Posts about Ethereum Classic
I keep seeing the price of ETC going up and people saying that Ethereum becoming proof-of-stake will benefit Ethereum Classic as all miners are gonna move there. However, this is precisely BAD for the price because it creates tremendous selling pressure. Miners have to pay for electricity in fiat so all they mine they have to immediately sell it. They are not going to hodl the coins. Every day there's 17k new ETC mined which accounts for around 765k$. This means that assuming miners are selling everyday all they mine on the other side retail buyers must be buying this amount at least to sustain the price.
Miners are the ones most interested in pushing ETC price up as then it becomes more profitable for them to mine. People who is buying now is just providing exit liquidity for these miners. Unless the ecosystem really thrives I don't think this price can be sustainable in the future.