Ethereum Classic (ETC) Up 30% As The Merge On Ethereum Approaches

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2022-07-21 07:12:41

The majority of miners appear to have switched mining to Ethereum Classic (ETC) after Ethereum (ETH) set a specific date for the consolidation to PoS.

Last weekend, the project development team implemented a Shadow Fork for MEV enhancement, “clearing the way” for ETH to move towards Proof-of-Stake (PoS), and announced the event. The Merge (merge) of Ethereum It is highly likely that it will take place on September 19 here if there are no incidents.

This has been the cause of the recent explosive ETH price growth, despite the unpredictable BTC correction backdrop. Specifically, ETH has gone from the $1,000 price zone to a six-week high of $1,422.91.

Worth mentioning, the factor driving the price of ETH also contributed to the ETC price incentive to break out, as was the case in March of this year. At press time, ETC is trading around the $23.04 mark, up 18.34% over the past 24 hours.

ETC/USDT price chart last 24h
(Source: Binance)

The explanation for this “paradoxical” interaction is that when Ethereum introduces the Proof-of-Stake (PoS) pure coin mechanism, the previous Proof-of-Work (PoW) ETH mining system will be abandoned. specialized mining equipment. Instead, stake ETH to become a validator of transactions.

Accordingly, miners who are using ETH miners are forced to switch to another PoW coin, to avoid turning these devices into “unusable”. So ETC became the choice, even though Ethereum’s “twin” has been controversial since its inception after The DAO. Many sources say that the hacker behind The DAO has been exposed after 6 years.

Besides that, Bitmain – one of the largest Bitcoin mining companies in the world shows their significant role in this ETC price pump. When Bitmain Introduces New Miners Antminer E9 On 7/7, this item was “sold out” in just the first week.

Antminer E9 specially designed for Ethash based cryptocurrencies, like Ethereum with PoW algorithm and Ethereum Classic. The machine has performance equivalent to 25 high-end Nvidia’s RTX 3080 graphics cards, or 54 Nvidia GTX 1080Ti graphics cards, consuming 1920 W, while their power efficiency is 0.8 J/MH.

In the context of ETH coming to PoS, the fact that a “whale” like Bitmain launched a mining product dedicated to Ethereum mining made the community doubtful. Not a small part of the opinion that Bitmain pays special attention to ETC. And of course, Bitmain’s “strange” behavior has impacted ETC FOMO investors this time around.

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