ETC Soars 50% in a Month as Community Presses Coinbase to Reduce Transaction Wait Times

The Ethereum Classic community is urging Coinbase to reduce its excessive 3,000 block confirmation wait for ETC transfers, calling it outdated and detrimental to the user experience.

In a post on X on July 18, Ethereum Classic DAO, a community-driven account, argued that ETC’s hashrate has surged from around 1 terahash per second (TH/s) to approximately 300 TH/s, reaching levels similar to Ethereum’s in 2021. Based on this, the account claims that only 20 confirmations should be needed to ensure transaction finality.

Yet, Coinbase still requires users to wait for 3,000 confirmations, according to the exchange’s website. This translates to approximately 10 to 11 hours, given that a new ETC block is generated roughly every 12 seconds, according to data from Blockscout.

ETC’s high confirmation requirement sharply contrasts with Ethereum transactions, which — according to Coinbase’s website — need just 14 confirmations and usually clear in under three minutes.

As of press time, Coinbase has not publicly responded to the community’s calls for change or responded to The Defiant’s request for comment.

Rocky Past

The exchange’s cautious stance stems from ETC’s history of security problems, including several major 51% attacks, where malicious actors gained control of the network and manipulated transactions.

The network underwent multiple chain reorganizations in January 2019 and faced three attacks in August 2020 alone, which allowed attackers to double-spend coins.

As a result, exchanges like Coinbase increased their confirmation requirements significantly. In 2021, ETC deposits reportedly needed up to 10,000 confirmations on Coinbase, which meant users’ funds were unavailable for almost two days.

Although ETC’s security has strengthened in recent years — its hashrate has reached record highs — concerns about its vulnerability still seem to remain.

For now, users will have to endure extended delays unless the exchange adjusts its risk assessment. On the positive side, ETC holders have seen some relief as the token’s price has soared nearly 30% in the past week amid the broader market rally, reaching levels last seen in February 2025, per The Defiant’s price page.