and Ravencoin have seen a significant increase in their network hash rate.
Interestingly, its token value also outperformed several other cryptocurrencies with higher market capitalization as they posted massive gains in recent weeks.
Sep 16, 2022