ETC Up 190% As Vitalik Shifts ETH Miners Focus Towards Ethereum Classic

Ethereum Classic is gaining traction as miners ditch Ethereum ahead of the planned merger to Proof-of-Stake.

The Ethereum blockchain has been up for a revolutionary change from a proof-of-work to a proof-of-stake system. The PoS is touted as more environmentally friendly and sustainable due to its low energy consumption and carbon emissions as opposed to the energy-intensive PoW mining system. The change-over to the PoS has been slated for September.

Following this plan, miners on the Ethereum network are shifting their gaze to the old Ethereum Classic chain. They have their reasons for this change of focus.

Why The Surge In ETC Price?

As more miners move from Ethereum (ETH) to Ethereum Classic (ETC), ETC has gained both in popularity and price upswing. The current buzz about ETC within the crypto community has attracted a lot of people’s attention to the coin. This, coupled with increased miner activity on the legacy network, has led to an increase in demand and a corresponding price increase for ETC. At the time of this writing, ETC is trading at around $42, posting a 29% increase on the daily, a 7-day upscale of 63.5%, and 190% since July 16th. As such, ETC appears to be performing way better than both ETH and BTC.

ETC hasn’t had a very vibrant following within the crypto industry since the Ethereum blockchain split into two back in 2016 after a $50 million hack as Developers decided new technology was needed to protect and replace the old one. The split led to a hard fork that resulted in the Ethereum Classic (ETC).

Investors Are Moving In

Not only is ETC attracting new miners moving from Ethereum, but it’s also attracting investor funds to build up the network. One of the big investors in mining is AntPool, a popular crypto mining platform. AntPool has pledged to invest around $10 million to support the development of the ETC ecosystem.

The investments are aimed at making the network attractive to more miners, users, and investors. If this goal succeeds, the ETC market could see significant upswings both in the short-term and long-term.

“You Can Migrate” – Ethereum Founder

While it may be a loss for the Ethereum network to lose some miners that could have turned into validators in the new PoS system, founder Vitalik Buterin isn’t bothered. He said as much during the recent EthCC event held in Paris.

He said,

“If you don’t like proof-of-work, you should go use Ethereum Classic. It’s a totally fine chain.”

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