EthereumPoW (ETHW)
EthereumPoW ranks #110 of 484 cryptocurrencies. On a list that also counts tokens, memecoins, wrapped coins, staked derivatives and stablecoins it appears at #740: 630 of the 739 assets ahead of it are not native coins but tokens or claims. A token is issued on a host blockchain rather than running its own; a claim stands for an asset already counted. Of the 753 non-native assets CoinSpectrum lists above it by market cap, about 53% are tokens, 37% are claims on other assets, 9% are memecoins and 1% are NFT collections.
| CoinSpectrum Grade | A · 67/100 · provisional, B to A |
|---|---|
| Rank among cryptocurrencies | #110 |
| Rank counting claims | #740 |
| Market capitalisation | $22M |
| Price | $0.2075 |
| Circulating supply | 107,818,717 ETHW |
| Maximum supply | no fixed cap |
| Consensus family | Proof of Work |
| Consensus mechanism | Ethash (EVM PoW fork) |
| Own hashrate | 2.65 TH/s |
| Ledger type | Multi-asset ledger |
| Launch distribution | Presale |
Market figures from the 10 November 2026 build. Open the live view for every exchange's price, and charts.
CoinSpectrum Grade (Source)
A — 67 out of 100, provisional (from 10 of 10 sections, 10 November 2026 build). With what is not yet measured anywhere from nothing to full marks, the score would be 61 to 70 (B to A).
| Section and criteria | Score | Basis |
|---|---|---|
| Consensus | 10 | average of 2 criteria |
| By leader (its largest chain's market cap) (Source) | 10 | Proof of work: 10 of 10 on the ladder of consensus families ranked by their largest chain's market cap |
| By family (all its chains' market cap) (Source) | 10 | Proof of work: 10 of 10 on the ladder of families ranked by the combined market cap of their chains |
| Supply | 8.4 | the supply scale times 0.9, and a point for a fixed cap that holds |
| Supply (21 million scores 10) | 9.3 | no fixed maximum; 108 million in circulation |
| Distribution | 6.9 | average of 3 parts |
| Holder concentration (Source) | – | Not yet measured |
| Active addresses | – | Not yet measured |
| Premine (allocated at launch) | 4.9 | 51.4% of today's supply allocated at launch to founders, a company, a foundation or investors. ETHW copied every ETH balance at the Merge fork (block 15,537,394, ETH supply about 120.52M), so Ethereum's 72.0M genesis allocation (2014 sale plus early-contributor and Foundation pools) exists on ETHW too. Current supply estimated at about 140.1M: 120.52M at fork plus 2 ETHW per block for 9,779,933 blocks to height 25,317,327 (ETHW public RPC, 2026-10-23). 72.0M / 140.1M = 51.4%. source |
| Fundraising (share sold) (Source) | 5.7 | Sold by its issuer or insiders: 42.9% of supply sold. Inherited from Ethereum: about 60.1M ETH sold in the open 2014 ether sale (about 31,500 BTC). ETHW's own launch (Sept 2022, led by Chandler Guo's team) had no premine, sale or venture round. source |
| Developer share (after launch) | 10 | No developer share: every new coin goes to the miners or validators who produce blocks. The 2-ETHW block reward goes to miners. ETHW Core pays the EIP-1559 base fee to a miner and community multisig instead of burning it, but that is fee revenue, not issuance. source |
| Decentralisation | 6.7 | average of 3 parts |
| Governance (Source) | 10 | No authority can halt the chain or freeze funds: No freeze or clawback power; no halts on record. source |
| No central team (Source) | 0 | A central team directs it: The EthereumPoW team (led by Chandler Guo) published the only client, ethereumpow/go-ethereum (LGPL-3.0), with no release since Sep 2022. source |
| Who can mint (Source) | 10 | Open to anyone with hardware: anyone can produce blocks by mining, no permission needed |
| Nodes (Source) | – | Not yet counted |
| Security | 5.4 | 4.3 of 8 points source |
| Pool diversity (Largest pool 50% 0 to 20% 10, largest three 90% 0 to 50% 10; 2 points) | 1.7 | largest 41.7%, largest three 87.5% |
| Network activity (Transactions a day, 250 0, 500,000 or more 10; 2 points) | 4.8 | about 9,425 transactions a day |
