With the forthcoming merge event, some Ethereum miners have begun repurposing their rigs in order to mine on Ethereum Classic, which is still a Proof of work chain. This is because Ethereum will soon be merged with another cryptocurrency. This is mostly attributable to the fact that it is able to host Ethereum miners, as well as its limited supply, low token price, and low hash rate.

The value of 'ETC,' the native token of the chain, has also been on the rise. The price of ETC increased by more than 230% between the middle of July and the middle of August, and it has remained elevated despite the continuous breakdown in the cryptocurrency market. At the end of trading on Wednesday, ETC was trading at $34.94, which is still over 156% higher than its lows for July.

Nevertheless, Charles Hoskinson has expressed his disapproval of the chain's community, implying that ETC investments may potentially be unsuccessful. During his speech on Tuesday, the founder of Cardano lashed out at the ETC Community, accusing them of putting profits ahead of the chain's structural progress in the early days of the chain's existence. Charles, who had been a part of the Ethereum community for a number of years, indicated that the community had let the chain down by ignoring the significance of the chain's developers in their pursuit of quick profits. Charles also stated that the community had let the chain down. Charles stated that he joined "soon after ETC was born" because he "thought that the Ethereum holders deserved to have a choice between the original chain and the new chain." "I felt that the Ethereum holders needed to have a choice between the original chain and the new chain." According to him, the community had decided to maintain the status quo by just buying and selling the token with almost no attention on innovation. This was despite the fact that a significant amount of money had been invested in the development of the network. "We came to the conclusion that the proof of work needs to be improved and made more innovative. Therefore, we were able to successfully generate a proof of work." Charles added. The ETC community embraced venture investors who came in and gobbled up all the earnings without any regard about the chain's future, which contributed to the failure of attempts to put in place a treasury system. Attempts to put in place a treasury system also failed.[rb_related title="More Read" style="light" total="4"

He continued by saying, "In other words, the investors—like Grayscale and others—they purchase ETC, they get to hold it, and if it goes up, they get the gains; nevertheless, the individuals really building the network receive nothing." It has been alleged that the ETC developers were disheartened by this approach, as they believed that their objectives were not in alignment with those of the community. As a result, they gave up on the project.

After Vitalik Buterin and other developers forked Ethereum in 2016 in an effort to improve Ethereum's security and smart contract capabilities, Ethereum Classic was the only version of Ethereum that survived. Ethereum Classic is also known as "the original Ethereum." A other group, on the other hand, made the decision to preserve the first chain by embracing the moniker "Ethereum Classic."

According to Charles, even though Ethereum Classic was an extremely promising chain when it first launched, it quickly lost its luster as it began to limit innovation. As a result, Proof-of-Work (PoW) blockchains like Ergo and Ethereum were able to overtake it and become more successful. Because there was so little development effort and so little to show for itself other than pricing, he suggested that investing in or mining ETC tokens was a poor idea due to these factors.