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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.
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.
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.
Ethereum Classic remains compatible with the Ethereum Virtual Machine, enabling the execution of smart contracts and decentralized applications (dApps).
Although both projects share a common origin, there are fundamental differences between Ethereum and Ethereum Classic.
Ethereum Classic did not reverse the DAO hack, while Ethereum did so to return the funds to the affected users.
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.
Ethereum (ETH) has much broader adoption, a larger market capitalization, and a larger developer ecosystem, though Ethereum Classic maintains a loyal and growing community.
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.
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.
Some of the most popular pools for mining ETC are Ethermine, 2Miners, and F2Pool.
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.
Unlike Ethereum, Ethereum Classic does implement a periodic mining reward reduction mechanism known as halving.
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.
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.
It is estimated for mid-2025, around block 20,000,000, where the reward will drop to 1.638 ETC.
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.
With the implementation of MESS and other updates, Ethereum Classic aims to secure its network against attacks.
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.
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.
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