| Hashrate (Own work 5, its power 1 kW 0 to 10 GW 5; 1 point) | 7.1 | own work 5; about 868 kW, 2.1 of 5; the largest on its algorithm |
| Clients (Separate code and teams 10, separate code or teams 9, a fork by the same team or a stale second 8; one client: a new version within 12 months 7, 24 months 6, none in 24 months 5, none in 48 months 3; a second in development +0.5, a second seen running +1, 8 at most with one client; chain ended 0; 1 point) | 3 | one client, no new version in 48 months (latest Sep 2022) |
| Open source (Node software) | ✓ | |
| No 51% attack (Nor a deep reorganisation, five years) | ✓ | |
| Scalability | 5.8 | average of 5 parts source |
| Fees ($0.001 or less 10, $1 or more 0) | 10 | typical fee $0.0003 |
| Throughput (2,478 a second, the busiest network's peak day, 10; 121, the median of the ten busiest, 5) | 4.8 | about 108 simple transactions a second |
| Block time (10 minutes 10, less either side) | 4 | a block every 13 seconds |
| Block space per 10 minutes (24 MB or more 10: the ten busiest networks' median demand, 16.4 MB, and half again for growth) | 10 | 1.88 MB limit (converted from its gas, compute, mass or count limit), 86.5 MB per 10 minutes |
| Features (3 checks) | 0 | 0 of 3 passed |
| Fast payments (Safe to accept within seconds · Whitepaper abstract, §1, §2 and §11) | ✗ | ~13 s Ethash blocks with probabilistic confirmation. |
| Pruned nodes (Old history dropped, every rule checked · Whitepaper §7) | ✗ | The go-ethereum 1.10.23 base prunes state only and keeps every block. |
| Light clients (Payments verified from headers · Whitepaper §8) | ✗ | PoW chain without a deployed light-client server network or sync committee; wallets rely on RPC providers. |
| Privacy | 3.5 | 3.5 of 10: whitepaper privacy 3.5 of 7, extra features 0 of 3, 1 not yet researched source |
| Protocol level privacy (Keys not tied to an identity · Whitepaper §10) | 10 | Any secp256k1 key can hold and send ETHW; the chain's account and transfer rules carry no identity check. |
| UTXO ledger (Separate outputs, change to a new address · Whitepaper §2, §9) | 0 | An account ledger: one running balance for each address, so the remainder stays at the sending address and its payments share one public history. |
| HD addresses (A new address for each payment, unlinked · Whitepaper §10) | – | |
| Hidden amounts (Amounts confidential) | 0 | Public EVM ledger. |
| Hidden parties (Sender and receiver hidden) | 0 | Accounts are public. |
| Network privacy (Origin hidden by default) | 0 | go-ethereum fork with standard devp2p gossip; no Dandelion or built-in Tor. |
| Programmability | 7.8 | 7 of 9 points source |
| Token issuance (At protocol level) | 2 | ERC-20 contracts on its EVM (inherited from Ethereum at the September 2022 fork), open to any account. |
| Smart contracts (General-purpose) | 2 | EVM inherited from Ethereum at the September 2022 proof-of-work fork (go-ethereum fork client). |
| Multisig and time locks (Without a third party) | ✓ | Multisig and time-lock contracts on its EVM. |
| Atomic swaps (With other chains) | ✓ | Solidity HTLCs can be deployed on its EVM. |
| Native DEX (Trades the coin itself, not a claim) | ✗ | No DEX found trading the coin itself: none on its own chain (DefiLlama), and not on THORChain, Maya, Chainflip, Komodo DeFi, BasicSwap, Bisq or Haveno (checked 2026-11-04). |
| Cross-chain messaging (Verified by the chain itself) | ✗ | No protocol-level cross-chain messaging. |
| NFTs (Carried by the chain's rules) | ✓ | ERC-721 contracts run by its EVM. |
| Demand | 5.9 | average of 7 measures |
| Exchanges (10 or more: 10) | 9 | 9 exchanges |
| Daily volume ($10K 0, $1B or more 10) | 4.6 | $1,518,907 traded in 24 hours; #413 by volume on the exchanges the site reads (scored on the median day of the last 30, $1,995,945) |
| Turnover (volume ÷ market cap, 5% a day: 10) | 8.9 | 8.2% of its market cap a day, median of the last 30 days |
| Order-book depth (±2% of the price ÷ market cap, 1%: 10) | 7.1 | $29,843 within 2% of the price on 4 exchanges, 0.13% of its market cap, median of the last 15 days |
