Mining Pool Shenanigans
Ethereum Classic (ETC) developers recently dropped a bombshell, stating that a mining pool claiming over 50% of the network’s hashrate was likely engaging in what they called “selfish mining.” You know, like hoarding all the cookies at a bake sale just so everyone else goes home empty-handed. But here’s the good part: the dev team clarified that this situation, while concerning, does not constitute a 51% attack, so feel free to exhale that breath you were holding.
Hashrate Hiccups Explained
In a twist worthy of a soap opera, the increase in hashrate has been tied to ASIC manufacturer Linzhi testing their shiny new 1,400/Mh ethash machines. Imagine someone showing off their new toy; only this one can potentially shake the very foundation of a cryptocurrency!
Coinbase’s Calm in the Chaos
On January 5, the American cryptocurrency exchange Coinbase alerted its users about a deep chain reorganization of the Ethereum Classic blockchain, which unfortunately included a double spend incident. Thankfully, they were quick to act, pausing all ETC deposits and withdrawals before any greenbacks were lost. According to their report, the chaos resulted in eight additional reorganizations that collectively accounted for around 88,500 ETC, blending in with 445,155 dollars like they were just trying to sneak out of a party. The good news? Coinbase was “not the target” of this chaos, leaving their users to breathe a sigh of relief.
The Ripple Effect
As the dust settled, two major Japanese exchanges, Coincheck and bitFlyer, decided to follow Coinbase’s lead by temporarily halting ETC deposits and withdrawals. Their Twitter announcements echoed the same sentiment of caution, keeping users on their toes and wallets safely stored for the time being.
Chain Reorganization: The Nerdy Breakdown
For those not fluent in crypto-speak, let’s break down the term “chain reorganization.” This jargon-filled menace occurs when a miner or pool wields more resources than the rest of the network, allowing them to redefine transactional history as casually as if reordering your Netflix watchlist. This bit of techy drama is enough to leave even the calmest crypto enthusiasts feeling a tad jittery.
Market Response and Future Outlook
As of now, ETC finds itself ranked 18th by market cap on CoinMarketCap, trading around $5.02, which is slightly less than a fancy coffee and down over 7% on the day. With a market cap of approximately $539 million, it’s clear the waters are pretty choppy! But fear not, avid ETC fans; the boat might just stabilize in time for a hearty return.
