Should I Invest In Ethereum Classic? Is It A Good Investment?
What Is The Future For Ethereum Classic?
Wondering if Ethereum Classic is a good investment? Asking yourself: “Should I buy Ethereum Classic in 2021?” Then this article is just for you!
Ethereum Classic (ETC), caused a storm of controversy back in 2015 when it was created out of the remains of the old Ethereum network.
Many in the crypto community were not sure what to think of Ethereum’s brother. Is it good that we have two Ethereums now? What will Ethereum Classic do to stand out from the competition?
The reality is that Ethereum Classic has actually been very busy and there is a lot more to the crypto than first meets the eye if you are willing to research it.
In this guide, we’ll cover as much as humanly possible on Ethereum Classic so you can decide if it is a good investment for you.
- What Is Ethereum Classic?
- How Does Ethereum Classic Work?
- The History Of Ethereum Classic
- Ethereum Vs. Ethereum Classic
- What Is ETC?
- Is Ethereum Classic A Good Investment?
- How Much Could Ethereum Classic Be Worth? Ethereum Classic Predictions
- Is It Worth Investing In Ethereum Classic In 2021?
- Should I Invest In Ethereum Or Ethereum Classic?
- Conclusion: So, Is Ethereum Classic A Good Investment?
- Key Points
What Is Ethereum Classic?
Ethereum Classic is an open-source blockchain-based platform that supports smart contracts and decentralised applications (dApps).
It provides a Turing-complete virtual machine, called the ‘Ethereum Virtual Machine’, to execute scripts or instruction sets.
Here we should note that smart contracts are essential features in the blockchain technology sector. They are defined as self-executing digital applications that run according to predefined terms of an agreement.
The Ethereum Classic network is permissionless, which means that no permission is required, and anyone is welcome to participate and contribute to the project.
As the network is decentralised, this eliminates the need for third parties, excessive fees, and governmental restrictions.
Let’s not forget that this is one of the main purposes of cryptocurrency: to ensure safe cross-border transactions without the need for trusted third parties or central banks.
Ethereum Classic also acts as a cryptocurrency (ETC), which attracts investors and traders across the world.
It was created in 2016 when what we now call Ethereum split from the original blockchain after a major hack. A team picked up the abandoned original chain and renamed it Ethereum Classic.
They believed that, despite the hack, blockchains are not meant to be tampered with. In their minds, Ethereum Classic is considered the real Ethereum or even the father of what we now call Ethereum. (More on this coming up!)
Today, ETC currently ranks 20th, as per CoinMarketCap.
How Does Ethereum Classic Work?
Now that we know what Ethereum Classic is and how it was created, we should look into its technicalities. So, how does ETC work?
Ethereum Classic is a decentralised and open-source computing platform. This means that anyone can join the network, with nodes being spread across the globe.
Both Ethereum and Ethereum Classic allow developers to use the open-source code to create smart contacts, tokens, and dApps.
For Ethereum Classic supporters, though, Code is Law. This means that all transactions are final and immutable. Blockchains are created to be immutable so data can’t be altered or erased, which can prevent fraud and guarantee transparency.
In a way, Ethereum Classic has become like the Ark of the original Ethereum network.
Ethers are mined. Ethereum Classic relies on a proof of work algorithm to create new coins and Ether is created as a reward for miners. Users can also pay gas fees with Ether to reduce spam and allocate resources.
ETC coins are capped at 210 million, which gives a level of scarcity to Ethereum Classic. It’s predicted that 99% of ETC will be in circulation by 2065.
In contrast, Ethereum is in the process of transitioning to a proof of stake consensus mechanism. In a way, this kind of means Ethereum Classic has more similarities to Bitcoin than Ethereum. This is probably their biggest technical difference.
Just like with Bitcoin, ETC mining rewards are reduced: they are decreased by 20% every five million blocks.
To better understand Ethereum Classic, we have to clarify two main terms that are often used in the cryptocurrency sector:
- Smart contracts: A smart contract is defined as an agreement between two parties, with conditions and rules being written in code. Once all the conditions are met, the contract is executed without any third parties. In other words, a smart contract is a self-executing block that operates on predefined conditions. Note that ETC can run Turing-complete smart contracts.
- dApps: dApps are software applications that are not controlled by a single entity but run on a distributed computing system. From dApps for tracking goods to dApp games, these applications have gained a lot of popularity across different businesses and industries.
Despite Ethereum growing substantially more than Ethereum Classic in regards to smart contracts and dApps, Ethereum Classic has its special space in the crypto universe.