| Market cap ($1M 0, $10B or more 10) | 3.4 | $22M, 3.4 on a scale of 2.5 points per tenfold |
| Paper trading (futures, options and margin ÷ market cap, 0%: 10, 100%: 0) | 7 | futures, options and margin positions 9.0% of its market cap |
| Wallet support (wallets that hold it, 10 or more: 10) | 1 | its own node and wallet, counted as 1: no wallet in the site's directory lists it yet |
| Record | 6.7 | average of 3 criteria |
| Age (years since genesis) (Source) | 10 | 11 full years since genesis. Split from Ethereum at the move to proof of stake (block 15,537,394, 15 September 2022), keeping the ledger: its history runs from Ethereum's genesis block of 30 July 2015. |
| Development (work, fixes, vulnerabilities) | 0 | 0 positive, 5 negative source |
| Negative | ||
| Steady work, 0 of 6 | ✗ | 0 commits in 0 of the last 12 months (github.com/ethereumpow/go-ethereum); ethereumpow/go-ethereum last release v1.10.23, 2022-09-15; no release in over three years, though the chain still produces blocks (13.1 s average, Oct 2026). |
| Unfixed vulnerability, disclosed 2023-09-06, −1 | ✗ | go-ethereum GHSA-ppjg-v974-84cm (CVE-2023-40591, High) lets a flood of p2p pings spawn unbounded goroutines until the node runs out of memory; ETHW's latest client v1.10.23.1 (Sep 2022, geth 1.10.23 base) still answers pings in a new goroutine (fixed in 1.12.1). github.com github.com |
| Unfixed vulnerability, disclosed 2024-05-06, −1 | ✗ | go-ethereum GHSA-4xc9-8hmq-j652 (CVE-2024-32972, High) lets a GetBlockHeaders request with count 0 make the node load every header back to genesis; ETHW's latest client v1.10.23.1 (Sep 2022, geth 1.10.23 base) lacks the 1.13.15 cap. github.com github.com |
| Unfixed vulnerability, disclosed 2026-01-13, −1 | ✗ | go-ethereum GHSA-mr7q-c9w9-wh4h (CVE-2026-22862, High) lets a crafted p2p message crash the node with a too-short ECIES ciphertext; ETHW's latest client v1.10.23.1 (Sep 2022, geth 1.10.23 base) lacks the 1.16.8 length check. github.com github.com |
| Unfixed vulnerability, disclosed 2026-02-17, −1 | ✗ | go-ethereum GHSA-2gjw-fg97-vg3r (CVE-2026-26314, High) lets a crafted p2p message crash the node through unchecked secp256k1 point coordinates; ETHW's latest client v1.10.23.1 (Sep 2022, geth 1.10.23 base) lacks the 1.16.9 coordinate check. github.com github.com github.com |
| Conduct (origin, claims, halts) | 10 | 3 positive, 0 negative source |
| Positive record | ||
| Launched with a stated purpose, not as a joke | ✓ | |
| No claims by its founders that contradict its own design | ✓ | |
| No halt, freeze or reversal in five years | ✓ | |
Ten sections, weighted equally, each 0 to 10: consensus (the two ladders), supply (the supply scale and a fixed cap that holds), distribution (premine, fundraising, developer share, holders), decentralisation (governance, no central team, who can mint, nodes), security, scalability, privacy, programmability (what the scripting layer can do beyond the whitepaper's payment system), demand, and record (age, development, conduct). They are built from the criteria in the second table: privacy, scalability, security and decentralisation are the Cryptocurrency Standards among them, as follows: privacy (the whitepaper's three checks a base of 7 of 10, three extra features up to 3 more), scalability (four measures and three features), security (pool diversity, network activity, hashrate, clients and two checks) and decentralisation (governance, no central team, who can mint, nodes, holders, premine, fundraising and developer share); programmability (token issuance, smart contracts and five checks) follows them, and supply and demand are two: the supply, scored against 21 million, and demand, the average of seven measures of the market and the wallets. Provisional: parts marked — are not yet measured and are left out of the average. A rating of structure and market depth, not a price forecast or investment advice. How the grade is built · Highest-graded cryptocurrencies.
