The Ethereum merge- one of the most anticipated events for the crypto community- is scheduled for mid-September and is creating a bullish atmosphere around the Ethereum asset. Even Ethereum Classic (ETC) is seeing a rise in price and is up by 27% in the last 24 hours.
At the time of writing, Ethereum Classic (ETC) is selling at $40.59 along with registering the highest transaction rate of 47 Tera Hash/sec.
Ethereum Classic (ETC) Price Spike
The main reason why Ethereum Classic is experiencing such rapid momentum is the Ethereum merge as ETH miners are moving towards it. ETC is basically a hard fork of the Ethereum blockchain which has the basic pattern of transactions in ETH.
To explain in more detail, after the Ethereum merge, the network will see a change from Proof-of-Work (PoW) to Proof-of-Stake (PoS). Miners are not happy with the merger because of the proof-of-work mechanism they employ for ETH. Therefore, miners are opting for a shift towards ETC.
Even Ethereum co-founder, Vitalik Buterin, is in favor of miners moving towards Ethereum Classic. Many crypto experts also support this decision as they believe that another Ethereum hard fork would not be an ideal situation.
Ethereum Classic support has just been added to the platform of mining pool BTC.com. For 3 months, a pool for BTC.com ETC will support mining at no cost.
The Ethereum merge is only a week away from completion and the Bellatrix update is just a few hours away. While the merger is nearing completion, the mining pool and associated companies are looking forward to a better future.
Given the trust surrounding the merge, any attempt to hard fork will probably fail. Therefore, until the merger, ETC may continue to experience this kind of bullishness.