Can Ethereum Classic Profit From The Ethereum Merge?

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It has always been a given in crypto that whenever Ethereum experiences a rally in its price, Ethereum Classic would soon follow suit. This is because newbies to the crypto market used to think that Ethereum itself (priced around $1,000 to $2,000 depending on your moment of entry) was too expensive and Ethereum Classic (priced anywhere between $20 to $100) could be a cheaper alternative. Of course this is not true.

Ethereum Classic have achieved a new ATH Hash Rate, as $ETH merge get closer and closer.

Miner have since began to switch to other PoW #cryptocurrencies, mostly $ETC. pic.twitter.com/sM1LKkpoKu

— Anyiwestcrypto (@anyiwestcrypto) September 6, 2022

Zero fee

This time round is different though. Because of the upcoming ‘Merge’, the switch from Ethereum’s energy intensive ‘proof of work’ protocol to the much greener ‘proof of stake’, a lot of the old mining equipment is set to become useless. Ethereum miners have therefore been lured to start mining Ethereum Classic instead.

🌟 Ethereum Classic (ETC) pump 26% in https://t.co/8kWqgEeplL

⚡️ “Ethereum Classic (ETC) price rallied on Sept. 5 on back-to-back positive reports concerning its adoption among crypto miners”

👀 Do you have ETC bag on holding?

📈 Trade ETC Here: https://t.co/dc3vMSLR9K pic.twitter.com/B8KPqBsvqY

— Gate.io (@gate_io) September 6, 2022

Most of the gains were noted just after the website of BTC.com, a blockchain explorer and crypto mining pool, announced that it would launch a specialized Ethereum Classic pool with “zero fee” mining for three months. As miners could then choose to either switch to mining another coin or just going from Ethereum to Ethereum Classic mining, it seemed to be an easy choice.

As a result, Ethereum Classic gained 20% in the past week before traders took their profits today. It will be interesting to see whether the coins, which mostly gain in correlation, still do so after the Merge.