The History Of Ethereum Classic
Ethereum Classic was created in 2016 as a hard fork of the Ethereum network, following the notorious DAO attack when more than $50 million in ether was stolen in a 51% attack.
Here we should explain that the DAO (the Decentralised Autonomous Organisation) was created as a smart contract on Ethereum and was meant to act as a venture capital fund.
In other words, the DAO would allow people to share ideas and receive funding for their crypto projects. Nevertheless, a hacker drained more than $50 million in Ether.
And a 51% attack is where someone or a group of people acquire 51% or more of the computing power on a blockchain. With this level of power they can manipulate transactions.
Supporters of the new version of Ethereum wanted to revert the hack and return the stolen funds, while supporters of the older version believed that ‘Code is Law’ claiming that blockchains shouldn’t be manipulated regardless of the outcome.
Thus, the older and unaltered version became what we call Ethereum Classic, which is considered by some as the ‘real’ Ethereum.
The principle of code is law would become a pillar of Ethereum Classic’s philosophy and many saw value in it.
So much so that Barry Silbert’s Grayscale Investments launched their own $10 million Ethereum Classic private fund, called the Grayscale Ethereum Classic Trust.
Grayscale’s fund has been very successful, appreciating 1,545.93% since its inception and accumulating $877.6 million.
A bit later down the line, Ethereum Classic joined forces with Charles Hoskinson’s IOHK (Input Output Hong Kong), which also works on Cardano.
Since then, ETC has primarily worked on enhancing security, particularly after further attacks on the network.
Ethereum Classic Future
The future of Ethereum Classic is uncertain like most other cryptocurrencies. However, there is a key thing to look out for: upgrades.
As mentioned above, Ethereum Classic’s development is supported by IOHK.
In IOHK’s most recent update, it appears that ETC is focusing largely on improving performance. Not so much on bringing any crazy new features.
This can be viewed in different ways - you could see this as much better for the long run of Ethereum Classic as it will be more stable and secure, which could be reflected in a slow price increase.
However, short-term traders may prefer big feature releases which could add an element of price volatility and short-term gains.
Ethereum Vs. Ethereum Classic
Ethereum and Ethereum Classic are very similar in terms of basic functionalities. Users can create smart contracts and dApps, as well as tokens for their projects.
If you are new to the crypto sector, we should mention that Ethereum is the second-largest cryptocurrency with a market cap of $313,598,540,030 and a 24-hour trading volume of $26,282,517,615, at the time of writing.
Ethereum is often considered the king of smart contracts. To provide an example, Ethereum facilitated the creation of leading coins like Binance Coin and crypto games like CryptoKitties and is now the leading DeFi platform.
The Ethereum team also continuously upgrades Ethereum to improve scalability and user experience.
And being the second-largest cryptocurrency and largest dApp and smart contract platform, they have no shortage of developers willing to work with them. This also means they can implement changes much faster than Ethereum Classic.
Unfortunately, Ethereum Classic is incompatible with any new updates on the Ethereum network, including Ethereum’s transition to proof of stake.
As such, according to experts, one of the main purposes of Ethereum Classic remains mainly in preserving the original Ethereum code and historical record.
Another difference is that Ethereum Classic is still mined, while Ethereum 2.0 will not have that option.
Curiously enough, because Ethereum Classic is mined, the network is in a way similar to Bitcoin; its monetary policy relies on being capped and algorithmic.
For more conservative, old school crypto traders, this will make ETC more appealing than ETH. But generally speaking, Ethereum is winning the popularity contest.
Ethereum Classic vs Ethereum Price
There is a vast divide in the price between Ethereum and Ethereum Classic. As a quick comparison, ETH’s all-time high is $4,362.35 while ETC’s all-time high is $176.16, according to data from CoinMarketCap.
Historically speaking, the two were much closer when ETC was first introduced in 2016.
Back then, Ethereum had a price of about $12 per coin, while Ethereum Classic had a price of around $0.60. And as time went by, that divide only grew wider.
The two also seem to be affected by the same economic factors as well. Both shot up in the 2017 bull run, fell in 2018 and rose again in early 2021.
However, as Ethereum Classic is a lot cheaper, it means it is a lot easier to buy into. This could mean that you could buy up a much larger amount of Ethereum Classic if you have the funds to do it.
Of course, though, for this to be worth it, you really have to believe that Ethereum Classic can reach the same levels Ethereum has reached.
ETC’s affordability is also beneficial for developers who wish to work on the platform as it is much cheaper to pay for transactions.
