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Proof-of-Work ETHW Airdrop Live on FTX as Ethereum Completes Merge

ETHW has reportedly airdropped on FTX, according to multiple highly credible crypto accounts on Twitter. The rumors of an airdrop emerged shortly after FTX announced it has listed the Ethereum Proof of Work (ETHW) spot market following the completion of the long-awaited Merge.

More Ethereum Mining Pools Expected to Support the New ETHW Token

Widely followed Twitter accounts are reporting that EthereumPoW (ETHW) has just airdropped on the crypto derivatives exchange FTX. One of the first accounts to report this is the prominent crypto enthusiast @cobie, followed by nearly 740,000 people on Twitter.

Earlier today, the FTX announced it has listed the Ethereum Proof of Work (ETHW) spot market, with the ETHW/USD trading pair joining the exchange’s supported assets. FTX said the move comes after Ethereum miners hard forked the network following yesterday’s Merge.

“Following the Merge where Ethereum sunsets its Proof of Work mechanism and moves on to Proof of Stake, a community of miners moves to hard fork the Ethereum network, giving rise to EthereumPoW. The hard fork results in an “airdrop” where balances on the Ethereum network are duplicated.”

FTX has listed EthereumPoW (ETHW) spot market

In addition, numerous major Ethereum mining pools are also expected to announce their support for ETHW after the merge. These pools include F2Pool, Poolin, and BTC.com, and the support for ETHW mining is anticipated to come after a planned hard fork.

Miners Oppose the Merge to Create a New Cryptocurrency

Following the Merge, which saw Ethereum transition from the Proof-of-Work (PoW) to the Proof-of-Stake (PoS) model, the world’s second-largest blockchain stopped relying on miners. This left countless in the mining community with expensive mining rigs that cannot be used longer for mining ETH.

As a result, a group of miners moved to create a new cryptocurrency, ETHW, via a hard fork. According to @EthereumPoW on Twitter, Ethereum’s PoW fork is set to occur 24 hours after the Merge.

“…Everything including final code, binaries, config files, nodes info, RPC, explorer, etc. will be made public when the time’s up.”

@EthereumPoW wrote in a Twitter thread.

But apart from miners, the Merge was welcomed by many in the crypto community and is seen as arguably the biggest development in the industry this year. The shift to the PoS model is expected to reduce Ethereum’s carbon emissions by more than 99%, addressing one of the cryptocurrencies’ main critiques.

ETH is down more than 2% in the past 24 hours, standing at $1,594.58. Meanwhile, ETHW is currently trading at $27.772 on FTX, up more than 35% during the same period.

This article originally appeared on The Tokenist

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