Crypto Mining Blog
It Is All About BTC, LTC, ETH, DOGE, KAS mining as well as other alternative crypto currencies
Search
Posts Tagged ‘Ethereum Classic’
The Ethereum Classic (ETC) crypto project has reduced the block reward for miners from 4 ETC to 3.2 ETC as per their monetary policy after just reaching block number 10 Million. This 20% reduction has been introduced with the acceptance of the proposals in ECIP 1017 for change in monetary policy with a 20% reduction in block reward for each Era (every 5 Million blocks). We have just reached 10 Million blocks for ETC and thus the second Era has been finished an we have started the third one, so the next 20% block reward reduction will be after another 5 Million blocks or in little more than 2 years from now if things continue according to plan (2.56 ETC at block 15M). So if you are mining ETC at the moment, then make sure you take into account the just introduced 20% drop in block rewards that is already in effect.
The total amount of coins for Ethereum Classic is 210,000,000 ETC out of which already more than half or 116,313,299 ETC are in circulation. The new 20% reduction in PoW rewards for ETC would definitely hurt miners, especially after the recent drop of prices due to the coronavirus panic that has overtaken not only the traditional financial markets, but the crypto ones as well. So with the already reduced block reward to 3.2 ETC the GPU mining of Ethereum Classic is even worse than it was yesterday with 4 ETC per block. We remind you that about a month ago Antminer E3 stopped mining ETC due to the DAG becoming too big for these Ethash ASIC miners. And although that lead to slight reduction in hashrate, still mining ETC with GPUs at the moment is below 0, unless you have free electricity of course.
- Published in: Crypto Coins
- Related tags: ECIP 1017, ETC, ETC block reward, ETC monetary policy, Ethereum Classic, Ethereum Classic block reward, Ethereum Classic monetary policy
A post on reddit has bee published today that introduces Classic Ethereum (CETH) – another Ethereum (ETH) for that is apparently in the making at the moment. Just like Ethereum Classic (ETC) the new Classic Ethereum (CETH) fork will follow the original Ethereum blockchain until the controversial block 1920000 where it will fork with a small signature change to make replay attacks impossible. We are going to see how this will affect things and if it may make them even worse than they are at the moment or instead will help. The current Ethereum situation where ETC is causing more issues than helping driven by the greed for making money from “free coins” and hurting different members of the crypto ecosystem with the use and misuse of replay attacks. We are going to be following the development of the situation with new fork Classic Ethereum (CETH)…
– To check out the official introduction of the new Classic Ethereum (CETH) fork posted on reddit…
- Published in: General Info
- Related tags: CETH, Classic Ethereum, ETC, Ethereum, Ethereum Classic, Ethereum fork
Ehereum (ETH) has successfully hard forked a few days ago and moved on a new chain, however this also brought to life Ethereum Classic (ETC) that continue to run on the old blockchain without any modifications that were made by the forking Ehereum (ETH). Initially the support for Ethereum Classic was a bit questionable, but after Poloniex – the current largest Ethereum (ETH) exchange added a market for trading ETC as well things started turning. There are already a few exchanges trading ETC with more probably soon to follow, multiple services such as block explorers and quite a few mining pools already available. The current value of 1 ETC is about 1/20th that of 1 ETH, but the daily volume traded on Poloniex shows that the Ethereum Classic has almost half the volume of Ethereum.
The most important question that people probably have at the moment is how they can get a hold of their ETC coins based on the ETH they are holding. There are some good and some bad news here, if you were running a local wallet then the ETH coins you had in it prior the hard fork will also give you the ability to have the same amount of ETC coins. What you will have to do is to run a copy of the blockchain prior the hard fork at block 1920000 and run a pre-hardfork client such as geth earlier than version 1.4.10. Of course for the ETH coins you would still need to run the original blockchain with a client supporting the hardfork (make sure you use different directories for storing the two chains). If you had all of your ETH coins in an exchange or an online wallet, then you might be out of luck unless that wallet or exchange provides support for ETC as well. In the case of Poloniex any ETH that you help in the exchange resulted in you getting the same amount of ETC, however still only a few exchanges do provide support for ETC.
At this point it is quite hard to say what is the actual amount of ETC coins that can be operated by their owners and unfortunately there is the chance that some exchanges that do not officially add support for ETC can still get a hold of the ETC coins that were available as ETH balances prior to the hard fork. So at the moment it is still hard to predict what exactly will happen with Ethereum Classic, all we can say is that we are seeing peak in user interest and support, but will that be enough to establish ETC as a long term alternative to ETH or not is still hard to say. So you might want to keep an eye out for ETC and if you can get a hold of your Ethereum Classic coins you should do so just in case. As for those of you that may decide to mine ETC (it is on a separate chain after the hard fork) you should know that there is still a quite a bit of risk involved and ETC future is still a bit uncertain. We are going to be keeping a track of how things with Ethereum Classic progress further on and keep you updated on how the situation evolves.
– For more information about the Ethereum Classic (ETC) alternative visit the official website…