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What is the computing power of Ethereum Classic (ETC) (Has Ethereum Classic run?)

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What is the computing power of Ethereum Classic? According to a report by Coind

What is the computing power of Ethereum Classic (ETC) (Has Ethereum Classic run?)

What is the computing power of Ethereum Classic? According to a report by Coindesk, Bitcoin Classic (ETC) reached a historic high on July 13, 2018. It is reported that the full network difficulty of BTC has increased by over 30% since the end of 2017, rising from 15Gwei in early 2019 to a peak of around 14T in March of this year. However, due to increasing demand for network performance by miners and uncertainties in the development prospects of blockchain, the Bitcoin mining industry has entered a stagnant state. Currently, with the mainstream cryptocurrency prices experiencing a sharp decline, the growth rate of its computing power is not satisfactory. Although many experts have pointed out that the price of Bitcoin may have bottomed out and rebounded, there are still some issues that need to be addressed regarding Ethereum, such as whether mining pool operators will consider limiting block size to 100,000 transactions per second, and the lack of consistency between Ethereum Classic’s block time and hash rate. Therefore, determining the maximum block interval of Ethereum Classic through calculations can make it easier for users to participate in the network development of Ethereum Classic.

Has Ethereum Classic run?

Editor’s note: This article is from BlockBeats (ID: BlockBeats), authorized to be reprinted by Odaily Star Daily.

The forked currency of Ethereum Classic, EIP-1559, and a large number of transactions packaged into the main network contract within the past 24 hours, can no longer be executed. This means that if developers do not change the consensus rules or restart the chain, Ethereum Classic may have run!

There are now rumors that the “Ethereum Classic Foundation” is considering a new upgrade codenamed Beacon Chain, which will support interoperability between ETH1.0 and ETC2.0 versions and provide higher throughput and lower gas fees, among other features.

Just yesterday, at around 2:30 PM, a user named “V God” announced that his team had discovered an address unrelated to the Ethereum blockchain. According to the screenshot shared by V God, he currently holds more than 170,000 bitcoins, which accounts for more than 5% of the total supply. (Note: “V God” refers to a person claiming to be a co-founder of Ethereum who created a new website in 2017 and set his account to the v1 domain). This address is the same one that was spread through various Twitter accounts. In fact, earlier, “Vitalik Buterin” publicly opposed this idea. He believed it was a wrong practice—although he has remained firm in his stance, he did criticize the community at the end of 2019. He also expressed his hope that the community can help solve some issues:

1. There is no evidence that V God himself tried to show Bitcoin Cash’s hard fork code to others;

2. A major bug appeared in the Ethereum client Geth, causing many users to be unable to use this tool to run nodes;

3. The Ethereum Foundation released a whitepaper explaining why they did this;

4. “The only wallet software I have never seen is DFINITY,” he further added.

Although this idea is not entirely correct (because most people do not know what they are doing), Ethereum core developer Martin Holst Swende claims that they do know that Ethereum Classic is a scam, but they have not done anything about it.

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