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Ethereum Classic: Price slump despite all-time high hash rate

 


Ethereum Classic is considered a hot candidate when it comes to where miners will migrate after the merge. The mining industry is gigantic and there are many blockchains that still rely on Proof of Work. Nevertheless, an exodus cannot be implemented without further ado because companies need a long-term solution.


This not only applies to the future of the respective network, which should preferably be further developed and maintained, but also to the market. The alternative to Ethereum must also have sufficient liquidity so that coins can be easily exchanged for dollars. Otherwise, operating costs cannot be reliably covered.


Another aspect is the efficient use of the existing hardware. Not every coin can be mined with the same equipment with the same yield. These aspects make Ethereum Classic the logical choice, because mining is still a billion-dollar business that will not disappear after the merge.


Ethereum Classic hashrate continues to grow

Ethereum Classic's hashrate is breaking through the roof and hovering around 50 TH/s, which is already an impressive increase within this year. In January it was still around 23 TH/s and has more than doubled the value.


The key point for Ethereum Classic is whether this is already the end of the road or whether another batch of miners will switch in the coming week. In principle, it would be conceivable that many will make their computing power available up to the last minute and only switch after the Paris upgrade.


An alternative to the ETC blockchain would be ETHPOW. This is a planned hard fork, which should allow Ethereum to continue in its current form.


ETC course buckles

Yesterday, the ETC price failed in a breakout attempt and shortly thereafter plummeted. Resistance has been forming between $40 and $42 on the daily chart since July, which the bulls have not been able to clear so far.


So, with few outliers, this is a barrier to break before the price can move towards $50. Whether the price will follow the hash rate should also depend on the remaining conditions on the market.


Cryptocurrencies are currently still under pressure because the Fed's interest rate policy has caused great uncertainty since the beginning of the year.

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