EthereumPOW hit by triple whammy: plummeting mining activity and…

ambcrypto.com:

The hashrate of EthereumPoW’s [ETHW] network has hit an all-time low due to a continuous decrease in mining activity, data from 2Miners.com revealed.

As of this writing, the network’s hashrate stood at 14.82 TH/s, having fallen by almost 80% since the chain became operational last September.

Source: 2Miners.com

Likewise, the drop in mining activity on the EthereumPOW in the last few months culminated in a similar downward trend in the chain’s mining difficulty.

At press time, the network difficulty was 199.83 T, its lowest level since the first block was mined on the network when Ethereum transitioned into a Proof-of-stake (PoS) consensus mechanism in September 2022.

Source: 2Miners.com

A decrease in a network’s hashrate and mining difficulty can suggest a reduction in the number of miners who are actively participating in the network’s mining process.

This can be caused by a number of factors, such as reduced rewards for miners, or a decline in the value of the cryptocurrency being mined.

Read EthereumPoW’s [ETHW] Price Prediction 2023-2024

Looking at ETHW’s price action since the merge showed a steady fall in value.

According to CoinMarketCap , the alt’s price has decreased by 91%. This has led to a drop in fees miners earn on the proof-of-work network, causing them to exit the chain in their numbers.

Should this decline persist, it could lead to reduced security and stability of the network over time.

Per data from DefiLlama , the total value of assets (TVL) locked on EthereumPoW was $533,354. This year alone, the network’s TVL has declined by 32%. 

Following its launch in September 2022, the network experienced a notable increase in the number of DeFi projects launched on it.

This resulted in a temporary