Has Ethereum Classic gotten a boost before the Ethereum merge? [51]
ETC market jumped almost 54% after its ecosystem got some extra support
Good afternoon, friends!
The Ethereum Proof-of-Work to Proof-of-Stake merge is happening in September, so that means that numerous other chains may be looking into upgrades before or after that happens. But what’s going on with Ethereum Classic, the chain that came into being when ETH split from ETC six years ago to address the infamous DAO hack, as it will remain PoW.
In the news, ETC market price climbed nearly 54% in a week after mining companies began to show more support for its ecosystem, based on the assumption that miners on ETH will transition into PoW blockchains.
Examples include Innosilicon, an ASIC and mining machine maker, announced it would release ETC firmware for several of its mining rigs and Antpool revealed a $10 million investment to back projects in the ETC ecosystem.
Following all of this in the ETH ecosystem, Chandler Gao, a prominent Chinese crypto miner, launched a campaign to once-again fork Ethereum and ETHPOW so that it would remain PoW. Although this would keep a version of ETH PoW, it would allow all the miners to maintain their equipment as-is.
Gao was in fact one of the original proponents of forking the Ethereum blockchain during the 2016 DAO hack that led to the hard fork that split it into ETH and ETC which created ETH as it is today.
Once forked, ETHPOW would become an entirely new blockchain, in the same way, that ETH and ETC split. It would require a lot of miners to choose to switch over and Gao’s campaign has barely gotten underway.
As usual, the news is fully examined in the long form after the fold including more cryptocurrency mining and what’s happening in the world of social impact DAOs. See you next week!
Thank you for your support!
This is the part of the newsletter where I help pay for the work I do here.
💛 - Send this email to a friend! Even if you’re on the paid version. It’ll get someone else interested, and possibly subscribed!
🦢 - Have you started investing in Bitcoin yet? You’ve read about Dollar Cost Averaging, but don’t know where to start? I endorse Swan Bitcoin as a great tool for setting up a disciplined investment regimen, and many of you do, too! If you sign up with this link, I get $10 to help support my efforts with this newsletter.
📧 - Did you get this emailed to you? Click here to try a premium subscription out free for 14-days (generally, two issues).
₿ - Want to pay with crypto? I’ve got a variety of payment methods to choose from.
📚 - If you sign up right now, it’s not too late to get the next version of my book as a subscription benefit! If you’d just rather buy the previous edition, they’re available via OpenSea as a Polygon NFT.
Blockchain Bulletin
Ethereum Classic market jumps 54% with Innosilicon and Bitmain support. Now that the Ethereum merge is coming fast, Ethereum Classic is getting some extra attention from cryptocurrency mining industry giants, and gave the market a boost in the past 7 days, reported U.Today.
Iran makes it easier for miners to tap into renewable energy. Iran is relaxing some of the regulations that force cryptocurrency miners to generate power on-site, which will permit them to buy energy from the grid, including renewable power, reported Bitcoin.com News.
Blockchain Behind the Scenes
Foundry launches supply chain management service for bitcoin-mining equipment. The digital asset mining and staking firm Digital Foundry has launched a logistical support supply-chain management firm to assist with the delivery of cryptocurrency mining equipment.
EarthFund DAO launches to change charitable giving. EarthFund DAO has launched a charity organization that will use the blockchain to provide transparency and trust in how donated funds are governed and provided to disrupt charitable causes.
Keep reading with a 7-day free trial
Subscribe to Ask Doctor Bitcoin to keep reading this post and get 7 days of free access to the full post archives.