Ethereum Classic up over 150% in July as ETH 2.0 draws closer

Ethereum Classic’s (ETC) worth accrued by implicit 150% successful July, making it 1 of the apical performing integer assets of the month.

The plus was trading astatine $36.50 arsenic of property clip aft shedding implicit 11% successful the past 24 hours.

Interest successful the plus reached a crescendo erstwhile Ethereum (ETH) developers revealed the date for The Merge, starring to the accrued anticipation of miners being pushed retired of the network.

Amazing – miner revenue/hash successful USD for ETC has conscionable surpassed that for ETH… (chart @coinmetrics) pic.twitter.com/x5RJs7lUrj

— Noelle Acheson (@NoelleInMadrid) July 29, 2022

Ethereum volition nary longer beryllium mineable aft its modulation to a proof-of-stake web is completed. Validators volition usage existing ETH to validate blocks which volition make caller ETH and output staking rewards aft the merge.

Meanwhile, ETC is simply a hard-forked mentation of Ethereum aft The DAO hack of 2016.

Miners could determination to Ethereum Classic

Several experts person revealed that miners leaving Ethereum could find a caller location successful Ethereum Classic due to the fact that the sister blockchain is supposedly compatible with Ethereum mining equipment.

Ethereum co-founder Vitalik Buterin archetypal shared the anticipation of miners migrating to Ethereum Classic during a caller lawsuit successful Paris.

Buterin reportedly told developers and users unsure astir the Merge to instrumentality to the Ethereum Classic chain. He said:

It’s a precise welcoming community. If you similar impervious of work, you should spell usage Ethereum Classic, it’s a wholly good chain.

Messari’s Sami Kasab said that ETC was the lone proof-of-work integer plus that the ETH ASIC instrumentality could mine.

According to Kasab:

“Ethereum’s mining web is made up of 2 types of hardware: ASICs and GPUs. The occupation with ASICs is that they can’t beryllium repurposed for antithetic applications too mining ETH. Ethereum Classic is the lone different PoW coin that tin beryllium mined with an ETH ASIC, since its hashing algorithm is compatible with ETH’s algorithm.”

Meanwhile, Bitmain’s mining excavation AntPool has shown enactment for Ethereum Classic arsenic it invested $10 cardinal successful the ecosystem.

Let’s enactment the ETC ecosystem and incubate high-quality PoW projects together！ https://t.co/AHft6WfGES

— ANTPOOL (@AntPoolofficial) July 27, 2022

Miners could revolt

Miners could proceed to excavation connected the proof-of-work mentation of Ethereum aft the Merge is completed.

A Galois Capital survey revealed that 33% of the respondents deliberation the Merge would make 2 parallel networks successful ETH1 (PoW) and ETH2 (POS).

Question 1: What happens during the merge? If Choice 2 oregon 3 spell to Questions 2-5.

— Galois Capital (@Galois_Capital) July 27, 2022

Talks astir this person increased, with Chandler Guo starring the treatment connected forking Ethereum PoW.

ETH volition beryllium fork，ETHPOS VS ETHPOW https://t.co/ICti7ou4q6

— Chandler Guo (@ChandlerGuo) July 27, 2022

The station Ethereum Classic up implicit 150% successful July arsenic ETH 2.0 draws closer appeared archetypal connected CryptoSlate.