Proof of Work coins
Bitcoin BTCA+
Zcash ZECA+
Dogecoin DOGEA+
Siacoin SCA
Fractal Bitcoin FBA
Ravencoin RVNA+
Quantus QTCBAll Proof of Work chains →Proof of Stake coins
Ethereum ETHA+
BNB BNBA
Solana SOLA+
TRON TRXA
Hyperliquid HYPEB
Cardano ADAA
NEAR Protocol NEARAAll Proof of Stake chains →Supply
107,818,717 ETHW are in circulation, against no fixed cap — issuance has no defined end.
Launch and allocation
| Premine (allocated at launch) | 51.4% of today's supply |
|---|---|
| Sold by the issuer or insiders | 42.9% of today's supply |
| Developer share received since launch | 0% of today's supply |
| Developer share of new coins today | 0% |
| Fundraising | Public sale |
ETHW copied every ETH balance at the Merge fork (block 15,537,394, ETH supply about 120.52M), so Ethereum's 72.0M genesis allocation (2014 sale plus early-contributor and Foundation pools) exists on ETHW too. Current supply estimated at about 140.1M: 120.52M at fork plus 2 ETHW per block for 9,779,933 blocks to height 25,317,327 (ETHW public RPC, 2026-10-23). 72.0M / 140.1M = 51.4%.
Inherited from Ethereum: about 60.1M ETH sold in the open 2014 ether sale (about 31,500 BTC). ETHW's own launch (Sept 2022, led by Chandler Guo's team) had no premine, sale or venture round.
The 2-ETHW block reward goes to miners. ETHW Core pays the EIP-1559 base fee to a miner and community multisig instead of burning it, but that is fee revenue, not issuance.
CoinGecko and CoinDesk show 107.82M ETHW, which is below the 120.5M ETH copied at the fork and cannot be right. The 140.1M used here is computed from block height and the fixed 2-ETHW reward, ignoring uncle rewards. soldPct is the inherited ETH crowdsale share. Whether a forked copy of a premine should count is a method choice for the site.
Sources: github.com · medium.com · mainnet.ethereumpow.org · ultrasound.money · blog.ethereum.org · coindesk.com. Researched 2026-10-24, medium confidence.
The work behind it
EthereumPoW is secured by 2.65 TH/s of its own work. Hashrate does not compare across algorithms — a SHA-256 hash and a Scrypt hash cost different amounts to produce.
What a regulator has said
No SEC/CFTC determination — unclassified.
The regulator's position, reported as stated, not CoinSpectrum's. Assets nobody has ruled on are left unclassified rather than sorted by a guess.
How CoinSpectrum ranks EthereumPoW
EthereumPoW is #110 among cryptocurrencies and #740 in the market ranking, which lists wrapped coins, staked derivatives, stablecoins and tokens alongside them. CoinSpectrum counts an asset once, and counts only cryptocurrencies: assets with their own blockchain and their own consensus. A wrapped coin, a staked derivative or a stablecoin is a claim on something already counted; a token, memecoin or otherwise, runs on another chain's blocks. All of them are listed, each in its own section, and none is added to the total. The 630 places between EthereumPoW's two ranks are held by claims and tokens, not by other networks. The methodology sets out the rule and the counting rule argues for it.
The price above is the median of the exchanges the site reads live, checked every minute and cross-checked against a market snapshot (how market data is gathered). The grade is scored on published criteria, each with its source (the method). The site is independent, nothing on it is a paid placement, and its statements are signed (about CoinSpectrum, the manifesto).