Bitcoin

Why is ETC price holding stable despite the risk of further attacks of 51%?

After suffering two major blockchain reorganizations In the last week Ethereum Classic (ETC) saw its hash rate go downThis increases the risk of more than 51% attacks on the network.

As a result of ETC’s surrender to mining, the estimated cost of running a 51% attack on Ethereum Classic using the hashing power rented from NiceHash fell from $ 12,000 an hour since yesterday to less than $ 4,000, according to Crypto51.

Even so, the price has not been swayed by the network’s apparent fragility since then The crypto asset actually gained more than 2% against the dollarbecause the news of the second reorganization attack They broke out yesterday to currently trade for $ 7.21.

The exchanges report an ETC volume of $ 800 million within 24 hours

Why is ETC price holding stable despite the risk of further attacks of 51%?
Why is ETC price holding stable despite the risk of further attacks of 51%?

The 24-hour trading volume increased by approx. 10% from the level seen just days before the first attack of 51%, with orders still being executed on most major exchanges; including Coinbase Pro, Binance, Okex, Bitfinex and KuCoin.

The increase in trading activity occurs despite the Suspension of Services Withdrawal, deposit and margin financing among a number of leading crypto exchanges.

ETC publishes unconvincing market signals

The strength of the ETC markets despite the wallet deactivating activity It raises questions about whether algorithmic robots can control much of current trading activity.

In 2019 a report was published by the Blockchain Transparency Institute appreciated that Ethereum Classic was among the three most laundered cryptoassets, with more than 80% of the volume marked as suspect.

The Ethereum Classic miners surrender

After fluctuations between about five and six terahashes per second (TH / s) until July ETC’s hashing performance has dropped from 51% to around four TH / s in the last seven days after news of the initial attack.

Yesterday in a second attack The hashing power increased to 9 TH / s before dropping to less than 2.5 TH / s.

Ethereum Classic Hash Rate

Ethereum Classic Hash Rate – Source: 2miners

In the same way, The hash rate available for rent on NiceHash is now more than three times the power required to attack the networkNiceHash’s performance is 132% of what it takes to collect 51% of the ETC hash rate.

Numerous mining pools have also disabled ETC payments and they promoted miners to switch to Ethereum (ETH) in response to the second attack.

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