Ethereum Classic (ETC) gains 82% thanks to miner influx

Ethereum classic etc

Last updated March 23, 2022

Real Ethereum blockchain is now gaining massive traction in the crypto industry due to the influx of huge numbers of miners.

Ethereum classic is Vitalik Buterin’s main blockchain project, but some flaws forced the team to go through a hard fork and that resulted in a new blockchain network. The newly generated blockchain network is currently in use as the main Ethereum blockchain, while the old one is known as the Ethereum classic. In the present day, IOHK, the developer team behind Cardano blockchain, supports the community of Ethereum classic.

The current price of Ethereum Classic (ETC) is $47.5 and this price is up 9% in the last 24 hours. But this price is up 81.9% in the last 7 days.

This high price of ETC coin is a hint that the Ethereum classic is now going under better conditions.

The main reason behind the rapid rise in the price of ETC coins is the influx of huge numbers of Ethereum miners and also ETC is now only the most secured pow network after Bitcoin as Ethereum is almost shifting on POS. As we know, the Ethereum Foundation has decided to shift the network from Proof-of-work Consensus to Proof-of-stake Consensus so that miners can’t mine Ethereum but can instead deploy it, but hardware alone will not be enough to give them a better profit.

Due to some flaws in the classic Ethereum blockchain network and the lack of decentralization due to certain numbers of miners controlling the hash rate of the classic Ethereum network, 51% attack and hack attack occurred in crypto history.

Now the actual team of Ethereum classic is active on Ethereum and also the team is close to shifting the Ethereum blockchain to Proof-of-stake Consensus, so right now Ethereum classic looks like a better option after bitcoin as a Proof -of-work Consensus-based blockchain network.

In December 2020, IOHK announced to support Ethereum classic Community through the upgrade with its Mantis project.

When Ethereum Foundation, a non-profit organization behind the Ethereum project, announced its plan to move to Proof-of-stake, the Mantis Project wrote a tweet in favor of the Ethereum classic.

Also Read: ECB President Says Crypto Could Be Used Against Financial Sanctions Against Russia

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