Ethereum Classic Continues To Spike: Is Mining Mania Behind Recent Surge In 'Cheaper Alternative?'

Ethereum Classic ETC/USD traded nearly 14% higher at $42.18 over 24-hours leading up to early Tuesday morning. 

See Also: Ethereum Vs Ethereum Classic

Why Is It Moving? Ethereum was the second-highest 24-hour gainer at press time, according to CoinMarketCap data. Only ApeCoin (APE) recorded higher 24-hour gains at press time.

ETC, which retained the original Ethereum blockchain after a hard fork dating back to July 2016, traded higher along with other major coins that spiked at press time. 

Retail investor interest in Ethereum Classic surged at press time. ETC was the second-most trending name on Stocktwits.

Notably, Ethereum was seen trending on CoinMarketCap at press time. There have been instances in the past where cheaper cryptocurrency plays have soared with their pricier peers.

Ethereum Classic has been soaring this week. Earlier, the project said that the Ethereum Foundation’s planned migration of the Ethereum Virtual Machine (EVM) to a proof-of-stake consensus in the second quarter would “disenfranchise” the largest proof-of-work ecosystem on EVM.

The project said it was “well-positioned” to absorb much of the abandoned Ethash hash rate.

Ethereum Classic Chatter: A YouTuber “Rabid Mining” posted a video on the upcoming drop-in block rewards on the Ethereum Classic network. This event is known as “Fifthening.” 

Rabid Mining hypothesized that the date of the drop could fall on June 6, 2022, based on the current parameters.

On Twitter, users discussed the mining profitability of ETC and its consequences.

#EthereumClassic $etc is becoming extremely profitable to mine. The miners recognize this, and they are porting over to #etc in mass. #bitcoin

— ETC Sage Capital (@EtcSage) March 20, 2022

No. Miners are not switching over....yet. So calm down. But when they do, the real fireworks start. $ETC pic.twitter.com/l07yFPL56a

— BreakoutRob.ETC (@BreakoutRob) March 21, 2022

Read Next: Ethereum Classic Soars On Reaction To Key Pattern, Miners Gain Interest: Is A Golden Cross On The Way?