Is Ethereum Classic (ETC) the safe haven for Ethereum Miners?

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Last Updated on 28 August 2022 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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The Ethereum Merge is approaching, and we are in the final stages of the Bellatrix upgrade. The Merge is set to end ETH’s mining; most miners are now searching for alternatives. With that in mind, Ethereum Classic still works on the POW algorithm, and they’ve recently received a sudden boom in hash rate.

More specifically, ETC’s hash rate grew more than 50% in the last month, indicating an influx of miners within the ecosystem before the Merge. Even though most miners prefer the current alternatives, some favour a hard fork to Ethereum.

Certainly, Ethereum Classic’s popularity has grown through the roof in the last couple of months. As we speak, Ethereum Classic holds fourth place in the POW token world in market cap. There’s also a significant chance that this figure will likely change after the Merge happens.

As the total hash rate increased, ETC’s price also went up, outperforming several cryptocurrencies in the market today. ETH’s decreasing profit levels in mining due to the market crash, inflation and global hikes in electricity prices have made it challenging for miners. But couple these factors together with ETC’s price jump, miners at least get some relief.

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Is ETC a better alternative for Ethereum Miners?

As much as ETC’s mining community has grown over the last few months, several miners are still reluctant to join this ecosystem. Why? Well, most of them are in favour of a hard fork on ETH’s network to create a new alternative. Ethereum Proof of Work, also known as ETHW, launched its first testnet, the ‘Iceberg.’

With this new development, the community requested support from other miners and exchanges. However, the total hash rate and ETC’s price indicate that Ethereum Classic’s future seems brighter than that of ETHW.