Is Ethereum Classic [ETC] the next safe haven for ETH miners? Here’s speculating

The final and closing Bellatrix improve was pushed earlier this week, as we strategy the date of the Ethereum [ETH] Merge. With the Merge placing an finish to the ETH mining neighborhood, miners are looking out for different alternate options to remain in the enterprise. 

Ethereum Classic [ETC], which works on a Proof-of-Work consensus mechanism, witnessed a sudden growth in its whole hashrate. ETC’s hashrate grew by greater than 50% in only a month, indicating an inflow of recent miners in the ecosystem forward of the Merge. 

Source: 2Miners

While some miners favor the present alt, some are in favor of a tough fork to create a PoW various to Ethereum. 

ETC’s reputation

As fairly evident from the hashrate chart, ETC’s reputation is ever growing inside the mining neighborhood. Currently, ETC holds the fourth place in the checklist of the world’s prime PoW tokens by way of market capitalization. However, if buying and selling quantity is to be considered, ETC nabs the third spot on the checklist, proving the coin’s worldwide reputation. There is a large chance of a change in these figures after the Merge, when extra miners enter the ETC neighborhood. 

1661640388 479 Is Ethereum Classic ETC the next safe haven for ETH

Source: CoinMarketCap

Additionally, whereas the whole hashrate elevated, ETC’s worth additionally adopted the same route by outperforming a number of main cryptos final month. From $14.17 in mid-July, ETC’s worth skyrocketed and reached this 12 months’s highest of $44.67 on 13 August. 

Ethereum’s lowering mining profitability because of the market crash and globally hovering electrical energy costs are troubling points. However, these components together with ETC’s hovering costs offered some reduction to miners.

1661640389 195 Is Ethereum Classic ETC the next safe haven for ETH

Source: Bitinfocharts

Where to from right here?  

While ETC’s neighborhood has grown over the previous few months, a number of miners are reluctant to affix the ETC ecosystem as they’re favoring a tough fork post-Merge to create a PoW various to ETH. Recently, the ETHW neighborhood launched its first testnet named “Iceberg.”

With this new growth, ETHW additionally referred to as on miners, exchanges, and others for assist and to affix their neighborhood. We can count on extra readability about the situation of the ETHW neighborhood in the coming weeks.

Nonetheless, the huge hashrate uptick, when coupled with ETC’s constructive worth motion, signifies that the way forward for ETC mining appears brighter compared to ETHW. 

However, it’s to be famous that since mid-August, ETC’s worth has proven a lot volatility. This raises some severe questions round the altcoin having the ability to maintain its worth in the long term. At the time of writing, ETC was buying and selling at $33.77, registering a adverse 5.66% 24-hour efficiency.

1661640389 490 Is Ethereum Classic ETC the next safe haven for ETH

Source: CoinMarketCap

While each side compete with one another to increase their community, it could be fairly attention-grabbing to see which means miners go.

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