Is Ethereum Classic [ETC] the next safe haven for ETH miners? Here's speculating

The last and final Bellatrix upgrade was pushed earlier this week, as we approach the date of the Ethereum ETH Merge. With the Merge putting an end to the ETH mining community, miners are searching for other alternatives to stay in the business.

Timeline of Ethereum-classic

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice After a relatively dull week, sellers toned down the buying efforts by pulling Ethereum Classic [ETC] toward the $31 baseline.

On Thursday, following the official proof-of-stake (PoS) transition announcement from the Ethereum Foundation, Ethereum Classic's hashrate tapped another all-time high at block height 15,806,925. The latest jump to 38.64 terahash marks the network's second record high in five days, as Ethereum Classic captured 38.37 terahash per second (TH/s) on August 20, 2022.

In recent months, the ethereum ecosystem has been among investors' most popular topics of conversation. The upcoming merge in September has caused quite a stir, with analysts taking a close look at its repercussions on ETH to give investors an idea of what to expect.

Ethereum Classic price is constantly flashing buy signals despite the recent drop and hence a significant buying pressure raised the price upwards. Interestingly, while a pullback was presumed, the price seems to be poised to slice the bearish set-up.

Bitfly, the firm behind Ethereum's most significant mining pool Ethermine has revealed in a recent blog post that it will be ceasing all Ethereum Proof-of-Work (PoW) mining operations following The Merge. Additionally, it will not create a dedicated mining pool for any Ethereum PoW fork.

A Twitter poll by node operator @cryptovium revealed that most Ethereum miners intend to mine Ergo after the Merge. The post Most PoW miners intend to mine Ergo, not Ravencoin or Ethereum Classic post-Merge appeared first on CryptoSlate.

Ethereum Classic (ETC) is arguably one of the tokens that have benefitted the most in the recent rally. Given its close proximity to Ethereum, the bullish sentiment drummed off by the “Merge” had triggered a significant rally in the price of the digital asset.

Ethereum Classic (ETC/USD) is essentially an open-source, decentralized, and blockchain-based distributed cryptocurrency and network that has support for smart contract functionality. Ethereum Classic was formed in 2016 as a result of the Ethereum community's disagreement regarding a change with the developers surrounding its immutability, where the entire network was affected.

Ethereum Classic saw more than a 100% increase in total value locked (TVL) due to the pouring of more liquidity into the project in anticipation of the Ethereum Merge. The post Ethereum Classic (ETC) Total Value Locked Doubles Ahead of Ethereum (ETH) Merge appeared first on BeInCrypto.

In just over a month's time, The Merge is likely to be implemented on the Ethereum blockchain and the network's proof-of-work (PoW) miners will be forced to mine another coin. So far, it seems ethereum miners are sticking with the PoW Ethereum chain until the very end as profits have increased.