Ethereum Classic’s 12% rally gains mining support
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– Ethereum Classic (ETC) price rallied on Sept. 5 on back-to-back positive reports concerning its adoption among crypto miners.
– On the daily chart, ETC’s price surged 14.5% to nearly $37.25 per token.
– Its massive gains came days after BTC.com, a blockchain explorer and crypto mining pool, launched a specialized Ethereum Classic pool with “zero-fee” mining for three months.
– The announcement appeared after “the Merge,” a long-awaited network update that would switch Ethereum’s energy-intensive proof-of-work (PoW) protocol to a “cost-efficient” and scalable alternative, the proof-of-stake (PoS), on Sept. 19 or before.
– But the switch to PoS will make Ethereum’s PoW miners futile. On the other hand, Ethereum Classic, the original version of Ethereum, which still uses PoW, could become a haven for the miners affected by the Merge.
– The network is already attracting PoW miners en masse, confirmed by its hashrate, which touched a record high of 41.81 Terrahash per second (TH/s) on Sept. 4.
– This migration has helped ETC rally incredibly in recent months; it is up 200% since mid June.
– From a technical perspective, Ethereum Classic looks ready to undergo a circa 60% price rally in September.
