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The Ethereum blockchain is transitioning from an energy-intensive proof-of-work system to a proof-of-stake system, eliminating miner incentives. As a result, crypto miners have shown a growing interest in Ethereum Classic. The procedure is called the Merge.
Ethereum Classic, represented by the coin ETC, is a branch or fork of Ethereum. Ethereum Classic is attractive to miners because, unlike Ethereum, it does not change its system.
Tom Dunleavy, a senior research analyst at the crypto data and analysis business Messari, said, "Hold on a second."
According to a new analysis, Ethereum Classic has limited long-term sustainability. Although the price of ETC may soar in the days preceding the Merge, it is doubtful that the token will enjoy continued growth.
According to Messari, Ethereum mining presently accounts for 97 percent of graphics processing unit (GPU) mining income and generates $24 million daily.
After the Merge, users can validate transactions by “staking” ETH instead of performing energy-intensive computations, rendering mining solutions based on Ethereum practically useless.
According to Messari, miners will be compelled to sell their equipment or convert to mining ETC, which accounts for 2 percent of GPU mining income and generates around $700,000 daily. Even if a “substantial fraction” of miners shifts to ETC, the mining difficulty will climb dramatically, rendering many miners unprofitable because of this significant profitability disparity.
Last week, ETC appreciated more than 30 percent after the bitcoin (BTC) mining pool AntPool committed $10 million in Ethereum Classic mainnet application development and investigation.
Messari stated that ETC has a history of price surges when it appears in crypto-related news articles. Hence, the recent price increase is not indicative of the network’s long-term development.
Messari reports that Ethereum Classic has fewer than half as many active addresses as Cardano. The network’s degree of development is less than one-tenth that of Ethereum and Cardano, and its transaction volume has not changed much since 2018.
Messari remarked, “Prices should have some basic connection to network utilization and underlying economic activity.” Unfortunately for ETC holders, neither is plenty.