Meanwhile, Ethereum transaction fees can be volatile and at times very expensive. Looking at data from YCharts, the average Ethereum transaction fees were very high in May.
So, why Ethereum is at the top of its game, there are several ways in which ETC could undercut them.
Would you consider investing in Ethereum Classic?
What Is ETC?
ETC, called ether, is the native cryptocurrency of Ethereum Classic. To avoid a great deal of confusion, we should explain that Ethereum’s native crypto is also called ether.
The difference is in the ticker symbol. Ethereum Classic is traded under the ticker symbol ETC, while Ethereum is denoted as ETH.
In terms of functionalities, ETC and ETH are similar. For a start, they can be used to pay gas fees (fees to compensate the computational energy for processing and validating transactions).
That said, there are some significant differences, too. ETC coins are mined and there is a limited supply of 210,700,000, with 116,313,299 coins currently in circulation.
The price of ETC is also much lower than that of ETH, which makes it a low entry barrier for crypto beginners.
If you see ‘ETC/USD’, that means Ethereum Classic is being traded against the US dollar. On some platforms, you may also see ETC being traded against other fiat currencies and even cryptocurrencies.
Is Ethereum Classic A Good Investment?
Ethereum Classic is a good investment for blockchain enthusiasts who believe that blockchains shouldn’t be altered and investors who want to diversify their portfolios, particularly in times of economic turmoil.
Here we should mention that the Ethereum Classic team has participated actively in the crypto sector during the ongoing coronavirus pandemic.
Ethereum Classic Labs supports the OriginalMy project that aims to facilitate the process of collecting digital signatures and tackling fraud beyond borders, which can improve local and international processes during the pandemic.
Moreover, as mentioned above, Ethereum Classic is capped. This can increase scarcity and demand and push prices up. As developers put it:
“Platform token is a critical part of a blockchain system that aligns economic incentives or key stakeholders, users, developers, investors, and miners. Its monetization makes everything tick and helps to bootstrap the ecosystem. However, it has been shown in economic history that reliable long-term monetization is impossible without two key characteristics; utility and scarcity”.
At the same time, investing in Ethereum Classic remains fairly risky in terms of security. Despite its potential, Ethereum Classic has fallen victim to several 51% attacks, which has resulted in a deteriorating trust in ETC.
It’s probably the biggest concern with ETC, particularly because a 51% attack led to its creation.
In the end, there’s no 100% safe investment, so investors should exercise due diligence and only invest what they are comfortable with risking.
Ethereum Classic Price History
Ethereum Classic first started in 2016 at a price of around $0.60 and reached a high of $2.76 by August.
But after that point it slowly started to decline and then range, struggling to get back to $2.
This ranging period lasted until around May 2017 and shortly after ETC’s price jumped to a high of $22.34 in June. But that wasn’t the end and we saw a new period of volatility that lasted till the end of 2017, where it reached $44.77.
Then came the dreaded 2018. ETC started the year trading at $41.70, but after a few weeks, it had plunged to $19.75.
ETC continued to sink, just like much of the crypto market, finishing the year at around $5.
2019 was a funny year for ETC. Continuing at around $5, it kept declining till February where it started to pick up again. ETC managed to trade at around $3-$7 throughout the whole year.
Eventually, by June 2019 it had surpassed $9, but that didn’t last long and ETC started a new downward spiral back to the $5 mark again.
Ethereum Classic started the 2020’s quite positively, and prices began to fluctuate around $11 by February.
However, COVID-19 started infecting not only people but economies worldwide, and Ethereum Classic dropped to $5 by the end of March 2020.
In 2021, like much of the crypto market, Ethereum Classic saw a huge spike in price. Its first major movement upwards since 2017.
It made its first significant jump in price in April which was quickly followed by a jump to its current all-time high of $176.16.
Based on this information, we can say that Ethereum Classic follows market trends. Specifically, if Bitcoin and altcoins are up, ETC will likely follow.
Why is Ethereum Classic Going Up?
Like most altcoins, Ethereum Classic is very susceptible to news related to Bitcoin. When Bitcoin is doing well ETC goes up, when Bitcoin goes down so does ETC.
In the last few price jumps and crashes, this is exactly what happened.
But that’s not the only reason behind Ethereum Classic’s rise. A lot has also been done to improve Ethereum Classic’s image.
Ethereum Classic got a major boost in credibility when IOHK took it upon themselves to help develop ETC.
One of the primary things they have aimed to do to tackle this is security, and you can see they are still actively working on this in their April 2021 development update.
