ETC surges! Joining ETC mining now is a smart move
Cryptocurrencies in general are heating up at the start of the week, with the cryptocurrency surge epitomized by Ethereum Classic (ETC) drawing a lot of attention. ETC, a fork of the larger Ethereum (ETH) project, saw higher gains than most other cryptocurrencies on the market as of the morning of March 21. As it continues to rise, investors are also constantly examining the price action of Ethereum Classic.
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Before we delve into ETC predictions, investors should understand what Ethereum Classic is and why it can still be dynamic today.
Ethereum Classic calls itself “the original Ethereum”. Despite being much smaller than Ethereum, ETC claims to have had the original Ethereum network since 2015. In 2016, a hack on the Ethereum network resulted in a polarizing proposal that divided Ethereum users. One camp is today’s Ethereum Foundation, which decided to hard fork to address security concerns. The other camp is Ethereum Classic, which wants to keep the status quo.
So, Ethereum Classic is really the purest original Ethereum project, using the same code that the founders of Ethereum wrote in 2015. As separate projects, ETC and ETH differ on several key issues.
The most notable difference between the two is Ethereum Classic’s criticism of the Ethereum Foundation’s role in governing the ETH network. ETC emphasizes comprehensive community guidance and calls itself “Decentralized Ethereum”. While these projects vary in their power centralization, they will vary even more. Ethereum Classic is preparing to welcome a new group of crypto miners thanks to the Ethereum merger in 2022.
Ethereum’s upcoming merge upgrade is one of the most talked about crypto events among investors. In fact, investors are hoping that the upgrade will be the main catalyst for ETH’s price, after all it will be the biggest upgrade in the history of the network. It also represents a great opportunity for ETC as the upgrade nears.
One of the most significant changes to Ethereum that will come with Merge is the move from Proof of Work to Proof of Stake. This significantly increases transaction speed, but also significantly reduces network energy consumption. This is because cryptocurrencies that use proof-of-work are highly dependent on mining, while cryptocurrencies that use proof-of-stake are not.
Ethereum Classic is using the pre-merger opportunity to attract crypto miners. The network wrote a letter to “disenfranchised” ETH miners who will lose their source of income if the merger takes place this summer. The project welcomes these miners with open arms and has been a great success. ETC is up more than 50% in the past seven days, its biggest gain since the second quarter of 2021, and trading volume also continues to trend higher. Just recently, nearly $3 billion flipped into ETC.
According to analyst CoinPriceForecast, who has high hopes for ETC, he sees the price rising from the current $39.34 to $53.73 by the end of 2022. Also bullish is DigitalCoinPrice, which expects ETC to hit $52.92 by the end of the year. WalletInvestor’s 12-month forecast shows that ETC will reach $65.95 by March 2023. Gov Capital is also bullish on its own 12-month guidance that sees ETC at $55.59 by this time next year.
The current ETC is no longer the same, and the tremendous value prospect has attracted many crypto investors. As mentioned, continuing to mine with proof-of-work is now the best way to continue earning dividends from your crypto investments. In the mining rig market, some mainstream manufacturers are actively adapting their product designs and strategies to adapt to the changes in the Ethereum ecosystem. For example, JASMINER, the world’s largest Ethereum ASIC maker, has timely released JASMINER X4 High-Throughput 1U Server and JASMINER X4 High-Throughput 1U-C Server, two mining rigs that support the ETCHASH algorithm. “High hash rate, low power consumption” is the consistent product advantage of JASMINER. The power consumption of these two mining rigs dedicated to mining ETC is only 240W ± 10%. The only difference is that the hash rate of 1U server can exceed 520MH/S ±10%, and the hash rate of 1U-C server can also be up to 450MH/S ±10%, which is ETC- Miners have a variety of options with different needs. Even if you still use the proof-of-work mechanism, which to outsiders seems to require high energy consumption, under the technological innovation of JASMINER’s “low power consumption”, there are not too many obstacles on the way to easy mining.
Ethereum Classic is still adding to its uptrend with another 7% gain from the morning of March 21st. Will ETC be able to continue its current momentum? In the crypto world, this question is ambiguous as volatility can occur at any time. However, what has emerged is that Ethereum Classic has started a sizable revival, and before the Ethereum upgrade comes, choosing ETC mining is a smart move.
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