With months left for the Ethereum merge, miners are choosing to migrate to other PoW projects. As a result, this altcoin project skyrocketed by over 90%. So, will merge support miners?
This altcoin price skyrocketed before Merge
Ethereum Classic (ETC) price soared over 90% after the merge date announcement. Thus, the price almost doubled from $14 to $28. The rally comes after new support from the largest mining pool AntPool and growing sentiment regarding the transition of Ethereum miners to Ethereum Classic.
Besides the above gain, ETC price is currently holding around 15% of its last 24-hour gain. It is trading around $27.35 with high waves at the time of writing.
What will happen to Ethereum Classic (ETH) after switching to Etehreum Pos?
On July 27, AntPool, one of the biggest miners, committed $10 million to support the Ethereum Classic ecosystem. At the same time, it promised more investment. AntPool CEO Leon Lv believes ETC can benefit from PoW projects and layer 2 scalability.
Let’s support the ETC ecosystem and incubate high-quality PoW projects together！ https://t.co/AHft6WfGES
— ANTPOOL (@AntPoolofficial) July 27, 2022
Bitmain also announced that it accepts payments for all Antminer models in ETC. The company recently started selling the Ethereum mining model Antminer E9. Also, Vitalik Buterin expressed his support for Ethereum Classic at the EthCC conference while announcing his plans for the upcoming merge.
Vitalik Buterin supports the altcoin project’s decisions
According to the Ethereum founder, people can use Ethereum Classic’s network if they prefer PoW. Since Ethereum’s transition to PoS will invalidate ETH miners after the merge, miners will most likely switch to Ethereum Classic. Migration of miners to Ethereum Classic will resolve the 51% attack vulnerability due to improved security.
ETH price after Merge
While the community awaits the highly anticipated Ethereum Merge on September 19, Ethereum price action will be very different from now. After Merge, Ethereum will turn into a deflationary cryptocurrency. Also, its circulating supply is decreasing due to the EIP-1559 incineration mechanism. As the project continues, experts are confident that under the right conditions, prices will rise.
Meanwhile, Ethereum developers focused on testing key versions similar to those in the Goerli merge. The tenth “shadow fork” took effect on Tuesday, 26 hours earlier than expected. The shadow fork brings the project one step closer to Ethereum’s mainnet upgrade in September. The third and final testnet merge, Goerli, is expected to take place on August 10. For more details, you can reach the merge guide we prepared as Kriptokoin.com here. ETH price has fluctuated up to 50% in the 7-day timeframe before the upcoming merger.
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