Ethereum Hash Rate Decreases

Ethereum Classic has seen support from many people, including developers, exchanges, pool operators and members of the community. The new cryptocurrency even trades against fiat currencies such as usd and eur on Kraken. Coinbase has decided not to add the market for now, but will allow users to withdraw Ethereum Classic.

Both the blockchains are functioning correctly aside from possible replay attacks in which a mallicious user could replicate transactions from one blockchain on the other one, although the danger has been significantly reduced with the introduction of a Splitter Smart Contract which sends ETH and ETC to different addresses on each blockchain.

Both the blockchains are identical to one another up until the 1920000 block, after which both are completely separate chains, meaning that if you have ETH before the fork, you’ll have ETC. But this does not apply to Ethereum moved after the hard fork.

Vitalik Buterin has also recently stated through a blog post that there is nothing wrong with using the Ethereum codebase for other crypto currencies or forks, but that the Ethereum Foundation will continue to work on the ETH blockchain, since it was the blockchain chosen by the majority of token holders in the Ethereum Community through the vote that was previously held on www.carbonvote.com.

Mining Ethereum Classic is as profitable as Ethereum or even more so, and although the price took a big hit during the 27th and 28th it has been recovering today.

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Price data by www.cryptocompare.com

Many pools have added servers for ETC to be mined on, which is extremely easy to do for an Ethereum Miner, who needs only a few word on the command line terminal.

It seems that a large number of miners has decided to move from the Ethereum blockchain into the Ethereum Classic Blockchain. Both the difficulty and global hash rate have reduced significantly.

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Ethereum Classic continues to gain traction and even has a global hash rate of 528.85 GH/s (http://gastracker.io/) at the moment, which would make the 51% attack announced by Chandler Guo impossible, what doesn’t really matter since he has called the whole thing off.

Recent developments have also shown that there is a possibility that the exchanges were always against the hard fork, which may be the reason for why the Ethereum Classic markets were added so quickly, when new cryptocurrencies or clones have to struggle or wait a long time to be added.

It seems that Ethereum Classic may be here to stay, but nothing is 100% granted in the cryptocurrency world.