According to Gayatri Dhumal (a researcher at BitwiseInvest), Ethereum Classic (ETC), which is a sister to Ethereum, continues to generate excitement in the crypto space. Since June, ETC has seen an 83% increase of hashrate according to Gayatri, an Ethereum Classic (ETC) researcher.
Ethereum Classic has seen its hashrate soar, Ethereum however has dropped by 11%.
What’s the secret to ETC hashrate’s rapid growth?
The Ethereum Classic is the biggest beneficiary of the upcoming Ethereum merger that has caused a huge exodus from Ethereum miners as the mining ceases with the Ethereum merge upgrade.
Ethereum miners are leaving, and Ethereum Classic is the closest blockchain.
There are efforts to launch new Ethereum forks following the Merge upgrade. However, most blockchain protocols have pledged to support Ethereum and insist that they will not support any proof–of-work (PoW!) forks.
Ethereum Classic therefore remains the only Ethereum hardfork that is legally legal.
Earlier this month, Vitalik Buterin, the Ethereum co-founder, said that “pretty much everyone” was supportive of the Ethereum Merge that will move it from a PoW to a proof-of-stake (PoS) blockchain.
Ethereum Classic will win the merger, as it will remain the only Ethereum fork that can enjoy the original Ethereum PoW.
Ethereum Classic is a hardfork of Ethereum. After the DAO attack, which remains the most important hacking incident in cryptocurrency history, it forked in 2016. Ethereum Classic was created by people who wanted to preserve Ethereum’s original chain.
