Ethereum Miners Increasingly Choose Classic As Merge Approaches
The Ethereum Merge is scheduled to go live in less than a day, which would move the network completely from a proof of work mechanism to a proof of stake mechanism. This essentially puts Ethereum miners out of business, meaning they have to find somewhere else to move their mining machines to. Like always, Ethereum […]
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Ethereum's transition to proof-of-stake could be a boon for the price of Ethereum Classic. Ethereum Classic (ETC) has been outperforming its arch-rival Ethereum's native token Ether (ETH) during the current crypto market rebound with the ETC/ETH pairs at 10-month highs.Why is ETC beating ETH?ETC's price has risen to $27 on July 22, amounting to a 100% gain in nine days after bottoming out at $13.35. Comparatively, ETH's price has seen a 64% rally in U.S. dollar terms.ETC/USD versus ETH/USD daily price chart. Source: TradingViewEthereum's rebound has been among the sharpest among the top....
Ethereum Classic is preparing another hard fork. It was announced in statements published last week that the project’s development and mining community is committing to a change in its monetary policy by December of this year. Essentially a move to a new protocol, all current Ethereum Classic users and miners should have upgraded their software by then. If everyone does not upgrade their software, the project can split into two incompatible networks, blockchains and currencies. Of course, that is exactly how Ethereum Classic itself broke away from the Ethereum Foundation’s Ethereum last....
The day of The Merge, Ethereum Classic’s hashrate soared to new highs tapping 306 terahash per second (TH/s) ten days ago on September 15. Since then, however, Ethereum Classic’s computational power has dropped 46.16% lower from the high to today’s 164.75 TH/s. Furthermore, ethereum classic’s market valuation has dropped by two positions and lost 26.7% against the U.S. dollar during the last two weeks.
Ethereum Classic’s Hashrate and Price Sinks, While the 2 New PoW Ethereum Forks Jump Higher in USD Value
After Ethereum transitioned from....
Crypto assets’ prices have recorded more volatility in recent times. There have been some spikes and pullbacks in the price of many. For instance, the beginning of this week saw Bitcoin moving farther from its $20K mark. Bitcoin lost its hold on the $20K mark on September 2, closing the market at $19,969. Since then, the crypto has struggled to remain afloat with little rallies and dips. Also, Ethereum didn’t fare too well until September 6. Related Reading: Bitcoin Struggles To Claim $20,000 Mark Amid Bear Market The Bellatrix upgrade to take place the same day pushed its....
The Ethereum Merge was an incredibly anticipated upgrade, with good reason. It not only drastically increased the number of transactions that the network could handle, but it also greatly diminished the energy consumption of the network. However, Ethereum miners have found themselves as collateral damage in the upgrade as there is no longer a need for their highly specialized mining hardware. Given this, ETH miners have had to find alternatives for this hardware. The Great Exodus In less than one hour, Ethereum miners, who had been one of the most important parts of the network, had found....