Ethereum PoW Network Sees Complaints on Day 1 Amid Data Goof-Up

Users said they weren't able to access the blockchain's servers using the public information and attempts to link it to a crypto wallet failed.

AccessTimeIconSep 16, 2022 at 10:31 a.m. UTC
Updated Sep 19, 2022 at 2:34 p.m. UTC

Shaurya is an analyst/editor for CoinDesk's markets team in Asia.

Ethereum PoW, the version of the Ethereum blockchain that continues to run on a proof-of-work (PoW) consensus mechanism, experienced a dismal first day as it ran into teething problems.

Some Twitter users complained they weren't able to access the network using the information provided by the Ethereum PoW Twitter channel, while some reported problems accessing the network’s web servers.

The blockchain was established as a fork of the Ethereum network, which switched to a proof-of-stake (PoS) consensus mechanism on Thursday in an event known as the Merge. The PoS network now continues as Ethereum.

CoinDesk wasn't able to access Ethereum PoW’s web servers using links provided. Multiple attempts by a reporter to add the network to a crypto wallet had failed as of Friday morning.

SmartBCH, a scaling tool for Bitcoin Cash, pointed out in a tweet that the network issues were likely the result of Ethereum PoW using the same Chain ID used by a SmartBCH testnet. Several confirmed the issue.

A Chain ID is a set of numbers used by the browser-based crypto wallet MetaMask to sign transactions for the network. An incorrect Chain ID causes transactions to fail because users aren't connected to the correct network, rendering a network unusable.

Meanwhile, the price of ETHW, the native token of Ethereum PoW, fell in the past 24 hours, likely because users received the new tokens and instantly sold them on the open market. The tokens are listed on several exchanges, including OKX.

The tokens traded at over $42 on Thursday before the Merge and fell as much as 78% to as low as $8.20 in early European hours Friday. Futures tracking ETHW traded at over $54 when they were issued in the first week of September.

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Shaurya is an analyst/editor for CoinDesk's markets team in Asia.

CoinDesk - Unknown

Shaurya is an analyst/editor for CoinDesk's markets team in Asia.