Even as the ETH Merge puts pressure on miners to migrate to ETC, “it's unlikely Ethereum Classic has any long-term viability,” says a Messari analyst. JimmyHe32 reports
Ethereum Classic, whose token is ETC, is an offshoot, or fork, of Ethereum. Unlike Ethereum, however, it is not changing systems, and that is what is making Ethereum Classic attractive to miners.In a new report he said Ethereum Classic has little long-term viability. While the price of ETC may surge in the days leading up to the Merge, the token is unlikely to experience sustained growth.
Ethereum mining currently makes up 97% of graphics processing unit mining revenue and has a daily revenue of $24 million, according to Messari.” ETH rather than executing energy-intensive computations, rendering Ethereum-based mining tools nearly obsolete. Miners will be forced to either sell their equipment or switch to mining ETC, which currently makes up 2% of GPU mining revenue and nets about $700,000 in daily revenue, according to Messari. This significant gap in profitability means that even if a “meaningful portion” of miners migrate to ETC, mining difficulty will increase drastically and render many miners unprofitable.
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