Etherum Classic new mining algorithm to the rescue of its network

Following on several successful 51% attacks carried out during the summer and later part of 2020 on Etherum Classic, the Etherum developers have decided to bring a new upgrade in form of a hardfork named as Thanos in efforts to rescue its legacy network and minimize the chances of successful 51% attacks happening in the future.

• One of the highlights in the upgrade of the mining algorithm is that it will enable lower end GPUs with as low as 3GB of memory to mine Etherum Classic, further securing and increasing hash rate of the network.

• The Thanos hard fork ships with a new mining algorithm called Etchash which is a modified version of Dagger Hashimoto initially adapted in Etherum's Ethash proof-of-work algorithm and designed by Vitalik Buterin and the Etherum team to be ASIC-resistant.

• With that, the ASIC miners which have in the past been seen as a largely centralized computing power of the network such as in the instances when the computing power was rented out to perform the 51% attacks are essentially getting booted out from the network in favor of GPU miners, with the goal of further decentralization of the network.

• Although Kraken's incident status page has reportedly closed deposits for Etherum Classic reporting on a malicious 51% attack on the same day as the hardfork went live (28th November 2020) there appears to be an update from @krakensupport apologizing for a false alarm caused by the maintenance and upgrade to the hard fork over at Kraken.

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This post was originally posted on publish0x