Ethereum Classic is shaping up to be the big winner from the upcoming merge upgrade by attracting abandoned miners
Ethereum Classic (ETC) Has Experienced 83% Increase in Hash Rate Since June information Shared by BitwiseInvest researcher Gayatri Dhumal.
Meanwhile, the hash rate of Ethereum (ETH) has dropped by 11% ahead of the upcoming merge upgrade.
Ethereum Classic has been the number one beneficiary of the ongoing exodus of Ethereum miners.
In late July, the controversial hard fork received support from Ethereum’s Vitalik Buterin. Canadian programmers described it as a “fine” option for miners. The ETC token experienced significant growth after Antpool CEO Leon Love announced a $10 million investment in the chain.
Also, some efforts are being made to launch new hard forks for miners. However, the new proof-of-work token is highly unlikely to gain traction due to the lack of support from exchanges and major decentralized applications.
Earlier this month, the Ethereum co-founder said that “pretty much everyone” was supportive of Ethereum’s transition to proof of stake.Ethereum’s major software upgrade is widely expected to take place in mid-September after years of delay. Upgrade to Ethereum Classic Fork is expected to win big.
The Ethereum network was split into two separate chains after the infamous DAO attack in 2016, one of the most significant hacking events in crypto history. Ethereum Classic was created by community members who wanted to preserve the old hacked chain.
Back in August 2020, there were multiple 51% attacks on the Ethereum Classic chain in a single week, raising many questions about its security.