Ethereum Classic (ETC) Completes Atlantic Hard Fork
The ETC market price will now have to survive after the hype of the hard fork dissipates.
The Ethereum Classic (ETC) network completed the Atlantis hard fork, as the requisite block height arrived around September 12, earlier than the previously planned September 20 date.
Some of the chief aims of the hard fork were to make ETC more compatible with the Ethereum network. The project, forked from Ethereum in 2016, also promises to keep up mining, while Ethereum aims to add proof-of-stake and phase out proof-of-work.
Following the hard fork, Ethereum Classic mining slid precipitously, from 13 down to 6 TH/s. The sudden withdrawal of miners may be due to technical delays related to the hard fork. In the past three months, Ethereum Classic mining was volatile, with peaks and significant crashes. Now, the lowered mining rates may be due to miners still needing to upgrade their nodes to the new version, while making sure it works well.
Major exchanges like Binance and OKEx have already established their support for the hard fork. Currently, the Ethereum Classic network shows a total of nine nodes - a relatively small number for a proof-of-work network. The Ethereum network has 8,959 nodes online, showing the disparity between the networks. Ethereum Classic has less nodes even than the limited number of block producers on proof-of-stake networks like EOS, or TRON. This means the network is not only easier to attack by mining, but also by running malicious nodes.
Ethereum Classic uses the Ethash mining algorithm, and can benefit in theory from the newly produced series of ASIC. The network is one of the last to be competing with Ethereum openly. Still, Ethereum Classic carries even less distributed apps.
The ETC market price will now have to show it can survive following the recent appreciation ahead of the hard fork. The price is already down more than 10% on a weekly basis, down to $6.22, from a recent peak above $7.40. In the past month, ETC posted slight gains, breaking above the $5 range permanently.