Why Ethereum Classic? [ETC] could be the biggest winner until the merger

classic Ethereum [ETC] The hash rate has increased significantly over the past three months. This has been an expected result since Ethereum [ETH] Changes to Proof of Stake (PoS). Therefore, many miners have decided to switch to ETC mining.

A recent Binance advertisement highlights more things that ETC hash rate growth and exciting times ahead. The announcement revealed Binance’s plans to launch a new ETC mining pool, which it said will not charge any mining fees. One of the terms of the announcement is that Binance has the right to change the related promotions. This indicates that mining fees could be introduced in the future.

Many miners exiting ETH mining may find Binance’s ETC mining pool more attractive than other options available. However, the announcement underscores one of the main benefits that ETC enjoys from the transition from ETH to POS.

ETC POW hash rate surged from a low of 17,742 TH/S to over 43 TH/S in the last three months. He attributes this growth to POW miners making the transition from ETH POW mining.

Font: Coinwarz.com

The no-fee Binance ETC mining pool will contribute to a higher hash rate. Such a result will further improve the security and speed of ETC transactions. One of the potential benefits is that it can become more attractive to projects that prefer POW networks.

An unexpected growth spurt?

ETC holders would benefit from an increase in demand and network utility. The increased hash rate and potential for greater utility may lead to more price speculation, thus boosting retail demand. One of the potential downsides is a decreasing profit margin as the number of miners grows.

ETC has already shown strong price action over the past few weeks as the network continues to gain visibility from the merger. The cryptocurrency achieved a 34% surge in the first week of September. It also showed strong demand when there was a sharp drop in price.

Source: TradingView

At press time, ETC was trading at $38.42. The altcoin’s Relative Strength Index (RSI) was above the neutral 50 line. The Awesome Oscillator (AO) was also flashing green, but was below the zero line.

The large social volume it has received combined with the growth in hash rate have so far proven to be unique metrics driving demand for ETC. As such, ETC could be in for a period of strong growth.

Source: ambcrypto.com

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