It seems that the majority of miners have started converting their mining to Ethereum Classic (ETC) after Ethereum (ETH) has set a specific date for the consolidation to Proof-of-Stake (PoS).
ETH moves to PoS as well as announcing Ethereum’s The Merge event will likely take place on September 19 if there are no technical failures. This reason has created a powerful launchpad for Ethereum price to grow impressively despite the correction of Bitcoin (BTC), going from the price of $1,000 to a 6-week high at $1,422.91.
Unexpectedly, the factor driving the ETH price also became a key driver supporting the ETC price breakout, just like the previous one in March 2022. At press time, ETC is trading around $21.43, up 22.9% over the past 24 hours.
The reason this “contradictory” interaction took place is because when Ethereum was put on the PoS consensus mechanism, the previous ETH mining system with Proof-of-Work (PoW), using specialized mining equipment will be delisted and will instead be staked ETH to become a validator of the transaction.
As a result, miners currently using ETH miners are forced to switch to another PoW coin to avoid their equipment becoming “a pile of scrap”. And that choice is none other than ETC.
On the other hand, Bitmain – one of the largest Bitcoin miner manufacturers in the world also plays a very important role in this price pump of ETC. On July 7, Bitcoin unexpectedly launched a new line of miners called Antminer E9. Only in the first week of launch, Antminer E9 immediately “sold out“.
However, the question is, why is a Bitcoin “whale” like Bitmain launching a new specialized product to mine mainly Ethereum at this time in the context that ETH is about to move to PoS? Therefore, the community probably assumes that Bitmain is pushing its interest in ETC. And of course, the “bizarre” action from Bitmain made investors really FOMO ETC during this period.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Foxy
CoinCu News
Bitfinex data leak allegedly by FSOCIETY includes 2.5TB of exchange data and 400K users' details.…
According to Parsec, Friend Tech v2's launch disappointed many, with 95% users unable to claim…
The legal debate over Ethereum classification intensifies as Consensys sues SEC for regulatory overreach.
Bitcoin ETF inflow witnessed a significant surge on May 3, signaling a potential shift in…
Friend.tech V2 was unveiled with the airdrop of FRIEND tokens and the Money Club feature.
Grayscale spot Bitcoin ETF sees its first daily increase since January, with a net inflow…
This website uses cookies.