Is Ethereum Classic [ETC] in trouble now that EthereumPoW…

The recognition of Ethereum Traditional [ETC] has elevated in the previous few weeks. This has, particularly, been the case because of the Ethereum 2.0 merge’s last levels.

Its worth additionally soared, particularly, as miners migrated in favor of Ethereum Traditional because the ‘subsequent massive factor’ for miners. This view is about to be challenged particularly now that EthereumPoW (ETHW) has been confirmed.

ETHW rumors have been round for fairly a while however there was no official affirmation. The thought was sparked by expectations that the Merge would result in a tough fork the place a brand new community (Ethereum POS) will run parallel to the previous POW Ethereum chain.

Ethereum builders confirmed that ETHW will develop into a actuality.

ETHW mainnet will occur inside 24 hours after the Merge. The precise time might be introduced 1 hour earlier than launch with a countdown timer and the whole lot together with last code, binaries, config information, nodes data, RPC, explorer, and many others. might be made public when the time’s up.

2/n

— EthereumPoW (ETHW) Official #ETHW #ETHPoW (@EthereumPoW) September 12, 2022

The announcement represents an essential growth for Ethereum miners and could be bearish information for ETC.

The latter traded at a 179% premium from its July lows, demonstrating sturdy worth motion because the market bottomed out. One of many key causes for ETC’s sturdy worth motion was the miner exodus from Ethereum.

Battle of the forks

ETC’s hash price elevated considerably in the previous few weeks courtesy of the miner migration. This end result has subsequently boosted ETC buyers’ sentiment now that the alt had been receiving a whole lot of consideration.

The announcement means a lot of the Ethereum miners could decide to modify to EthereumPoW. A possible unfavorable end result for ETC could be miner outflows in favor of the EthereumPoW chain. The 2 blockchain networks will compete for initiatives that desire a PoW community versus PoS.

There have been combined reactions to the EthereumPoW launch. Some imagine that the one cause for its existence is to offer miners with income alternatives. Blockchain developer, Igor Artamonov, had this to say concerning the state of affairs.

As somebody who performed a task within the Ethereum Traditional launch, I made a decision to take a look at what’s on with the Ethereum PoW. Nicely, their chances are high low, and let me inform you why 🧵 1/9

— Igor Artamonov (@splix) September 12, 2022

The blockchain developer is satisfied that the EthereumPoW is headed for failure. In the meantime, ETC already has a robust neighborhood and stands absolutely operational. However, the EthereumPoW continues to be a reputable risk to ETC if it succeeds in its mission.

At press time, ETC was up by 4.51% since 13 September. A affirmation that the most recent announcement about EthereumPoW has not but spoofed ETC buyers. In the meantime, its hash price continues climbing.

Supply: Coinwarz