Ethereum Classic climbed higher in Friday, Feb. 25 trading, rebounding from a few days of losses as the cryptocurrency market continued to move higher. Along with Ethereum and Bitcoin, Ethereum Classic is leading the market higher. Ethereum Classic is up 4.3% at $27.67 as of 6:36 pm on February 25, 2022.
Amid the tutted praise from community members who follow Ethereum Classic in recent months, Ethereum Classic hopes to see a reversal, with the price of Ethereum Classic rushing up with an overwhelming momentum that has won a lot of attention. So is there still potential for Ethereum Classic in the future?
First let us understand the development of ETC. Ethereum hard forked two chains at the 1920000th block height, called ETH chain and ETH Classic chain respectively, and the above tokens were called ETH and ETC respectively. ETC retains the code rules and features of the original Ethereum. A group of developers who adhere to the core values of the blockchain form Ethereum Classic to issue an independent cryptocurrency ETC. As a complete currency, it attracts a group of people who missed investment opportunities before; and the similarity with the original Ethereum is also a way to stick to the Ethereum model.
ETC has built itself into a truly irreversible blockchain by refusing to take back funds from DAO attackers, and it is the purity of its dominant consciousness that provides a steady stream of momentum for ETC’s continued development. The rise of ETC is also a testament to the power of a decentralized, unregulated blockchain system, and traders and other major blockchain players are drawn to this quality of ETC.
After development, the productivity of Ethereum Classic has gradually been seen by people. Due to the stability of the code and the clarity of monetary policy, ETC has gained more and more support from miners. Miners are the actual maintainers of the blockchain network, and they do not want to be used as a temporary stepping stone. Just as BitcoinCore’s arrogance towards the miner community ultimately hurts their own credibility. It is reported that most miners have no plans to hold ETH, and are constantly increasing the hash rate power of the entire ETC network to show their continued optimism about ETC.
Currently, professional ASIC rig that supports mining ETC and ETH is very rare worldwide. Now, JASMINER X4 High-throughput 1U server supports ETCHASH and ETHASH algorithms, which is a rare choice for mining in the field of Ethereum blockchain. It has a hash rate of 520MH/s±10%, while the power consumption is only 240W±10%, and the total electricity cost is only 3%. And, since ETC has the largest supply, miners will mainly profit from transaction fees rather than minting new blocks after ETC hits the cap. Therefore, ETC only needs half the hash rate to break even on mining rigs. JASMINER X4 High-throughput 1U server, a cost-effective mining rig, will undoubtedly build double insurance, allowing miners to enjoy the rich rewards of the blockchain in the encrypted world of Ethereum.
Comprehensive analysis, whether the price of ETC is expected to exceed ETH in the future is not clear, but it is certain that there is a lot of room for appreciation in the current price of ETC. As an investor, the most important thing is to make a good trend judgment and insist on value realization.