EthereumClassic: Risks, opportunities of ETH Merge on ETC
The Ethereum network is days away from the highly anticipated Ethereum 2.0 Merge. This is one of the most anticipated crypto events which is considered good for the network’s overall performance. However, the impact onTo really understand the impact of the Merge on the Ethereum Classic, we have to look at how the Merge will affect Ethereum’s operations.
Ethereum Classic happens to be one of the suitable alternatives since it uses the same consensus algorithm as Ethereum . In contrast, Bitcoin uses the SHA-256 which is not suitable for Ethereum GPUs.An exponential increase in the number of GPUs mining will increase Ethereum Classic’s hash rate. However, it also means more competition among miners, and fewer profits to go around.
The above outcome depends on whether there will be enough ETC dumped by miners. There is a significant chance that most miners might simply shut down their GPUs for the price to reach their breakeven price.On the plus side of things, Ethereum Classic miners looking to ramp up their capacity can leverage the sale of second-hand GPUs and ASIC miners at cheaper prices. This will allow them to leverage higher hashing power, giving them a competitive advantage.
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