How Much Could Ethereum Classic Be Worth? Ethereum Classic Predictions
If you are considering buying Ethereum Classic (ETC), then you might want to know how much it could be worth.
Ethereum Classic started 2021 with a price of $5.70. Prices may increase further, as ETC is trying to improve its interoperability with other blockchains and security.
Some believe that by the end of 2021, Ethereum Classic might hit the $15 mark.
According to The Economy Forecast Agency, however, Ethereum Classic ETC might end 2021 with a price of $95.6. Trading Beasts, on the other hand, suggests that ETC might be trading at $73.894 by the end of 2021.
DigitalCoin has more positive predictions, suggesting that Ethereum Classic ETC may trade at $106.74 by December 2021.
According to Coinpedia, Ethereum Classic is a good investment in the long-term, claiming that ETC may reach $150 by the end of 2021.
If Ethereum Classic fulfils its promises to become more interoperable with Ethereum and other blockchains and improve the security of its users, then ETC’s price might grow significantly in the next few years.
That said, let’s not forget that cryptocurrency prices remain speculative and dependent on factors, such as supply and demand, crypto news, and tech innovations.
Always do your research and collect accurate data before you start trading any digital asset.
Many experts believe that ETC will increase in value in the long-term as the team has chosen blockchain immutability and transparency.
What Will Ethereum Classic Be Worth In 2025?
At the highest, Ethereum Classic could reach $3,258.54 by December 2025, according to Cryptocurrency Price Prediction. Coin Price Forecast believes ETC could reach $591.56 by mid-2025, but close the year slightly lower at $549.83, an increase of +716%.
DigitalCoin forecasts that the highest price Ethereum Classic can achieve in 2025 will be $230.97 in August. WalletInvestor foresees ETC reaching a maximum price of $183.925 by December 2025.
Gov Capital estimates that for 2025, Ethereum Classic’s highest price will be $208.47775 in May. The Economy Forecast Agency is the most pessimistic about ETC’s price in 2025. They do not see it rising any higher than $47.10 in January.
What Will Ethereum Classic Be Worth In 2030?
By 2030, Ethereum Classic could be worth as much as $7,119.78, according to Cryptocurrency Price Prediction.
Elsewhere, Coin Price Forecast gives a more sober forecast of $1,218.70 in the second half of 2030. An increase of +1,709%.
Remember, 2030 is still years away, so don’t make these forecasts your trading goals for ETC. A lot can change in the space of a decade.
Can Ethereum Classic Reach $1,000?
Cryptocurrency Price Prediction believes Ethereum Classic will reach $1,000 for the first time by June 2022.
Other forecasters believe a lot more time is needed before this point. Coin Price Forecast doesn’t think it is possible until the latter half of 2029.
Most other price forecasting sites do not foresee $1,000 any time soon.
How High Can Ethereum Classic Go?
The highest it is believed Ethereum Classic can go is $7,119.78 per coin, according to Cryptocurrency Price Prediction, by December 2030.
Elsewhere, Coin Price Prediction is the only other site wild enough to make big predictions on ETC, but they are much more relaxed. They foresee Ethereum Classic reaching $1,599.18 at the highest in the latter half of 2032.
Read More: Ethereum Classic Price Prediction
Is It Worth Investing In Ethereum Classic In 2021?
Ethereum Classic is definitely worth considering in 2021. Note that Ethereum Classic is currently ranked 20th, as per Coin Market Cap.
For those who believe in the Code is Law principle, Ethereum Classic is a great investment.
Though Ethereum Classic can’t compare to Ethereum in terms of market cap, trading volume, and market sentiment, Ethereum Classic is considered by many the original Ethereum.
Ethereum Classic is also trying to establish itself as a major player in the Decentralised Finance (DeFi) space, which is one of the faster-growing sectors today.
Note that Ethereum Classic released Wrapped ETC, a token to allow ETC holders to participate in Ethereum-based DeFi services.
As James Wo, founder of Ethereum Classic Labs, said:
“We wanted to make sure ETC could go to a different ecosystem and use different applications on top of that ecosystem [...] I expect at least 10% of ETC holders will want to participate and use WETC”.
Thus, always consider the risk-reward profile of ETC before you start buying or trading ETC. Do not forget that cryptos can be also highly volatile and risky, so never invest more than you can afford to lose!
Is It Safe To Invest In Ethereum Classic?
Over the last year, Ethereum Classic has become a safer investment after IOHK relaunched Mantis. Before this, Ethereum Classic was victim to two 51% attacks.
