Will ETH miners switch after Ethereum Classic's 'fifthening'?

The bulk of ETC's rise has been driven by the crypto market. Like many other cryptocurrencies, Ethereum Classic has a very strong correlation to Bitcoin (BTC), reaching 0.98 on multiple instances.

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However, ETC's 75%+ gains over the last eight days outpaced BTC's 15% gains. Possible link to rumors of Ethereum Classic luring miners away from Ethereum.

However, Ethereum Classic has not been able to attract as many users, leaving the network in the hands of a few miners. This resulted in a $1 million double-spend attack against Coinbase in January 2019 and other network-wide 51% assaults.

Creator of Cardano Charles Hoskinson announced in December 2020 the beginning of the Mantis project to improve Ethereum Classic and help its community.

Ethereum's move to proof-of-stake and sharding may annoy those who prefer proof-of-work and a strong base-layer approach to blockchain security, the cooperative warned last year.

"At this moment, #EthereumClassic is a realistic option for Ethereum projects."
The fact that ETC hasn't achieved new all-time highs in March indicates that miners aren't yet abandoning ship. As the tweets below show, social media is starting to embrace the mining exodus philosophy.

On April 15, 2022, at block 15,000,000, ETC's third block reward decline, or "fifthening," is planned to occur.

According to the 2017 upgrade proposal ECP-1017, the Ethereum Classic block rewards be cut by 20% every five million blocks (about every 2.5 years).

The most recent occurred on March 16, 2020, then ETC has climbed by almost 350%.

Apecoin is gaining popularity

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A year ago, those who bought the Bored Ape Yacht Club (BAYC) collection at a low price made up to 145,000% profit. The same is true for Apecoin, the company's new token.

This means that betting on APE is as important as betting on the NFT collection as a whole.

According to CryptoPotato, APE Coin is the BAYC ecosystem's native cryptocurrency. Each BAYC holder has received 10,094 APEs ($128,000) since the scheme began. Mutant Apes (MAYC) received 2,042 APEs ($26,068).

That is, they allocated 62 percent of the whole APE token supply to their loyal customers.
Introducing ApeCoin ($APE), a currency for culture, gaming, and commerce that allows the creation of a decentralized web3 community.

16 Mar 2022 — ApeCoin

However, BAYC's parent business, Yuga Labs, will keep 16% of the shares to continue developing new products and technologies, such as the game "Otherside," due out in late 2022.

Yuga Labs has obtained the rights to two of the most famous NFT collections of all time, CryptoPunks and Meebits.

I have important news to share today: Yuga has acquired @LarvaLabs' CryptoPunks and Meebits collections, and we're immediately providing NFT holders full commercial rights. Just as we did for BAYC and MAYC owners. pic.twitter.com/lAIKKvoEDj

11/03/2022 — Yuga Labs

The BAYC's First Crypto Gaming
Yugal Labs' marketing effort has made the new native cryptocurrency the token of choice for numerous crypto games' NFT transactions.

For example, Animoca Brands, a free-to-play game developer, and distributor, disclosed the usage of ApeCoin for a confidential project with BAYC. A video of Yuga Labs' protagonist character drinking a drink that takes him to a world full of CryptoPunks and NFT characters was posted the day after the announcements.

Another game developer, nWayPlay, has announced a cooperation with BAYC to create a new crypto game including the APE token and play to earn (P2E) capabilities. Although the game isn't yet available, the quality of the images suggests it will generate a lot of conversation inside the ecosystem.

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The BAYC team has had a busy and good start to the year, and we can expect more announcements to help the project's adoption, which is practically sold out.