Ethereum’s “Classic” Version Gaining Speed as Miners Expect Mass Migration After PoW Shutdown
Ethereum Classic, a hard fork of Ethereum, launched back in July 2016, gained an insane amount of momentum on the cryptocurrency market ahead of one of the biggest updates in the history of the “main” Ethereum network.
Since its launch, Ethereum Classic has been positioning itself as a “true” version of the Ethereum network and has preserved the integrity of the existing Ethereum blockchain following the theft of 3.6 million ETH.
The Ethereum hard fork occurred in July 2016, when participants disagreed on withdrawing the blockchain to nullify the effects of a major hack that led to the theft of millions of Ethereum coins.
The reason behind the most recent explosive growth in the market may be related to the disagreement of some users over which Ethereum was chosen, including the complete shutdown of the proof of work consensus mechanism that used to be the backbone of any blockchain network.
We will also see a “great migration” of cryptocurrency miners from Ethereum to alternative networks or Bitcoin as Ethereum’s current hash rate remains at 892 TH/s. The hash rate of Ethereum Classic is seeing a huge increase in the last 24 hours as the mining power has jumped from 19 TH/s to 21 TH/s.
In terms of technical analysis, Ethereum Classic has gained over 30% in its price, breaking above the 50-day moving average and being in a downtrend for the past 110 days with some potential trend reversal. Signs are shown in which it has lost 60% of its value from ATH.
At press time, Ethereum Classic trades at $19.40 and is yet to lose the momentum it gained on July 16.