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Ethereum Classic proposes change

2020.06.19

With over $70 million of mining rewards, ETC would represent the largest network that is profitable to mine with FPGA devices. The change to the Keccak algorithm consists of bringing a “new generation of mining hardware” (SHA-3 ASICs) to the network to increase the security of the ETC network. Tsankov argues that the current algorithm, Ethash, is no longer suitable for the Ethereum Classic.

In comparison, only 800,000 GPUs are mining the Ethereum Classic. A change in the mining algorithm is expected to attract at least 15K FPGAs. The migration would increase the ETC hash rate to 540 TH/second. FPGAs miners have the advantage of being “nomadic”, that is, they can easily migrate to the network with the highest economic benefits.

However, the ETC community has expressed concerns about the time it may take to develop these SHA-3 ASICs. However, developers have said that the proposed change in rewards will be enough for FPGA and GPU teams to keep the network online. In addition, they expect that once these teams are introduced the ETC hash rate will increase by 7 to 400 times.

In addition, the publication states that the development of SHA-3 ASICs is simple. Because SHA-3 ASICs are exclusive to ETC mining, they will have no incentive to attack their own network:There are many published SHA-3 ASIC design documents and several open source designs are available as a starting point. In comparison, there are no open-source Ethash ASICs or FPGA bitstreams.

Author : Reynaldo