Mastering Crypto

07/21 04:17

What is Ethereum Classic(ETC)?

The Ethereum Classic platform is a decentralized blockchain system and digital currency. Like its sibling Ethereum, ETC allows developers to construct and implement self-executing contracts, known as smart contracts, which activate inside the blockchain when specific pre-established conditions are fully met.

Understanding the history of the Ethereum Classic mining pool is no simple task, as the relevant information is scattered and elusive, making it challenging for newcomers to grasp. Recognizing the need for a comprehensive resource, we documented the important aspects of ETC’s past. Organizing the information into four distinct chapters, we invite you to delve into the intricate chronicle of Ethereum Classic, the ETC mining pool nitty gritty.

What are Ethereum Classic & ETC Mining?

In response to the hack, which resulted in the loss of 3.6 million Ethereum tokens, the Ethereum blockchain underwent an update to rectify the erroneous transactions. However, not all members of the Ethereum community agreed with this course of action, leading to the creation of Ethereum Classic. By utilizing the unaltered Ethereum ledger that preserved the hacked transactions, Ethereum Classic distinguished itself as a blockchain platform. 

So the real question is — how to mine Ethereum Classic? Mining ETC involves a process wherein computer networks compete to validate transactions and earn rewards through ETC tokens. The ETC coin mining supply is finite, with mining gradually shifting from rewards to transaction fees. The average mining time for a new ETC mining block is 11.6 seconds.

The Beginning of ETC Mining Pools

Where did ETC mining pool possibilities come from? In 2016, Ethereum Classic (ETC) was created due to a split from Ethereum triggered by the launch of the decentralized autonomous organization called the DAO.

Backed by $150 million in crowdfunding, the DAO suffered a code flaw that enabled hackers to steal $50 million from its funds.

The Ethereum community was divided on how to address the hack. Some proposed reversing the ETH blockchain to reimburse the affected users, while others believed in preserving the immutability of the blockchain.

Following a vote, the pro-fork side gained over 85% support, resulting in the fork that gave birth to Ethereum Classic. At the same time, the minority retained the original Ethereum blockchain as Ethereum Classic.

Ethereum Classic mining pool operates its blockchain, utilizing the Ethereum Virtual Machine (EVM), supporting smart contracts, decentralized applications (dapps), and its unique cryptocurrency, ETC.

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