As the Merge date which is scheduled around September 15 and 16 is approaching, Ethereum Classic (ETC) is gaining massive demand. This has pushed the price of the currency towards huge gains since June. This is because while the Ethereum (ETH) network will transform from proof-of-work (PoW) to proof-of-stake (PoS), mines will also make a shift towards Ethereum Classic (ETC).
Meanwhile, the largest crypto exchange, Binance, made an announcement that it plans to launch a new ETC mining pool without mining fees. The only condition that Binance has is that all the promotional activities will be under the company and there are also speculations that in the future Binance might bring up mining fees.
Also, Ethereum Classic is witnessing an increased PoW from 17.742 TH/S to more than 43 TH/S in just three months. The main reason is due to POW miners making a shift from ETH POW mining.
If Binance decides to continue with zero mining fees, the ETC will see an increased demand along with more network security and transaction speed. The other advantage is that this will attract more projects that are looking for POW networks.
Ethereum Classic Holders Are Benefitted Too
Next, when ETC holders are regarded, they will see an increased benefit with more demand and network utility. The demand will rise because of the rise in hash rate and utility which will in turn pave the way for a price surge. However, the profit share might decrease as more and more miners flock in.
Along with portraying a massive price surge, Ethereum Classic has recorded 34% gains in just September to date. The observers have also claimed that whenever there is a price surge, the demand also increases.
At the time of reporting, Ethereum Classic is selling at $38.91 after a push of 5.03% in the last 24hrs. Even Ethereum Classic’s Relative Strength Index (RSI) is trading above 50 along with Awesome Oscillator (AO) signaling a bullish trend.