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Comment by 1MachineElf | Hacker News Reader

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

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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.

Ethereum Classic is also the moment when the founders proved that "code-is-law" iff it is not personally costly to the right people.

It wasn't really "created" after the hack, it's simply the original chain continuing on regardless.

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

I appreciate this thorough answer as I effectively do not understand the myriad cryptocurrencies.

> 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?

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

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).

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.

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

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.

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)

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