Grayscale, a crypto asset management company that allows customers to buy stocks that closely track cryptocurrency prices, currently holds a large amount of ETHW tokens equivalent to ETH, the native currency of Ethereum.
ETHW is a cryptocurrency created after Ethereum’s The Merge upgrade was completed on September 15. This coin was started by Chandler Guo, a Chinese “miner” and supported by exchanges. Crypto exchanges originating from China such as: Huobi, Poloniex, Gate.io and MEXC Global. In addition, there is participation from the majority of the community from China.
EthereumPoW (ETHW) is a hard fork Proof of Work of Ethereum after The Merge event took place. This means that EthereumPoW is a fork that completely retains the functionality of Ethereum before The Merge.
In a press release on September 16, Grayscale said it owns more than 3 million ETHW tokens and that it can, at its sole discretion, sell the tokens – or give them up altogether.
The asset manager added that it plans to hold onto these tokens and may distribute the value of the ETHW holdings to its investors in a cash disbursal as and when the tokens find a market. At the moment, ETHW is trading for $9.30, according to CoinMarketCap, which places the value of Grayscale’s holding at over $28.8 million.
According to their websites, mining pools F2Pool, Poolin, and Antpool have started their ETHW (EthereumPoW) mining pools, while a few other prominent mining pools have also said that they will support the mining of the fork coin.
Although Merge has been successful, the dilemma is that miners are currently struggling because they have to “stick” with ETHPoW, current users are also experiencing problems and are waiting for a fix from the developer.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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