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25% increase for Ethereum Classic!

ethereum classic hausse

Ethereum Classic has seen its price rise further in the past few days. The token has gained almost 25% in 24 hours! So why such interest in the original Ethereum blockchain?

Mining indicators in the green

Ethereum Classic has just a almost a record hashrate of 48.82 TH/s (Terra hashes per second) according to the latest data collected by 2miners. As a reminder, the hash is the absolute power used to mine and validate transactions on a blockchain.

In the last month, the hashrate of Ethereum Classic has increased by more than 62%! This figure shows the displacement of the activity of many miners on this network, due to the upcoming Ethereum Merge. This increase is 105% on last year !

This is also good news for network security. In fact, the more computing power is allocated, the more complicated it will be to attack the blockchain. This is not trivial when we remember that Ethereum Classic has already been attacked recently.

In fact, in August 2020 Ethereum Classic went under its third type 51 attack. This type of attack means leading a network by miners who own most of the hashing power.

They can go on like that until theft of funds or double spending. Therefore this type of attack is reserved for proof of work blockchains. During the previous attack on Ethereum Classic, the hash rate was only 2.90 TH/s. Since then, this rate has increased by more than 1606%. Therefore, it is difficult to imagine a new attack. For information, Bitcoin has never suffered an attack of this kind thanks to the computing power used.

Note that the mining difficulty is also hit a record high yesterday. The latter increases at the same time as an increase in the number of miners and a developing network. Therefore these figures are evidence the huge interest of miners for the blockchain. A state of affairs that is expected but shows itself stronger than expected.

Sign up!

The ETC token has only gained 25% in the last 24 hours! The latter is now trading at more than 40 dollars and has just entered the top 20 of the largest capitalizations in the sector according to CoinMarketCap. It’s a performance that one of the projects does the most efficient on the market present.

If we are interested in a longer time scale, we note that a increase by more than 70% in the last 90 days.

25% increase for Ethereum Classic!

Progress of Ethereum Classic in the last 3 months (source: CoinMarketCap.com)

Ethereum Classic says thanks to the Merge

Ethereum will change from proof-of-work to proof-of-stake within 10 days. With this move, more miners on the Ethereum network. This is the main reason for this renewed interest in Ethereum Classic. Place miners now their hardware and computing power serving the original Ethereum blockchain.

Companies such as crypto mining platform Antpool have gone even further by investing $10 million in Ethereum Classic to support its proof-of-work mechanism.

Many observers had predicted the movement of miners for this network which has a certain longevity and reputation within the crypto ecosystem. There are other options but the proof of work related blockchains are no longer legion. Besides the leader Bitcoin, we can mention Monero, Bitcoin Cash or Flux. For reasons performance, scalability but also ecological footprintthis consensus mechanism is set aside.

The proof-of-stake and more recent projects like Solana, Avalanche, Fantom or even Near prefer its many variations.

This bullish momentum may only be for Ethereum Classic passenger. It will be necessary to observe the various indicators related to mining over time to see if this trend is confirmed. Likewise, the price of the signal has performed well which should only be temporary. To be continued!


To learn more about Merge Ethereum and everything you need to know about it, find our article here.

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