CoinDesk • Sep 15, 22
Ethereum Classic and Ravencoin's Hashrate Nearly Doubles After Merge
Earlier on Thursday, Ethereum switched to PoS, doing away with the need for miners.
Create a Coinbase account to buy and sell Ethereum Classic on the most secure crypto exchange.
Sum of median estimated savings and rewards earned, per user in 2021 across multiple Coinbase programs (excluding sweepstakes). This amount includes fee waivers from Coinbase One (excluding the subscription cost), rewards from Coinbase Card, and staking rewards.
The price of Ethereum Classic has risen by 5.82% in the past 7 days. The price declined by 2.91% in the last 24 hours. In just the past hour, the price shrunk by 0.51%. The current price is $15.99 per ETC. Ethereum Classic is 90.92% below the all time high of $176.16.
The current circulating supply is 143,320,807.696 ETC.
Ethereum Classic is a cryptocurrency with a special focus on immutability, popularly expressed as “code is law.”
In July 2016, the network experienced a , creating two separate blockchains: Ethereum (ETH) and Ethereum Classic (ETC). Though it’s sometimes confused with Ethereum, Ethereum Classic is now a totally different cryptocurrency with different technological and philosophical goals, specifically a special focus on immutability, popularly expressed as “code is law.”
Like Ethereum, Ethereum Classic is a decentralized computing system that can run a wide variety of applications. ETC is Ethereum Classic’s native currency, which is used to power transactions and on its network.
Similar to Ethereum and its native unit ETH, Ethereum Classic users pay fees in ETC to execute smart contracts, and you can think of it as the fuel that keeps the whole thing running (which is why those fees are called “gas”). Gas fees pay miners which solve “” puzzles using sophisticated computers to help verify the network.
A key distinction, however, is that Ethereum is planning to migrate from “proof of work” mining to a new system called “.” Ethereum Classic has no such plans, and intends to keep traditional mining on its own blockchain after Ethereum migrates.
Like ETH, new ETC is issued to the circulating supply as a reward for miners as new blocks of transactions are added to the blockchain. Unlike ETH, which doesn’t have a fixed supply, ETC has a maximum supply of 210,700,000 coins.
Powerful computers ETC, adding it to the circulating supply. While Ethereum Classic can be mined using widely-available graphics processors, it’s most likely not profitable unless you use an ASIC, a specialized device designed for crypto mining.
After Ethereum Classic’s fork from Ethereum in 2016, Ethereum Classic has struggled to compete in terms of , developers, and network security as measured by total mining power. Over its history, Ethereum Classic has been subject to numerous “51% attacks” in which malicious actors control a majority of the mining power and were thus able to spend coins they didn’t actually own (also known as a double spend attack).
You can buy, send, and receive ETC via exchanges like Coinbase.
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Assets with the biggest change in unique page views on coinbase.com over the past 24 hours.
The current market cap of Ethereum Classic is $2.29B. A high market cap implies that the asset is highly valued by the market.
The all-time high of Ethereum Classic is $176.16. This all-time high is highest price paid for Ethereum Classic since it was launched.
Over the last 24 hours, the trading volume of Ethereum Classic is $213.75M.
The current circulating supply of Ethereum Classic is 143 million.
The median time that Coinbase customers hold Ethereum Classic before selling it or sending it to another account or address is 34 days.
Ethereum Classic ranks 29 among tradable assets on Coinbase. Popularity is currently based on relative market cap.
Currently, 97% of Coinbase users are buying Ethereum Classic. In other words, 97% of Coinbase customers have increased their net position in Ethereum Classic over the past 24 hours through trading.
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