Ethereum Classic (ETC) has remained a persistent force in the cryptocurrency ecosystem, even as its more prominent counterpart, Ethereum (ETH), transitioned to a proof-of-stake (PoS) consensus mechanism in what's widely known as "The Merge." While Ethereum evolved to prioritize scalability and energy efficiency, Ethereum Classic chose to uphold the original vision of a decentralized, immutable blockchain secured by proof-of-work (PoW). This divergence has sparked renewed interest—and debate—around ETC’s relevance, price volatility, mining viability, and long-term sustainability.
In the wake of The Merge, Ethereum Classic experienced a noticeable surge in both hashrate and market value. Miners displaced from the Ethereum network began redirecting their computational power toward PoW-based alternatives, with ETC emerging as a primary beneficiary. This influx of mining activity contributed to a sharp rise in network security and transaction throughput, reinforcing ETC’s position as one of the most robust surviving PoW blockchains.
The Surge in Hashrate and Market Activity
Shortly after The Merge, Ethereum Classic saw its hashrate climb significantly. According to market data from September 2022, futures contracts tied to ETC recorded approximately $27 million in liquidations within a 24-hour window—second only to Ethereum itself and ahead of Bitcoin futures during that period. This level of trading activity underscored growing speculative interest in ETC as traders positioned themselves around potential supply shocks and miner migration trends.
The price of Ethereum Classic also reflected this momentum. In early September 2022, ETC surged nearly 30% over 24 hours, catching the attention of analysts and investors alike. While some, like Michael Venuto of Toroso Investments, labeled the rally a “short-term fad,” others viewed it as a legitimate response to shifting infrastructure dynamics in the crypto mining sector.
Miner Migration and the Future of Proof-of-Work
With Ethereum’s transition to PoS, thousands of miners were effectively cut off from their primary revenue stream. Many turned to alternative PoW chains to keep their hardware productive. EthereumPoW (ETHW), a fork created specifically for this purpose, gained traction. However, Ethereum Classic, which had maintained continuous PoW operations since its inception, offered a more established and secure network.
Chandler Guo, a well-known mining advocate, predicted that up to 90% of PoW miners could face bankruptcy if they failed to adapt quickly. He emphasized that only about 10% would survive by efficiently reallocating resources to viable networks like ETC or ETHW. This stark forecast highlighted the economic pressures facing miners and elevated the strategic importance of choosing a stable, high-hashrate blockchain.
Despite these challenges, Ethereum Classic’s ability to absorb displaced mining power demonstrated resilience. Its consistent protocol philosophy—resisting changes that compromise immutability—resonates with a segment of the community that values decentralization above all else.
Coinbase Wallet Delisting: A Setback or Signal?
In late November 2022, Coinbase announced that its non-custodial wallet service would discontinue support for several tokens, including Ethereum Classic (ETC), Bitcoin Cash (BCH), Ripple’s XRP, and Stellar’s XLM. The company cited “low usage” as the primary reason for the delisting, effective December 5, 2022.
While not a direct attack on ETC’s technology, the move raised concerns about accessibility and mainstream adoption. Losing support on one of the most widely used crypto wallets could limit exposure for new users and reduce liquidity over time. However, proponents argue that true decentralization means thriving beyond centralized platforms—and that community-driven tools and independent wallets can fill the gap.
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Frequently Asked Questions (FAQ)
Q: What is Ethereum Classic (ETC), and how does it differ from Ethereum (ETH)?
A: Ethereum Classic is the original Ethereum blockchain that continues to operate under a proof-of-work consensus model. After Ethereum upgraded to proof-of-stake in 2022, ETC maintained the legacy chain, emphasizing immutability and resistance to protocol changes.
Q: Why did Ethereum Classic’s price surge after The Merge?
A: The surge was largely driven by miner migration. As Ethereum miners lost their primary network, many redirected their hashrate to ETC, increasing network activity and investor interest, which in turn boosted trading volume and price.
Q: Is mining Ethereum Classic still profitable?
A: Mining profitability depends on electricity costs, hardware efficiency, and network difficulty. While competition increased post-Merge, some miners have found ETC mining economically viable compared to other PoW alternatives.
Q: Does the Coinbase Wallet delisting affect ETC’s long-term prospects?
A: It may reduce short-term convenience for retail users, but ETC remains tradable on multiple exchanges and accessible via third-party wallets. Long-term viability hinges more on network security and ideological alignment than single-platform support.
Q: Can Ethereum Classic scale effectively without upgrading to proof-of-stake?
A: ETC developers focus on incremental improvements rather than radical upgrades. While it lacks Ethereum’s scaling solutions like rollups or sharding, its stability appeals to users prioritizing predictability over rapid innovation.
Q: Where can I buy or trade Ethereum Classic safely?
A: ETC is listed on several major cryptocurrency exchanges worldwide. Always verify exchange reputation and security practices before trading.
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Core Keywords Integration
Throughout this analysis, key terms such as Ethereum Classic, proof-of-work, The Merge, miner migration, ETC price, hashrate surge, blockchain immutability, and crypto mining naturally emerge as central themes. These reflect both user search intent and the technical discourse shaping ETC’s current narrative.
As the crypto landscape evolves, Ethereum Classic stands as a testament to ideological persistence. Whether viewed as a relic or a resilient alternative, its continued operation offers valuable insights into decentralization, market adaptation, and the enduring appeal of unaltered blockchain protocols. For investors and technologists alike, understanding ETC’s trajectory provides context for broader debates about the future of trustless systems.
Ultimately, while Ethereum moves toward efficiency and scalability, Ethereum Classic preserves a foundational principle: once written, never altered.