ETC Is Down, But Still Looking Good!
With the recent hype around Ethereum’s PoW to PoS transition, it’s easy to overlook the impact it’s had on the Ethereum Classic chain – and that impact has been dramatic!
Where’s ETC At Now?
It goes without saying that Ethereum Classic took a massive hit, with the hashrate dropping from ~7 TH/s to just over 4 TH/s – so it’s not looking good for the ETC miners.
Not only that, but the price of ETC has also dropped significantly since the ‘big switch’, with the price now at around $9.50 (at the time of writing).
Why The Decline?
It’s pretty simple, really; the Ethereum PoW to PoS transition saw a massive influx of miners leaving the ETH pool in favor of the new PoS model, which had a direct (and drastic) impact on the ETC network.
As a result, the hashrate has taken a big hit, as has the price – and with no sign of this changing, it looks like ETC’s woes are far from over.
What About The Long Term?
While it’s not looking good for ETC in the short term, it’s still possible that the long-term future is a bit brighter.
The overall health of the network is still strong, with miners continuing to stake their coins in support and developers pushing out updates.
Plus, the team at ETC have recently announced development of their own PoS consensus algorithm, which could potentially give ETC the boost it needs to return to its former glory.
Things To Remember
All in all, it’s important to remember that in crypto, nothing lasts forever and that what goes down must eventually come up (in one way or another) – so don’t give up on ETC just yet!
Here are a few points to keep in mind:
- The Network Is Still Strong – Don’t forget that miners are still staking their coins and developers are pushing updates.
- It Could Still Come Back – There’s still potential for ETC to make a massive come back, once the new PoS algorithm is implemented.
- Don’t Count ETC Out Yet! – Keep positive, keep investing – and you never know, Ethereum Classic might just make a miraculous recovery!
So, despite its current struggles, Ethereum Classic still has hope. As the old saying goes, hope springs eternal – and in the world of crypto, that’s doubly true!
