Why Mine ETC (and Why There is Less ETC to Mine)
What is ETC mining? According to official sources, Gavin Wood, the founder of E
What is ETC mining? According to official sources, Gavin Wood, the founder of Ethereum, recently stated on his social media platform that he plans to make mining as simple as Bitcoin. While using the open-source software ethcrv, he has also developed a new system called ethereumCore (ETH). The project has been running successfully for a while, but there are still some issues that need to be addressed, such as lack of support for smart contracts in the contract code, vulnerabilities in the client, and the need for upgrades or configuration changes. From the perspective of mining principles, the goal is to reduce the cost of computing power through mining, thus enhancing the security and decentralization of the blockchain.
Why is there less ETC to mine?
According to Coindesk, Ethereum developers launched a research project called “Bitcoin: A Peer-to-Peer Electronic Cash System” in July 2018. The report shows that in 2017, a total of 20,000 Ether coins (worth about $400 million) were mined, while the same period last year saw around $1.5 billion, accounting for about 2% of the total mining revenue. Since the first quarter of 2020, Ethereum blockchain’s hash rate has been declining significantly, only rising to over 5% within three months. Additionally, due to network instability, high network fees, and transaction congestion, most miners in the Ethereum Classic network choose to mine on less crowded networks, which has also affected its ecological development. Unless ETH becomes one of the highest-valued cryptocurrencies globally, there are no viable alternatives if one wants to invest in ETH. Why do many users choose to mine ETC?
For many regular users, they need to understand certain issues and concepts in order to participate in the network and earn profits, thus enabling them to better control their risk tolerance.
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