The Ethereum Merge- one of the most awaited events for the crypto community- is scheduled for mid-September and is building up a bullish atmosphere around the Ethereum asset. Even Ethereum Classic (ETC) is witnessing a rise in its price action and has spiked by 27% over the past 24 hours.
At the time of writing, Ethereum Classic (ETC) is selling at $40.59 along with registering the highest transaction rate of 47 terra hashes/sec.
Ethereum Classic (ETC) Price Spikes
The main reason that Ethereum Classic is experiencing such bullish momentum is the Ethereum Merge as ETH miners are shifting towards it. ETC is basically the hard fork of the Ethereum blockchain which has the original pattern of transactions in ETH.
To explain in further detail, after the Ethereum Merge, the network will see a shift from proof-of-work (PoW) to proof-of-stake (PoS). The miners aren’t happy with the merge as they are employed due to ETH’s proof of work mechanism. Hence, miners are opting for a shift towards ETC.
Even Ethereum’s co-founder, Vitalik Buterin, is in favor of miners moving towards Ethereum Classic. Many crypto experts support this decision too as they believe that another Ethereum hard fork will not be an ideal situation.
Ethereum Classic support was just recently added to the mining pool BTC.com’s platform. For 3 months, a pool for BTC.com ETC will support mining at no cost.
The Ethereum merge is just a week away from completion and the Bellatrix update is just a few hours away. While the merger is moving closer to completion, the mining pools and the related companies are looking forward to a better future.
Any efforts at a hard fork will probably fail, given the confidence surrounding the merge. Therefore, until the merger, ETC may continue experiencing such bullish momentum.