SummaryEthereum's merge to proof-of-stake has created a renewed interest in Ethereum Classic from miners wishing to remain proof-of-work.Grayscale's Ethereum Classic fund shares trade at the deepest discount of all Grayscale single-asset funds.If any developers leave Ethereum post-ETH merge, Ethereum Classic could theoretically be a beneficiary.The biggest narrative trade in cryptocurrency over the last few weeks has been on the possible implications of the Ethereum (ETH-USD) merge from a proof-of-work to a proof-of-stake consensus mechanism. I've talked about it quite a bit both publicly and for my BlockChain Reaction subscribers:For Ethereum miners, this is particularly problematic because ETH mining is still done with GPUs rather than with the ASIC machines required by most other PoW networks. Ethereum miners can't simply switch to securing Bitcoin (BTC-USD) because their machines aren't capable of profitably mining it.While there has been speculation that ETH miners can simply move to Ethereum Classic (ETC-USD), the reality is Ethereum Classic has very little economic activity happening on the network and I've detailed some of those shortcomings in BlockChain Reaction. Still, that hasn't stopped some miners from switching over to Ethereum Classic already if mean hash rate is any indication:ETC Hashrate (CoinMetrics)We've seen a massive spike in hash rate over the last month or so and the hash rate of the network is now at ...
