ETHW Down 86% from ATH Despite Binance Mining Pool Debut

• ETHW is down 86% from its all-time high.
• The token continues to tumble despite recent developments like Binance launching an ETHW mining pool.
• After a rocky launch, the price continues to tumble

CoinGecko reports that the price of the Ethereum proof-of-work fork ETHW has dropped 31% over the past week, and a staggering 86% since hitting an all-time high of $58.54 on September 3.

Just last month,  Binance announced that it was launching a Binance pool for mining ETHW. Both ASIC and GPU miners will be permitted to perform this process. The price initiated an upward movement on Sept. 9, possibly as a result of the announcement, but came down not long after.

However, it must be noted that Binance hasn’t listed ETHW on its platform for trading.

ETHW has had a rocky journey since its launch. Before the network went online, ETHW initially began trading on exchanges as an IOU token, generating some initial but ultimately ephemeral excitement. 

In addition to the precipitous drop in the value of its native cryptocurrency, EthereumPoW’s launch was also delayed by various technical challenges. 

Not long after the September 15 launch of the network, blockchain investigators found that the ETHPoW developers had used a previously existing chain ID. Chain IDs serve as a network-specific identification that aids blockchains in verifying the authenticity of on-chain assets.

Just days later, the network suffered an attack that exploited the Omni bridge on the EthereumPoW network, allowing the criminals to steal 200 ETHW by first sending 200 Wrapped ETH and then ETHW.

ETHW surfaced following the completion of the Ethereum blockchain’s long-awaited shift to proof of stake in the middle of September, as miners established a competing fork dubbed EthereumPoW to continue their mining activities.

At the time of writing, ETHW is priced at $8.13, down 0.17% over the past 24 hours.