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The end of Ethereum mining is coming soon, so for the hashrate to raise instead of drop suggests a bullish sentiment towards for ETH?

pcthrowaway 4y ago
Ethereum Classic is a competing EVM (Ethereum Virtual Machine) chain which will remain Proof of Work. This just indicates people with mining hardware are switching over to another chain where they can still capitalize on their Hardware investment. Ethereum Classic has been a pretty dead chain to date, with no (or very few ) decentralized applications, no cross-chain tokens, and very little development. It was created after a big Ethereum hack was reverted (back when Ethereum was in a similar state), out of a mix of idealogical and opportunistic principles.
- Retr0id 4y ago
  It wasn't really "created" after the hack, it's simply the original chain continuing on regardless.
  - pcthrowaway 4y ago
    Yeah, this is fair, it was a continuation of the ETH chain, just a lineage that the vast majority of people consider non-canonical. I meant it in the sense that ETH Classic (the "brand" if you will) was created at that point
- onlyrealcuzzo 4y ago
  > This just indicates people with mining hardware are switching over to another chain where they can still capitalize on their Hardware investment. Is it really a better deal than selling the graphics cards?
  - mathgeek 4y ago
    Depends on how much your electricity costs are, why you mine (investment, hobby, etc.), and the level of risk you believe is reasonable from owning ETC (among other factors).
  - pcthrowaway 4y ago
    I suppose if you're making more than your electricity spend, it's financially worthwhile to mine (you can always sell the card later too if the price calculus changes to not favour you later) Though it remains to be seen if the Eth Classic price will hold up with a lot of new, constant, sell pressure from miners. If the influx of miners greatly outnumbers other users, the price will likely go into a dive, until miners no longer can mine ETH classic profitably. Then, it's likely many (the ones who don't care to speculate on future price appreciation) will either try to find a different chain to mine for, sell their cards, or store them for a point where the tide price/hashrate shifts to make mining worthwhile again
  - me_me_me 4y ago
    Sell it to whom? I for one would not touch a secondhand card from random ebay seller. Those cards were running non-stop and probably have limited lifetime in them anyway.
- 1MachineElf 4y ago
  I appreciate this thorough answer as I effectively do not understand the myriad cryptocurrencies.
- 5d8767c68926 4y ago
  Ethereum Classic is also the moment when the founders proved that "code-is-law" iff it is not personally costly to the right people.
cercatrova 4y ago
Bullish towards ETC, not necessarily (and likely bearish towards) ETH
- matheusmoreira 4y ago
  I understand why it would be bullish for ETC but why would the merge be bearish for ETH? If it reduces gas fees as promised, it should make the cryptocurrency a lot more useful in general which could increase its price.
  - pcthrowaway 4y ago
    It's not really intended to reduce gas fees (although, the block time decreasing by ~8% to ~9% post-merge could incidentally reduce fees a similar percentage)

pcthrowaway 4y ago

Ethereum Classic is a competing EVM (Ethereum Virtual Machine) chain which will remain Proof of Work. This just indicates people with mining hardware are switching over to another chain where they can still capitalize on their Hardware investment. Ethereum Classic has been a pretty dead chain to date, with no (or very few ) decentralized applications, no cross-chain tokens, and very little development. It was created after a big Ethereum hack was reverted (back when Ethereum was in a similar state), out of a mix of idealogical and opportunistic principles.

Retr0id 4y ago
It wasn't really "created" after the hack, it's simply the original chain continuing on regardless.
- pcthrowaway 4y ago
  Yeah, this is fair, it was a continuation of the ETH chain, just a lineage that the vast majority of people consider non-canonical. I meant it in the sense that ETH Classic (the "brand" if you will) was created at that point
onlyrealcuzzo 4y ago
> This just indicates people with mining hardware are switching over to another chain where they can still capitalize on their Hardware investment. Is it really a better deal than selling the graphics cards?
- mathgeek 4y ago
  Depends on how much your electricity costs are, why you mine (investment, hobby, etc.), and the level of risk you believe is reasonable from owning ETC (among other factors).
- pcthrowaway 4y ago
  I suppose if you're making more than your electricity spend, it's financially worthwhile to mine (you can always sell the card later too if the price calculus changes to not favour you later) Though it remains to be seen if the Eth Classic price will hold up with a lot of new, constant, sell pressure from miners. If the influx of miners greatly outnumbers other users, the price will likely go into a dive, until miners no longer can mine ETH classic profitably. Then, it's likely many (the ones who don't care to speculate on future price appreciation) will either try to find a different chain to mine for, sell their cards, or store them for a point where the tide price/hashrate shifts to make mining worthwhile again
- me_me_me 4y ago
  Sell it to whom? I for one would not touch a secondhand card from random ebay seller. Those cards were running non-stop and probably have limited lifetime in them anyway.
1MachineElf 4y ago
I appreciate this thorough answer as I effectively do not understand the myriad cryptocurrencies.
5d8767c68926 4y ago
Ethereum Classic is also the moment when the founders proved that "code-is-law" iff it is not personally costly to the right people.

cercatrova 4y ago

Bullish towards ETC, not necessarily (and likely bearish towards) ETH

matheusmoreira 4y ago
I understand why it would be bullish for ETC but why would the merge be bearish for ETH? If it reduces gas fees as promised, it should make the cryptocurrency a lot more useful in general which could increase its price.
- pcthrowaway 4y ago
  It's not really intended to reduce gas fees (although, the block time decreasing by ~8% to ~9% post-merge could incidentally reduce fees a similar percentage)