{"id":13949,"date":"2024-05-31T10:39:20","date_gmt":"2024-05-31T07:39:20","guid":{"rendered":"https:\/\/forklog.com\/en\/ethereum-classic-undergoes-fourth-halving\/"},"modified":"2024-05-31T10:39:20","modified_gmt":"2024-05-31T07:39:20","slug":"ethereum-classic-undergoes-fourth-halving","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/ethereum-classic-undergoes-fourth-halving\/","title":{"rendered":"Ethereum Classic Undergoes Fourth Halving"},"content":{"rendered":"

On May 31, at block height #20,000,001, the Ethereum Classic network experienced<\/a> a halving. The reward for mining a block was reduced to 2.048 ETC.<\/p>\n

This programmed event occurs approximately every two years, with the reward decreasing by 20% to achieve a total emission of 210.7 million ETC. Since 2017, this marks the fourth halving on the blockchain.<\/p>\n

The coin’s price reacted minimally, declining by about 1% over the day. Over the week, prices fell by 6.4% due to a correction. The asset trades around $30, which is 82% below the peaks of May 2021 (CoinGecko<\/a>).<\/p>\n

\"ETCUSDT_2024-05-31_09-48-09\"
Hourly chart of ETC\/USDT on Binance. Data: TradingView<\/a>.<\/figcaption><\/figure>\n

The network’s hash rate is approximately 180 TH\/s (2Miners<\/a>). The figure reached a peak of 234.35 TH\/s in September 2022 amid the migration of Ethereum miners. At that time, the blockchain of the second-largest cryptocurrency by market capitalization transitioned to the Proof-of-Stake consensus algorithm following the major update known as The Merge.<\/p>\n

\"Ethereum-Classic-ETC-Network-Hashrate-Chart-2Miners-Google-Chrome\"
Data: 2Miners.<\/figcaption><\/figure>\n

The influx of computational power into Ethereum Classic was short-lived, but after a correction to around 110 TH\/s, the hash rate showed a steady increase.<\/p>\n

In September 2022, Cardano founder Charles Hoskinson described Ethereum Classic as a “dead project” that failed to realize its potential.\u00a0<\/p>\n

Several months later, he reiterated his criticism, noting that the blockchain “lacks a roadmap, innovation, team, or vision.”<\/p>\n

Forbes classified<\/a> Ethereum Classic among the useless cryptocurrencies, referring to them as “zombie networks.”<\/p>\n","protected":false},"excerpt":{"rendered":"

On May 31, at block height #20,000,001, the Ethereum Classic network experienced a halving. The reward for mining a block was reduced to 2.048 ETC. This programmed event occurs approximately every two years, with the reward decreasing by 20% to achieve a total emission of 210.7 million ETC. Since 2017, this marks the fourth halving […]<\/p>\n","protected":false},"author":1,"featured_media":13948,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[476,160],"class_list":["post-13949","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-ethereum-classic","tag-halving"],"aioseo_notices":[],"amp_enabled":true,"views":"29","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/13949","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=13949"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/13949\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/13948"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=13949"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=13949"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=13949"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}