Finance News
By James Thorp
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On May 06, 2021, Ethereum Classic (ETC) was trending at $112.45 – the US dollar price for Ethereum Classic. There was no movement in the price of ETC for really quite a long time.
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There are reasons for why the price has remained stagnant. Primarily, there were a series of 51% attacks that caused a whole bunch of issues.
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So, it makes it really hard for the price movement to adjust with the rest of the market. So, it is really not surprising that it really stayed here without price progress.
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For those who do not know, a 51% attack is when someone takes over 51% of the hash rate and manipulates the blockchain to write their own transactions basically.
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With EIP-1559, there were security concerns. If the profitability of Ethereum dropped enough that miners went ahead to move off a bit.
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Ethereum Classic (ETC) is a perfect example of a coin that does not make as much profit for miners, reducing the Hashrate and increasing 51% of attack attempts.
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Right now, there has been a pump recently. You can mine ETH and ETC on a Graphics card with 4 GB of video memory, some changes that have been made also contribute to increased…
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