Why Ethereum Classic Is Surging Today
Over the last 24 hours, the price of Ethereum Classic (CRYPTO: ETC) had surged roughly 16.6% as of 10:28 a.m. ET. The cryptocurrency looks to be benefiting from Ethereum's upcoming Merge.
Ethereum Classic is the original version of Ethereum and forked from what is now Ethereum after a big hack on the network in 2016. Concerns raised by the hack resulted in the fork, but some people still wanted to use the original blockchain now known as Ethereum Classic. Since then, Ethereum Classic hasn't gotten any of the upgrades that have been done on Ethereum's network.
For years now, the Ethereum network has been preparing to change from the proof-of-work (PoW) concept to proof-of-stake (PoS). PoW is the original mining concept still used by Bitcoin, in which miners use lots of computing power and energy to solve cryptographic puzzles as fast as possible in order to mine new tokens.
Source Fool.com
