What is the use of Ethereum Classic computing power (How much can Ethereum Classic rise)?

What is the use of Ethereum Classic computing power? Ethereum Classic mining has two main purposes: disk storage and computation for Ethereum, and reducing transaction costs for the Bitcoin network. Specialized hardware for mining cryptocurrencies is used in the Ethereum chain. In order to enhance the network security of Ethereum and minimize losses, ordinary users need to purchase Ethereum for daily mining and maintenance of the blockchain network.

Simply put, by using a software system (such as a computer), Ethereum can be stored in a specific address or a smart contract, and block records can be automatically generated and locally backed up, preventing reuse and creating new tokens. Therefore, no additional equipment or financial support is needed. However, nodes that cannot function properly due to minor malfunctions cannot serve it. For example, some people do not receive rewards due to unfinished tasks. (Note: If you want to participate in mining, please download the client tool, open the website to see how to obtain the required computing power).

How much can Ethereum Classic rise?

Editor’s note: This article is from Xiaozhayantantalk (ID: xiaonazha88) and is authorized to be reproduced by Odaily Planet Daily.

What is the value of Ethereum Classic? Why can it rise so much? I don’t know the answer, but I have been thinking about this question since August last year. Now, looking at the news of the launch of Ethereum 2.0 and the level of support for ETH2.0, I believe that the potential rise of Ethereum Classic is related to the previous articles, but if you still don’t understand, you can check the reference and see how high Ethereum Classic can still fall.

Firstly, Ethereum Classic needs to reach a market value of over 10k before it can start to rise. Currently, the price of Ethereum Classic is around $30. Bitcoin’s price is around $20,000, so I believe many people will not consider these concepts in the crypto space as investment opportunities. However, we all know that many project parties are now doing the imitation coin thing. For example, recently, many DeFi tokens have been heavily sold, resulting in a severe shortage of market funds.

So will Ethereum Classic really become so popular this time, or is it because its ecosystem development is going smoothly? I think this point is also very important, after all, the market size of Ethereum Classic is much larger than that of mainstream cryptocurrencies such as Bitcoin and Ethereum.

Secondly, Ethereum Classic still has a lot of room for growth, and its transaction fees are relatively low. This means that as long as the cash flow of Ethereum Classic in your hand exceeds $1 million, you can withdraw it to your bank account. Apart from this, for ordinary investors, the most direct way to invest is to use credit cards or debit cards to pay bills or purchase assets such as Bitcoin through various financial instruments without paying interest. So, for ordinary investors, using Bitcoin as a payment method is actually a good choice. Of course, if you want to buy more digital gold or other traditional stocks, you must first consider the several cryptocurrencies you hold – Bitcoin, Ethereum, and Litecoin.