ETC surges! Joining ETC mining now is a wise move
Cryptocurrencies in general are heating up as the week begins, with the surge in cryptocurrencies typified by Ethereum Classic (ETC) garnering a lot of attention. A fork of the larger ethereum (ETH) project, ETC posted higher gains than most other cryptocurrencies in the market on the morning of March 21. As it continues to rise, investors are also constantly exploring the price action of Ethereum Classic.
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Before we dive into ETC predictions, investors should understand what Ethereum Classic is and why it can still rise dynamically today.
Ethereum Classic calls itself “the original Ethereum”. Although it is much smaller than Ethereum, ETC claims to have had the original Ethereum network since 2015. In 2016, a hack on the Ethereum network led to a polarizing proposal that split Ethereum users. One camp is today’s Ethereum Foundation, which chose to hard fork, addressing security concerns. The other camp is Ethereum Classic, which wants to keep the status quo.
So Ethereum Classic is really the purest original Ethereum project, using the same code that the Ethereum founders wrote in 2015. As separate projects, ETC and ETH differ on several key issues.
The most notable difference between the two is Ethereum Classic’s criticism of the role of the Ethereum Foundation in governing the ETH network. Emphasizing comprehensive community guidance, ETC calls itself “Decentralized Ethereum.” While these projects differ in their centralization of power, they will be even more different. Ethereum Classic is gearing up to welcome a new batch of crypto miners in 2022, thanks to the Ethereum merger.
Ethereum’s upcoming Merge upgrade is one of the most widely discussed crypto events among investors. In fact, investors hope that the upgrade will be the main catalyst for the price of ETH, after all it will be the biggest upgrade in the history of the network. It also presents a great opportunity for ETC as the upgrade approaches.
One of the most significant changes to Ethereum that will happen with Merge is the transition from Proof of Work to Proof of Stake. This will greatly increase transaction speed, but will also greatly reduce the energy consumption of the network. This is because cryptocurrencies that use proof-of-work are highly dependent on mining, while cryptocurrencies that use proof-of-stake are not.
Ethereum Classic is taking advantage of the pre-merger opportunity to attract crypto miners. The network wrote a letter to “disenfranchised” ETH miners who will lose their revenue stream when the merger occurs this summer. The project welcomes these miners with open arms and has been a huge success. ETC is up more than 50% over the past seven days, its biggest gain since the second quarter of 2021, and trading volumes also continue to trend upward. Just recently, nearly $3 billion in ETC is turning around.
According to analyst CoinPriceForecast, who has high hopes for ETC, he sees the price rising from the current $39.34 to $53.73 by the end of 2022. Also bullish is DigitalCoinPrice, which expects ETC to hit $52.92 by the end of the year. WalletInvestor’s 12-month forecast shows that ETC will reach $65.95 by March 2023. Gov Capital is also bullish on its own 12-month forecast, which sees ETC at $55.59 by this time next year.
The current ETC is no longer the same, and the huge value prospect has attracted many crypto investors. As mentioned earlier, continuing to mine with proof-of-work right now is the best way to continue to earn dividends from your crypto investments. Now in the mining rig market, some mainstream manufacturers are actively adjusting their product designs and strategies in order to adapt to the changes in the Ethereum ecosystem. For example, JASMINER, the world’s largest Ethereum ASIC manufacturer, has timely launched the JASMINER X4 High-throughput 1U server and the JASMINER X4 High-throughput 1U-C server, two mining rigs that support the ETCHASH algorithm. “High hash rate, low power consumption” is the consistent product advantage of JASMINER. The power consumption of these two mining rigs dedicated to mining ETC is only 240W±10%. The only difference is that the hash rate of 1U server exceeds 520MH/S ±10%, and the hash rate of the 1U-C server can also be as high as 450MH/S ±10%, providing a variety of choices for ETC miners with different needs. Even if you still use the proof-of-work mechanism that seems to require a lot of energy consumption in the eyes of outsiders, under the technological innovation of JASMINER’s “low power consumption”, there are not too many obstacles on the road of easy mining.
Ethereum Classic is still complementing its bullish trend with another 7% gain as of the morning of March 21. Will ETC be able to continue its current momentum? In the crypto world, this question is inconclusive, as volatility can arise at any time. But what has been seen is that Ethereum Classic has ushered in a considerable revival, and before the Ethereum upgrade arrives, choosing ETC mining is a wise move.