{"id":619,"date":"2022-10-12T06:22:44","date_gmt":"2022-10-12T06:22:44","guid":{"rendered":"https:\/\/ethereumclassicwallet.com\/articles\/?p=619"},"modified":"2022-10-12T06:22:44","modified_gmt":"2022-10-12T06:22:44","slug":"etc-hardfork-from-2016","status":"publish","type":"post","link":"https:\/\/ethereumclassicwallet.com\/articles\/etc-hardfork-from-2016","title":{"rendered":"Ethereum Classic (ETC) – is the hardfork from 2016 relevant again?"},"content":{"rendered":"

After Ethereum’s recent transfer to the Proof-of-Stake consensus algorithm, miners on GPUs started looking for a network to move their processing power to.<\/span><\/p>\n

The most obvious idea was Ethereum Classic (ETC), a <\/span>hardfork<\/span><\/a> of the Ethereum blockchain that was launched in July 2016 after The DAO was hacked. The decentralized autonomous organization held a $150 million ICO in ETH, and 3 months later was hacked for $60 million.<\/span><\/p>\n

A solution to this situation was proposed: perform a network hardfork and “roll back” the state of the blockchain before the attack was committed. Part of the Ethereum community did not agree with this solution and supported the pre-fork version – today it is known as Ethereum Classic or ETC.<\/span><\/p>\n

ETC has no central organization supporting blockchain development, so the network has undergone almost no changes since 2016. It still runs on the <\/span>Proof-of-Work<\/span><\/a> consensus algorithm and pays rewards to miners.<\/span><\/p>\n

The future of ETC and other options to mine<\/h2>\n

At the end of August 2022, the price of ETC soared by 69.5% and brought Ethereum Classic to the 18th place by total market capitalization. Now we have a price correction, the coin is trading at $24. By the way its peak price was reached on June 5, 2021 – $134.84.<\/span><\/p>\n

\"ETC<\/p>\n

It is worth mentioning that if at least 10% of miners switch from Ethereum to Ethereum Classic, the probability of creating a new block will be extremely reduced, the total amount of rewards per miner will also decrease, respectively. However, the transition of miners will provoke a strong interest in ETC, which will most likely lead to an increase in the coin’s price.<\/span><\/p>\n

Today’s Ethereum miners are also considering other cryptocurrencies for GPU mining: Ravencoin (RVN), Einsteinium (EMC2), Verge (XVG) and others. You can calculate the profitability of mining a particular cryptocurrency on the mining calculators.<\/span><\/p>\n

https:\/\/youtu.be\/blwnXKXa-Z0<\/p>\n","protected":false},"excerpt":{"rendered":"

After Ethereum’s recent transfer to the Proof-of-Stake consensus algorithm, miners on GPUs started looking for a network to move their processing power to. The most obvious idea was Ethereum Classic (ETC), a hardfork of the […]<\/a><\/p>\n<\/div>","protected":false},"author":2,"featured_media":621,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":{"0":"post-619","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-mining"},"_links":{"self":[{"href":"https:\/\/ethereumclassicwallet.com\/articles\/wp-json\/wp\/v2\/posts\/619","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ethereumclassicwallet.com\/articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ethereumclassicwallet.com\/articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ethereumclassicwallet.com\/articles\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/ethereumclassicwallet.com\/articles\/wp-json\/wp\/v2\/comments?post=619"}],"version-history":[{"count":1,"href":"https:\/\/ethereumclassicwallet.com\/articles\/wp-json\/wp\/v2\/posts\/619\/revisions"}],"predecessor-version":[{"id":622,"href":"https:\/\/ethereumclassicwallet.com\/articles\/wp-json\/wp\/v2\/posts\/619\/revisions\/622"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ethereumclassicwallet.com\/articles\/wp-json\/wp\/v2\/media\/621"}],"wp:attachment":[{"href":"https:\/\/ethereumclassicwallet.com\/articles\/wp-json\/wp\/v2\/media?parent=619"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ethereumclassicwallet.com\/articles\/wp-json\/wp\/v2\/categories?post=619"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ethereumclassicwallet.com\/articles\/wp-json\/wp\/v2\/tags?post=619"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}