Ethereum Classic falls 13%; Cardano founder recommends Ergo for proof-of-work News ▸ Ethereum ▸ Price Watch
Ethereum Classic falls 13%; Cardano founder recommends Ergo for proof-of-work
Ethereum Classic fell by 13% since Sept. 6, while Cardano founder Charles Hoskinson suggests miners to turn to Ergo. On the other hand, Ethereum founder Vitalik Buterin boosts ETC mining community.
2 min read
Updated: Sep. 8, 2022 at 7:24 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Ethereum Classic (ETC) fell by 13.33% since Sept. 6 after Cardano‘s (ADA) founder Charles Hoskinson suggested Ethereum miners shift to Ergo while Ethereum’s founder Vitalik Buterin said that ETC’s welcoming community made it a good coin to mine.
ETC had been trading as high as $41.52, but it fell by 19.73% within half a day to reach as low as $33.31 on Sept. 6. In the following hours, it quickly picked up by 8%. It is being traded for $36 at the time of writing.
As the crypto community moves closer to The Merge, eyes have turned to all alts of Ethereum, including ETC. Both Hoskinson and Buterin have been sharing their opinions on where Ethereum miners should turn after the Merge is complete.
Hoskinson and Ergo
Hoskinson Tweeted to invite Ethereum miners to mine Ergo over ETC on Sept. 6.
If you're into proof of work, I'd recommend checking out @ErgoFoundation. Ergo is one of the few coins in the PoW space still innovating and has a great community.
— Charles Hoskinson (@IOHK_Charles) September 5, 2022
A few hours earlier, he shared his opinions on ETC and said that it was a “dead project with no purpose or real compelling argument to exist.”
Hoskinson had previously suggested implementing a decentralized treasury and setting up a development fund for the ETC. His proposal altered the ETC block rewards allocation to transfer a portion of it to the treasury.
The ETC community rejected this proposal because they didn’t want to be cut from their rewards, which was expressed by Twitter user Maximalist.etc, as a “20% miner tax.”
Hoskinson’s said:
“ETC still gives me sadness for what could have been.”
Buterin and ETC
Soon after The Merge calendar was published, ETC increased by over 150% throughout July.
On Aug. 23, a Twitter poll was hosted by node operator @cryptovium, who asked which PoW coin Ethereum miners will turn to after the merge is complete and wanted participants to choose between ETC, Ergo, Ravencoin, and FLUX.
Ergo became the clear winner of the poll, taking 45.5% of all votes. FLUX and Ravencoin followed as second and third with 27.6% and 19% of votes, respectively. ETC came last, with just 8% of votes.
However, Ethereum’s founder Vitalik Buterin replied to the poll results and spoke fondly of ETC. He said:
“It’s a very welcoming community and I think they’ll definitely welcome Proof of Work fans…If you like Proof of Work, you should go use Ethereum Classic. It’s a totally fine chain.”
The last time ETC made the news with an upgrade was in September 2020, when the ETC labs partnered with a security firm to prevent 51% attacks. This decision came only one month after Coinbase‘s decision to delay ETC transactions following the 51% attack on ETC.
Ethereum Classic Market Data
At the time of press 7:24 pm UTC on Sep. 8, 2022, Ethereum Classic is ranked #17 by market cap and the price is up 0.99% over the past 24 hours. Ethereum Classic has a market capitalization of $4.97 billion with a 24-hour trading volume of $1.79 billion. Learn more about Ethereum Classic ›
Crypto Market Summary
At the time of press 7:24 pm UTC on Sep. 8, 2022, the total crypto market is valued at at $973.54 billion with a 24-hour volume of $78.68 billion. Bitcoin dominance is currently at 37.78%. Learn more about the crypto market ›
Mentioned in this article
Ethereum Classic 
Ethereum 
Ergo 
Ravencoin 
FLUX 
Cardano Foundation 
Input Output 
Vitalik Buterin 
Charles Hoskinson Author 
Zeynep Geylan
Zeynep is an academic who turned to crypto in 2018. Originating in social sciences, she is especially interested in the social impact of blockchain and cryptocurrencies and strongly believes in their transmuting power.
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In this article
Ethereum Classic (ETC) is a continuation of the original Ethereum blockchain – the classic version preserving untampered history prior to the July 2016 DAO hack..
Ethereum
$3,365.39
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Ergo
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The Ergo platform aims to provide an efficient, secure, and easy way to implement financial contracts that will be useful and survivable in the long term.
Ravencoin
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Ravencoin is a digital peer to peer network that aims to implement a use case specific blockchain, designed to efficiently handle one specific function: the transfer of assets from one party to another.
FLUX
FLUX is a unique global gaming platform that unites all parts of the gaming industry ecosystem where players, developers, traders, and the gaming community can transform their time and needs into money using special gaming FLUX COIN..
Cardano Foundation
There are three organizations that are contributing to the development of Cardano.
Input Output
Input Output Hong Kong (IOHK) is a research and development company committed to using the peer-to-peer innovations of blockchain to build accessible financial services for all.
Vitalik Buterin stands as the pioneering force behind Ethereum, a transformative community-driven platform that fuels the cryptocurrency ether (ETH) and underpins a myriad of decentralized applications.
Charles Hoskinson, based in Colorado, stands out as a prominent figure in the blockchain and cryptocurrency sphere.