Ethereum Classic (ETC) has fallen 13.33% since Sept 6 after the founder of Cardano (ADA). Charles Hoskinson While suggesting that Ethereum miners will move to ergo, Ethereum founder Vitalik Buterin says that ETC’s welcoming community has made it a good coin to mine.
ETC was trading at $41.52, but fell 19.73% within half a day, dropping to $33.31 on September 6th. In the hours that followed, it quickly rose by 8%. It is trading at $36 at the time of writing.
As the crypto community approaches The Merge, they are looking to all alternatives to Ethereum, including ETC. Hoskinson and Buterin share his views on where Ethereum miners should go after the merge is complete.
Hoskinson and Ergo
Hoskinson tweeted on Sept. 6 to invite Ethereum miners to mine Ergo via ETC.
If you’re interested in proof of work, I recommend checking out @ Ergo FoundationErgo is one of the few coins still innovating in the PoW space and has a great community.
— Charles Hoskinson (@IOHK_Charles) September 5, 2022
A few hours ago, he shared his opinion on ETC, calling it “a dead project with no purpose, no existence and no compelling arguments.”
Hoskinson had previously proposed introducing a decentralized treasury and establishing a development fund for the ETC. His proposal changed the allocation of ETC block rewards and transferred some of them to the Treasury.
The ETC community rejected this proposal as they did not want it cut from the rewards expressed by Twitter users. maximalist, etc. as a “20% miners tax”.
Mr Hoskinson said:
“ETC still saddens what could have happened.”
Buterin and ETC
ETC increased by over 150% throughout July shortly after The Merge calendar was published.
On August 23rd, a Twitter poll was hosted by the node operator. @cryptoviumasked which PoW coin Ethereum miners would rely on after the merge was complete, and asked participants to choose from ETC, Ergo, Ravencoin, and FLUX.
Ergo was the clear winner of the vote with 45.5% of all votes. He followed in 2nd and 3rd place with FLUX and Ravencoin taking 27.6% and 19% of the vote respectively. ETC was last with just 8% of the vote.
However, Ethereum founder Vitalik Buterin responded to the poll results and spoke affectionately about ETC. He said:
“This is a very welcoming community and I think fans of Proof of Work will definitely be welcome…if you like Proof of Work, you should go with Ethereum Classic. It’s a totally awesome chain.”
ETC last announced upgrade news in September 2020, when ETC Labs partnered with a security firm to prevent a 51% attack. The decision comes just a month after Coinbase decided to postpone his ETC transactions following his 51% attack on ETC.
