Ethereum Classic (ETC)

What is Ethereum Classic?

Ethereum Classic (ETC) is a cryptocurrency that was born in 2016 as a result of a hard fork from the original Ethereum (ETH) network. This fork was caused by a disagreement within the community over how to respond to a hack on the DAO project, which resulted in the loss of more than 3.6 million ETH.

Origins and philosophy

Ethereum Classic remained true to the principle of blockchain immutability: "code is law". That is, records on the chain should not be modified, even if they were the result of a hack. This decision philosophically distinguishes it from Ethereum.

Key features

Limited supply

Unlike Ethereum, which has no defined maximum supply, Ethereum Classic has a maximum cap of 210 million coins, giving it a monetary policy similar to Bitcoin.

EVM compatibility

Ethereum Classic remains compatible with the Ethereum Virtual Machine, enabling the execution of smart contracts and decentralized applications (dApps).

Ethereum vs Ethereum Classic

Although both projects share a common origin, there are fundamental differences between Ethereum and Ethereum Classic.

Technical and philosophical differences

Immutability

Ethereum Classic did not reverse the DAO hack, while Ethereum did so to return the funds to the affected users.

Innovation

Ethereum has rapidly evolved, migrating to Ethereum 2.0 with Proof of Stake (PoS) consensus, while Ethereum Classic continues to use Proof of Work (PoW), like Bitcoin.

Adoption and liquidity

Ethereum (ETH) has much broader adoption, a larger market capitalization, and a larger developer ecosystem, though Ethereum Classic maintains a loyal and growing community.

Mining Ethereum Classic

Ethereum Classic uses the Proof of Work (PoW) consensus algorithm, which allows ETC to be mined in a similar way to Bitcoin's traditional model.

How to mine Ethereum Classic?

Hardware

Mining ETC requires powerful GPUs (graphics cards). After Ethereum's shift to PoS, many miners migrated to ETC due to its compatibility with the modified Ethash algorithm called ETChash.

Mining pools

Some of the most popular pools for mining ETC are Ethermine, 2Miners, and F2Pool.

Profitability

Profitability depends on the price of ETC, energy costs, and mining difficulty. Unlike ETH, ETC remains a viable option for those who already have mining equipment.

Ethereum Classic Halving

Unlike Ethereum, Ethereum Classic does implement a periodic mining reward reduction mechanism known as halving.

What is halving in ETC?

Ethereum Classic halving occurs approximately every 5 million blocks. In each event, the reward miners receive is reduced by 20%, limiting the issuance of new coins.

Recent halvings

First halving: Block 5,000,000 – Reduction from 4 ETC to 3.2 ETC per block.

Second halving: Block 10,000,000 – Reduction to 2.56 ETC.

Third halving: Block 15,000,000 – Reduction to 2.048 ETC.

Next halving

It is estimated for mid-2025, around block 20,000,000, where the reward will drop to 1.638 ETC.

Ethereum Classic: Future and projections

The future of Ethereum Classic is marked by its focus on security, decentralization, and resistance to drastic changes. Although it has been subject to 51% attacks in the past, the network has implemented improvements like the MESS (Modified Exponential Subjective Scoring) protocol to strengthen its resilience.

What is expected of ETC in the coming years?

Greater security

With the implementation of MESS and other updates, Ethereum Classic aims to secure its network against attacks.

Possible growth

Ethereum's abandonment of PoW mining has led many miners and developers to take a greater interest in ETC, which could lead to higher adoption.

Speculative investment

With a limited supply and remaining a PoW network, some analysts view ETC as an alternative to Bitcoin for investors looking for coins with deflationary monetary policies.

How to buy ?

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Available purchase methods

• Buy with credit/debit card: Use your Visa or Mastercard to get Ethereum Classic instantly. We also accept Apple Pay and Google Pay for quick, hassle-free transactions.
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Benefits of buying Ethereum Classic with Bitnovo

• Quick and easy process: No complex registrations or lengthy verifications. Just choose your payment method and receive your ETC in minutes.
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How to buy Ethereum Classic with Bitnovo

If you prefer cash, Bitnovo offers a practical solution through crypto redeemable vouchers, available at thousands of points of sale.

Step by step guide:

Find a nearby store:

Use Bitnovo's search tool to locate partner stores in your area where you can purchase vouchers.

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Visit your chosen store and buy a Bitnovo voucher for your desired amount, paying in cash.

Redeem your voucher for Ethereum Classic:

• Go to the Bitnovo Vouchers redemption page.
• Enter your voucher code and your Ethereum Classic wallet address.
• Confirm the transaction - you'll receive your Ethereum Classic in your wallet within minutes.