Ethereum Classic
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The Night Poloniex Listed Ethereum Classic - CoinJournal

now ETC (Ethereum Classic) was referred to as ETHC in those early moments after the hard fork.

ETC was initially only traded publicly on Bitsquare (now called Bisq) and within a forum post on bitcointalk.org. A few hours later, I received a message from Wiz:

“Guess who now represents 20% of the hash power on Ethereum Classic?”“I’m solving blocks like crazy right now,” he added.

We discussed the possibility of an article about Ethereum Classic, but Aaron van Wirdum at Bitcoin Magazine had recently posted an interview with the apparent project coordinator of Ethereum Classic at the time.

“Let’s see if it gets any traction,” said Wiz. “I mean, if exchanges start trading it, then this could potentially be a thing.”

The next day, Wiz’s share of the Ethereum Classic network hashrate was up to 40 percent.

“I think I solved 31 blocks in a row or something crazy,” he added.

Wiz was able to mine all of those blocks in a row because the only other major mining pool on Ethereum Classic went down, which left Wiz controlling 100% of the network for roughly ten minutes.

Ethereum Classic’s hashrate continued to drop over the course of the day, and Wiz said he was thinking about going back to the hard-forked Ethereum chain.

“At this point I’m like the only one mining the chain except for the [Ethereum Classic] founders,” he said.

Less than two hours later, Poloniex listed Ethereum Classic and all hell broke loose. Wiz was still a third of the network hashrate an hour or so after ETC had been listed, but he noted that the hashrate was rising a bit. Judging from his own hashing power and how often he was solving blocks, Wiz was able to estimate the hashrate of Ethereum Classic at the time. “I think true network hash power is around 30GH/s,” he said.

A few hours later, Wiz realized he had done quite well for himself with his speculative Ethereum Classic mining:

“Hmm, I just realized I have more than $20K worth of ETC. Like, out of nowhere,” he stated.

At the peak price, Wiz had generated roughly $90,000 worth of value out of nowhere. Over the next hours and days, Wiz’s share of the network hashrate continued to fall as speculation on ETC continued. He shared these thoughts in the wee hours of the morning the night Poloniex listed ETC:

“It’s now very clear what has happened to Ethereum. Originally, about 20% of the network opposed the DAO fork, but because of consensus rules, everyone was afraid and went along with the majority thinking the non-fork chain would be abandoned (and it was, for about 2-3 days). Now the people realize that both chains can peacefully co-exist, and since they already have ETC, they immediately value it at 20% of the worth of ETH.”

At the time of this writing, Ethereum Classic has roughly 5 percent the price and hashing power of the forked Ethereum chain.

“I am literally eating popcorn right now,” Wiz added later in the night. “This is so fun to watch.”
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