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Ethereum Classic Hits 4-Month High as Merge Approaches

Posted by Andries Van Tonder on August 12, 2022 - 8:45am
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Ethereum Classic Hits 4-Month High as Merge Approaches

The upswing in ETC’s price coincides with the upswing of ETH.

By Jason Nelson

With anticipation building for the Ethereum merge next month, the price of Ethereum Classic (ETC) hit a four-month high of $42.29 per coin today, an increase of 15 percent in 24 hours, before settling slightly lower for the day, according to CoinMarketCap.

Ethereum Classic is a hard fork of the Ethereum blockchain co-founded by Vitalik Buterin and Gavin Wood. While both Ethereum forks point to 2015 as their launch, the Ethereum blockchain was rolled back and relaunched in 2016 after the hack of The DAO project, causing a split within the Ethereum community.

Those who did not support the relaunch maintained the original Ethereum blockchain, renamed to Ethereum Classic. Unlike Ethereum, which has no cap on the total number of coins, Ethereum Classic is capped at 210.7 million ETC.

Currently, ETC is the nineteenth largest cryptocurrency with a market cap of $5.6 billion.

While no longer a part of the broader Ethereum network, ETC is seeing a spike in activity thanks to the increased interest in the move from proof of work to proof of stake that Ethereum will soon undertake.

Notably, as the merge draws near, some members of the Ethereum community are again debating whether to execute another hard fork of the Ethereum blockchain to preserve the proof-of-work approach. Leading Chinese cryptocurrency figure Chandler Guo recently suggested the creation of ETHPOW.

The Neal and Janet Brown Family Trust As long as any of the top tier Cryptocurrencies continue to be based on the Proof of Work methodology, they will be mocked as being bad for the environment. The problem with that logic is that electric vehicles are worse for the environment than POW Cryptocurrencies. The minerals that need to be mined in order to build the high tech batteries are extremely expensive to extract and they are also toxic to the environment. At present there's no viable method for recycling used batteries, and as a result there are fields of dead EV's across Europe because there is no way to safely or cost efficient method to recycle them and the new batteries are more than the cost of NEW EVs. The same holds true for Solar and wind power. Neither of them lasts long enough to make them cost effective long term and they wear out parts decades before they were projected to do so. I wish that green energy was cost effective and safe for the environment, but at this point in time it just isn't so.
August 13, 2022 at 4:39am
Andries Van Tonder Thank you Simon.
August 12, 2022 at 10:46am
Simon Keighley Great to read the Ethereum network is seeing a spike in activity as the move from proof of work to proof of stake approaches. Thanks for sharing the latest news, Andries.
August 12, 2022 at 10:34am
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