The attacks took place in August 2020. In total, the attacker stole up to $7.3 million in ETC.
The situation was very embarrassing for Ethereum Classic. It showed that they had still not fixed the issue that caused Ethereum to split away four years before. (A big turnoff for investors.)
However, with the upgrades that have been made since this time, there is a lot less to worry about.
Mantis also introduced a decentralised treasury and ‘checkpointing’, which should reduce the chances of 51% attacks happening again.
But there are some concerns among traders about IOHK, specifically Charles Hoskinson.
Not only do some see him as a controversial character, but some might also say that by working on both Cardano and Ethereum Classic, he has a conflict of interest.
Is Ethereum Classic Going To Rise?
Ethereum Classic may rise again in the coming months and years. Looking back historically, in the long-term, Ethereum Classic has appreciated a lot since its beginning.
Yes, the volatility in early 2021 was shot down, but it should be noted that ETC didn’t return to previous support and resistance levels - it found newer, higher levels.
Ethereum Classic price, year-to-date. Source: coinmarketcap.com
So, with that in mind, it is fairly likely that even if ETC rises and falls dramatically, in the end, it will still be up.
Of course, though, no one can say this for sure. While this is something that seems to be the case today - it doesn’t mean it will always be that way.
Should I Invest In Ethereum Or Ethereum Classic?
While Ethereum Classic is definitely worth watching, the truth is that Ethereum is the leader in smart contract deployment. As stated above, Ethereum ranks second in terms of market cap and adoption, only after Bitcoin.
Ethereum is considered by many to be the ‘authentic’ Ethereum, and so it’s no surprise that Ethereum - with Vitalik Buterin at the helm - is a leading supporter of a wide range of projects and partnerships within the dApp ecosystem.
And let’s not forget that it was Buterin who created Ethereum in 2015 to enhance the use of blockchain technology far beyond peer-to-peer payments. As Buterin implied, if Bitcoin is a pocket calculator, Ethereum is a smartphone!
That said, many believe that if Ethereum’s transition to proof of stake doesn’t work, Ethereum Classic may become a major backup platform.
This makes ETC an excellent hedge against ETH for the time being. If the Ethereum transition is horrible, developers will want something similar, but without the issues.
Furthermore, though many believe proof of stake is better and more efficient than proof of work, there will always be others who disagree.
In the end, there’s no such thing as a 100% safe asset, so always analyse your risk-reward potential.
Whether you decide to invest in Ethereum Classic or not, remember to allocate an amount you are comfortable with and never risk more than 1% of your funds on a single trade.
As there’s no one-size-fits-all approach in the cryptocurrency sector, do not forget that you don’t have to put all your eggs in one basket.
In other words, depending on your goals and experience, always aim to diversify your portfolio to reduce risks and maximise profits.
And of course, choose a reputable broker that can help you start investing in cryptos today!
Read more: Ethereum Vs Ethereum Classic
Ethereum Classic: Buy Or Sell?
Ethereum Classic is probably a buy right now as it has proved to us that it can break out into new all-time highs.
On top of that, even if Ethereum Classic sinks, it has the potential to remain higher than it was before. Suggesting it can accumulate a lot more in the long-term.
A key thing to look into is the adoption of Ethereum. If you’re holding along with thousands of others, it’s less worrying.
If more people start to trade ETC and businesses start to accept it or use the platform for their businesses, it will be safer and more likely to make you money.
And though there have been security breaches in the past, it looks like IOHK is plugging this issue, and with that out of the way, the Ethereum Classic team can focus on growing ETC’s use cases.
So, it looks like after a bit of an unlucky start, things can only get better for Ethereum Classic.
Conclusion: So, Is Ethereum Classic A Good Investment?
With different advantages, such as its unaltered nature and limited supply that can enhance scarcity and demand, Ethereum Classic could be a good investment.
Even ETC Google searches lag behind compared to other coins. Google searches for Ethereum, on the other hand, are on the rise, “eclipsing search interest during the height of the last Ether (ETH) bull run”, as stated by the Cointelegraph.
Search interest in Ethereum (blue) and Ethereum Classic (red) over the last 12 months. Source: trends.google.com
Ethereum Classic has also been a major target of online attacks, which is damaging to ETC’s image. Many believe that unless Ethereum Classic switches to proof of stake these attacks may continue.
But hey, investing in ETC in 2021 is not a bad idea at all. All you have to do is analyse its risk-reward potential and decide for yourself if you should add ETC to your portfolio!
