Ethereum Classic (ETC) at War with ASIC Mining?
Ethereum Classic (ETC) seems to have declared a war against ASIC miners. The cryptocurrency is undergoing certain changes in its system which many believe would result in making a less competitive mining ecosystem.
The ETC team has decided that this step is necessary not only because it wants to reduce competitiveness in the mining market, but also because it believes that ASIC mining disrupts the value of the cryptocurrency.
What is ETC doing?
Ethereum Classic has started taking steps to increase the resistance of the platform. An ETC developer has managed to find the most effective mechanism which can be used for mining.
The reason why the cryptocurrency is doing so is that ASIC miners are known to affect the value of cryptocurrencies in a negative way. They disrupt the true potential of the cryptocurrencies in the eyes of the investors and make the market highly competitive.
ETC wants even the regular miners having non-competitive CPUs to be at par with the ASIC ones which is why it is making this update to the system. The developer who suggested the update is Cody Burns who claims that his mechanism would make a positive change in Ethereum Classic’s network’s underlying algorithm.
What Would Happen to ETC Once the Updates are Out?
The updates, when ready, are expected to help the cryptocurrency to acquire a more stable pace of growth. ETC is doing a good job recovering from its latest selloff already even though the suggested changes are yet to be implemented in the system.
It is expected that the cryptocurrency, as well as those involved in the cryptocurrency, would benefit from the updates which would be implemented soon.