Cardano founder Charles Hoskinson criticized Ethereum Classic (ETC) and stated that the project did not reach its potential.

I love how a sustainable development fund turned into a miner’s tax. ETC still makes me sad for what could happen. This is a dead project with no purpose or really compelling argument to exist outside of stubbornness. https://t.co/JxUGyLYDTu

— Charles Hoskinson (@IOHK_Charles) September 5, 2022

While discussing the prospects for mining cryptocurrencies using GPUs after Ethereum’s transition to the Proof-of-Stake (PoS) algorithm, one of the users recalled that Hoskinson suggested imposing a 20% “tax” on Ethereum Classic miners.

In response, he said that we are talking about a fund for the sustainable development of the network. Commentators added that these funds are decentralized by the community.

“ETC still makes me sad about what could happen. This is a dead project with no purpose or really strong arguments other than evil,” said Hoskinson.

In August, JPMorgan analysts assumed that Ethereum Classic would be one of the main beneficiaries of miner flow after the Ethereum merger.

Ethermine, the largest mining pool on the Ethereum network, recommended users to switch to mining other cryptocurrencies, including ETC, after The Merge. Bitmain-affiliated AntPool made a similar offer.

A group of Ethereum miners led by Chandler Goh plans to initiate a network fork that will continue to work on the Proof-of-Work algorithm. Bob Summerville, head of the ETC Cooperative behind the development of the Ethereum Classic ecosystem, approached them with a proposal to connect to the cryptocurrency network after the merger.

“ETC hasn’t grown since it was born. In the last 5-6 years, it froze, stagnated and could not form any ecosystem. It is quite possible that ETC will remain a giant child,” the developers of the Fork project said in a response.

Recall that in early September, the Ethereum Classic hash rate updated its historical maximum around 46 TH/s. The indicator is about 19 times less than the capacity of the ether network.

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