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The final Bellatrix upgrade occurred early this week, as we near the anticipated Ethereum Merge. Meanwhile, the upcoming Merge has Ethereum miners seeking alternatives as the upgrade will end the Ethereum mining community.
Ethereum Classic, which uses PoW (Proof-of-Work) consensus Mechanism, saw a sudden increase in its overall hashrate.
ETC had its hashrate growing by over 50% within a month, suggesting a new miner influx within the ecosystem as market players prepare for the Merge. While some prefer the current altcoin, some miners prefer a hardfork to launch a PoW ETH alternative.
Ethereum Classic’s Popularity
The hashrate chart shows ETC has seen increasing popularity within the crypto mining space. For now, the alt ranks 4th in the chard of the leading PoW coins by market cap globally.
Nevertheless, considering trading volume Ethereum Classic nabbed the 3rd position, proving the token’s global popularity. However, these numbers might change after the Merge, with more miners entering the Ethereum Classic community.
Furthermore, ETC’s price mimicked the increased hashrate trend, outshining several top cryptocurrencies within the previous month. Ethereum Classic price hovered at $14.17 during mid-July sessions before exploding towards 2022’s highest mark on August 13 at $44.67.
Ethereum’s falling mining profitability because of market slump & worldwide surging electricity costs remain troubling issues. Nevertheless, these indications, plus ETC’s hiking prices, offer some respite to miners.
What Next?
Though the Ethereum Classic ecosystem has flourished within the last few months, multiple miners remain reluctant to join the ETC community. That’s because they favor a hardfork after Merge upgrade to build a PoW alternative to Ethereum. Lately, the ETHW community introduced Iceberg, the initial testnet.
Meantime, the development had ETHW calling on exchanges, miners, and others to enter their community for support. Meanwhile, the upcoming weeks can offer increased clarity on the ETHW community’s condition.
Nevertheless, the colossal hashrate surge plus ETC’s optimistic price action shows a brighter ETC mining future (compared to ETHW.) However, it’s noteworthy that the Ethereum Classic price has displayed increased volatility since mid-August.
That brings some questions around the alt managing to sustain upsides in the long term. While publishing this news, ETC traded at $33.77, dropping more than 5% within the past 24 hours. It remains interesting to witness miners’ choices as both parties compete to expand their ecosystem.
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