May 31 at height #20,000,001 on the Ethereum Classic network took place halving The reward for a mined block has been reduced to 2,048 ETC.
A programmed event occurs approximately every two years – the reward is reduced by 20% with the goal of achieving a total supply of 210.7 million ETC. This is the fourth halving in the blockchain since 2017.
The price of the coin reacted slightly, decreasing by about 1% per day. Over the week, quotes lost 6.4% as a result of the correction. The asset is trading around the $30 level, which is 82% below the highs of May 2021 (CoinGecko).
The network hashrate is about 180 TH/s (2Miners). The indicator peaked at 234.35 TH/s in September 2022 amid the migration of Ethereum miners. Then the blockchain of the second largest cryptocurrency by capitalization switched to the Proof-of-Stake consensus algorithm as a result of a large-scale update of The Merge.
The influx of computing power into Ethereum Classic turned out to be short-lived, but after a correction to ~110 TH/s, the hashrate showed progressive growth.
In September 2022, Cardano founder Charles Hoskinson called Ethereum Classic a “dead project” that had not lived up to its potential.
A few months later, he returned to the criticism, noting that blockchain “has no roadmap, innovation, team or vision.”
Forbes classified Ethereum Classic among the useless cryptocurrencies, which they defined as “the living dead.”
Source: Cryptocurrency
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