Ethereum Classic (ETC) has begun with some changes in its system, specifically when it comes to changing the currently used mining protocols, with great expectation of having less competitive mining ecosystem. That being said, it seems that Ethereum Classic has just declared a war against ASIC miners. ETC team decided to take this step not only because they are interested in lowering the rates of competitiveness in the market when it comes to mining, but also out of the belief that ASIC mining is actually disrupting the value of the currency in the market.
Ethereum Classic and the First Step towards Changing Mining Protocols
Derived from the second-best platform according to the global coin ranking list (ETH), Ethereum Classic (ETC) is a product of a fork made on Ether network due to a massive bug in DAO. Ever since then, Ethereum Classic seemed to be failing at updating its system while Ethereum continued to work on updates after the fork. That is how Ethereum was able to more or less hold onto a price of three figures, going even to four-figure price, while Ethereum Classic traded at around 47$ while dropping to as low as being traded at the price of 3$ per one unit.
However, Ethereum Classic is keeping it busy these days as one of ETC developers have managed to find a better and most effective mechanism for mining. That means that Ethereum Classic started to take steps towards increasing the resistance of the platform against ASIC miners.
As far as ASIC miners concerned, one of the main reasons for wanting to make an update to the mining mechanism is hidden in the fact that AISC miners are affecting the value of the currency in a negative way, disrupting its true potential in the eyes of investors.
Moreover, Ethereum Classic has the objective of lowering the level of competitiveness in the market when it comes to mining given the fact that ASIC miners have more chance of making a profit than regular miners with non-competitive CPUs.
The name of the developer that suggested this update to the system is Cody Burns and he claims that his new mechanism for mining will make an amazing update to the underlying algorithm of Ethereum Classic’s network.
Moreover, due to this new mechanism, Ethereum Classic (ETC) is going to be prepared for new technological achievements as the initial mining protocol when implemented should lower the competitiveness among miners on certain chains.
Just like Monero not so long ago when asking from their holders to update their wallets and accept system updates, that way accepting new protocols that would create a firewall-like protection to keep ASIC miners away.
The fact that ASIC miners are proven to negatively affect the mined currency in the market, is probably even more of a problem than the fact that ASIC miners raise the bar of the energy needed for mining a certain coin, that way making mining a “competitive sport”.
The only way of preventing ASIC mining from affecting the value of the mined coin is to update the system in a way that would protect the network, just like Monero has done weeks ago.
Further on the update, it is said that the more traditional way of mining will be favorized with the new system update, which means that GPU mining might find its way to Ethereum Classic network.
Ethereum Classic and the Market
Once the updates for the mining mechanism on ETC network are ready, it is thought that the currency will be able to acquire a more stable pace of growth in addition to having less competitive to non –competitive mining mechanism that is going to expel ASIC miners from a game that is supposed to be fair.
However, Ethereum Classic (ETC) is already doing pretty well with recovering from the latest selloff even though the changes are yet to be made in its system.
After the most recent change in the market, ETC has gone up to 3.37% against the dollar, which means that ETC is currently being traded in the green.
In addition to this positive change, Ethereum Classic is also going up against BTC, even though the increase rate didn’t go far from a humble 0.99% against Bitcoin.
Following the latest change in the market, Ethereum Classic (ETC) can be traded at the price of 21.86$, which is still far from its all-time high of around 45$ per one ETC unit as marked back in mid-January, during the “golden time” for cryptocurrencies when almost all major assets were able to record their all-time high.