Cryptocurrency miners seek new ways to generate income after the upcoming fundamental update of the Ethereum chain. This is because crypto one of the largest blockchain will not be available for mining. Ethereum Classic is being hailed as one of the options.
Meanwhile, Vitalik Buterin, the creator of the Ethereum blockchain, suggested in his latest speech that users who are ardent supporters of POW should shift to Ethereum Classic. Buterin calls Ethereum Classic a perfectly fine chain.
For the uninitiated, Ethereum Classic is a hard fork of the Ethereum Chain. It was launched back in July 2016. Though the function of blockchain is quite similar to that of Ethereum. It also acts as a smart contract network. Its token, ETC tokens, support decentralized applications and solutions.
ETC has now created its unique identity as a separate version of Ethereum. It continues to go further away from its earlier version with each upgrade. The network is designed to protect the integrity of the Ethereum blockchain. The blockchain was present before the popular theft of 3.6 million coins. As one of the largest networks on the market would no longer be accessible to miners. Hence Ethereum Classic emerged as the obvious choice for Ethereum miners who seek alternative methods to make money in the cryptocurrency sector.
A short-lived but rapid surge that resulted in a 105 percent increase in price for the token. It is said that it was sparked by investors seeking more exposure to ETC as more hashrate entered the coin. Sadly, the rally’s speculative nature led to a swift 12 percent reversal. Investors nevertheless anticipate that Ethereum Classic will increase in value after The Merge launches and a massive movement of mining power starts, despite the recent cooling off.
At the time of writing, the top altcoin was trading at $1,387.97, down 8.88% in the last 24 hours.
Source: https://www.thecoinrepublic.com/2022/07/26/ethereum-founder-vitalik-suggests-miners-to-move-to-ethereum-classic/