In the end, it’s only up to you to decide if you should invest in Ethereum Classic. Remember that apart from holding, you can also start trading ETC and take advantage of both upward and downward price changes.
Read Also: How to Invest in Ethereum Classic
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Virtual currencies are highly volatile. Your capital is at risk.
If you remember anything from Should I Invest In Ethereum Classic? Is It A Good Investment? make it these key points.
- Ethereum was launched in 2015 by visionary Vitalik Buterin who wanted to expand the use of cryptocurrencies and blockchain technologies beyond peer-to-peer payments.
- Ethereum Classic was created in 2016 after a split within the Ethereum community following the infamous DAO hack.
- Supporters of Ethereum Classic still believe that Code is Law and that blockchains shouldn’t be altered.
- Ether is the native crypto of Ethereum Classic, denoted as ETC.
- ETC reached its all-time high of $176.16 in 2021.
- Ethereum Classic continues to upgrade to become more interoperable with Ethereum and other blockchains.
- Thus, though ETC is currently ranked 20th, Ethereum Classic is worth watching as prices may go up in the next few years.
- That said, buying ETC or trading CFDs of crypto pairs remains risky, so always do your research and exercise due diligence.
Still have questions about Ethereum Classic? Maybe these frequently asked questions will help.
What Is The Point Of Ethereum Classic?
The point of Ethereum Classic is to create a smart contract and dApps platform with a different approach and philosophy to Ethereum.
Ethereum Classic practices the Code is Law philosophy, believing that blockchains should not be manipulated for any reason.
They also stick closer to the original vision of Ethereum and even use a proof of work consensus mechanism.
What Is Ethereum Classic’s Market Cap?
$7,913,449,445 is the market cap of Ethereum Classic according to CoinMarketCap. Ethereum Classic reached its highest market cap on the 6th May 2021 when it momentarily reached approximately $17 billion.
Does Ethereum Classic Follow Ethereum?
No, Ethereum Classic doesn’t follow Ethereum. Ethereum Classic uses the old blockchain where the DAO hack occurred while Ethereum uses a newer blockchain.
Since that time, the two projects have gone their separate ways technologically and philosophically.
As time goes by, they will likely become more different from each other. That said, Ethereum Classic is working towards more interoperability with Ethereum.
Is Ethereum Classic Still Used?
Yes, Ethereum Classic is still used though it has become overshadowed by newer projects in recent years.
It can support smart contracts and dApps, and is a great hedge against Ethereum, particularly as it transitions to proof of stake.
Ethereum Classic can also be used as a store of value as it has a limit on the number of coins that can be produced.
Will Ethereum Classic Go Up Again?
Ethereum Classic will probably continue to go up again in the near future, doing well in the long-term.
It has shown us it has the potential to rise and will most likely shoot up in the next bull market.
Even if that is not the case, holding ETC will likely pay off as IOHK continues to fix security issues and works towards interoperability with other blockchains.
Is Ethereum Classic Worth Mining?
Yes, Ethereum Classic is considered one of the most profitable cryptocurrencies to mine.
Is It Safe To Mine Ethereum Classic?
Since IOHK implemented Mantis, Ethereum Classic is less vulnerable to 51% attacks and safer to mine.
It will, of course, take time for Ethereum Classic to earn the trust of miners, but over time ETC will likely prove itself to be a secure cryptocurrency to mine.
Can I Mine Ethereum And Ethereum Classic At The Same Time?
Yes, you can mine Ethereum and Ethereum Classic at the same time.
According to SFOX, ETH and ETC both use the same Ethash mining algorithm, so this means they can be mined with the same hardware.
However, SFOX also points out that Ethereum has 17 times more computing power than Ethereum Classic, which can make mining a little easier.
But then again, the Ethereum network has been known recently to get very congested which has made it difficult to mine.
Because of this, some ETH miners have switched to ETC to increase profitability. Though some of these miners have complained that it often takes longer to receive their payout from ETC than ETH.
Should I Invest In Ethereum Classic?
Ethereum Classic is good to hold if you think the changes Ethereum are making are not the right thing to do or they will fail. Ethereum Classic is like a backup version of Ethereum.
Though many believe proof of stake is better and more efficient than proof of work, there will always be others who disagree for whatever reason.
Imagine Ethereum finally completes its transition to proof of stake and it’s horrible. What options would people have?
Devs will want something similar but without the issues. Ethereum Classic will be waiting for them. This makes Ethereum Classic the best hedge against Ethereum.