After the upcoming fundamental upgrade of the Ethereum chain, cryptocurrency miners are looking for new sources of income as one of the largest blockchains in the industry will no longer be available for mining. Ethereum Classic could become one of options.
In his latest speech, Ethereum blockchain creator Vitalik Buterin stated that those users who “like POW” should consider switching to Ethereum Classic, which is “an absolutely great chain.”
Vitalik said in his keynote on the 21st that if you like POW, you should use Ethereum Classic (ETC), which is a great chain. (Live video at 35:50) Ethereum is currently expected to start merging POW with POS in September. https://t.co/nAtKh9fHyA
— Wu Blockchain (@WuBlockchain) July 25, 2022
Ethereum Classic is a hard fork of the Ethereum network launched back in July 2016. It basically mimics the core functionality of Ethereum and acts as a smart contract network that powers decentralized applications and solutions with native ETC token.
Since its launch, ETC has positioned itself as a separate version of Ethereum, which distances itself from its predecessor after each upgrade. The network is set to preserve the integrity of the pre-existing Ethereum blockchain until the infamous theft of 3.6 million coins.
Breakthrough growth of the Ethereum Classic market
With one of the largest networks on the market no longer available to miners, Ethereum Classic has become the obvious replacement for Ethereum miners looking for new ways to work in the cryptocurrency industry.
As the hash rate in the coin increased, investors began to look for opportunities for more exposure to ETC, which caused a short-term but explosive growth that led to a 105% increase in the price of the token.
Unfortunately, the speculative nature of the rally caused a quick 12% reversal. But despite the lull, investors still believe that Ethereum Classic will gain even more value once The Merge goes live and a massive mining migration begins.
Credit : u.today