Ethereum Classic’s (ETC) worth elevated by over 150% in July, making it one of many high performing digital property of the month.
The asset was buying and selling at $36.50 as of press time after shedding over 11% in the final 24 hours.
— Noelle Acheson (@NoelleInMadrid) July 29, 2022
Ethereum will now not be mineable after its transition to a proof-of-stake community is accomplished. Validators will use present ETH to validate blocks which can create new ETH and yield staking rewards after the merge.
Meanwhile, ETC is a hard-forked model of Ethereum after The DAO hack of 2016.
Miners might transfer to Ethereum Classic
Several specialists have revealed that miners leaving Ethereum might discover a new residence in Ethereum Classic as a result of the sister blockchain is supposedly suitable with Ethereum mining gear.
Ethereum co-founder Vitalik Buterin first shared the potential of miners migrating to Ethereum Classic throughout a latest occasion in Paris.
Buterin reportedly told builders and customers not sure concerning the Merge to return to the Ethereum Classic chain. He stated:
It’s a really welcoming group. If you want proof of labor, you need to go use Ethereum Classic, it’s a completely nice chain.
Messari’s Sami Kasab said that ETC was the one proof-of-work digital asset that the ETH ASIC machine might mine.
According to Kasab:
“Ethereum’s mining network is made up of two types of hardware: ASICs and GPUs. The problem with ASICs is that they can’t be repurposed for different applications besides mining ETH. Ethereum Classic is the only other PoW coin that can be mined with an ETH ASIC, since its hashing algorithm is compatible with ETH’s algorithm.”
Meanwhile, Bitmain’s mining pool AntPool has proven assist for Ethereum Classic as it invested $10 million in the ecosystem.
Let’s assist the ETC ecosystem and incubate high-quality PoW tasks collectively！ https://t.co/AHft6WfGES
— ANTPOOL (@AntPoolofficial) July 27, 2022
Miners might revolt
Miners might proceed to mine on the proof-of-work model of Ethereum after the Merge is accomplished.
A Galois Capital survey revealed that 33% of the respondents assume the Merge would create two parallel networks in ETH1 (PoW) and ETH2 (POS).
Question 1: What occurs through the merge? If Choice 2 or 3 go to Questions 2-5.
— Galois Capital (@Galois_Capital) July 27, 2022
Talks about this have elevated, with Chandler Guo main the dialogue on forking Ethereum PoW.
ETH shall be fork，ETHPOS VS ETHPOW https://t.co/ICti7ou4q6
— Chandler Guo (@ChandlerGuo) July 27, 2022