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Ethereum has officially transitioned from a proof-of-work (PoW) network to a proof-of-stake (PoS) system after seven years of operation as a PoW blockchain. The merger forced Ethereum miners to switch to other PoW-based tokens and after the codification of the rules change, a handful of PoW coins compatible with the Ethash algorithm saw their hashrates skyrocket. Ethereum Classic’s hashrate has tripled since The Merge was triggered by Ethereum’s Paris upgrade.

5 tokens reap profits from remaining Ethereum hashrate

Ethereum, the second-largest crypto asset by market capitalization, now operates under a proof-of-stake (PoS) blockchain system. Fusion has been sets off by the Paris Upgrade on September 15, at block height 15,537,391 at 2:42:42 a.m. ET. A few hours before The Merge, Ethereum’s hashrate dropped significantly, and much of the hashrate was directed to Ethereum Classic (ETC).

ETC, RVN, ERGO Hashrate Soars After Merger, Large Amount of Hashpower Awaits ETHW Fork
ETCThe hashrate of has tripled since The Merge.

In the early morning hours (ET) on September 15, ETCThe hashrate of was around 80.77 terahash per second (TH/s). A few hours after The Merge on September 16, ETCThe hashrate of increased by 228% to 228.62 TH/s. ETC was the main beneficiary in terms of getting the best hash rate from Ethereum’s forced transition from PoW to PoS. However, a handful of other tokens with similar hashing algorithms have also seen a significant boost in computing power.

ETC, RVN, ERGO Hashrate Soars After Merger, Large Amount of Hashpower Awaits ETHW Fork
Ergo’s hashrate has jumped 123.94% since The Merge.

At the start of the day on September 15, the Ravencoin (RVN) hashrate was around 10.15 TH/s but the next day it was up 64.23% at 16.67 TH/s. Ergo has seen a significant hashrate jump as it started at 56.39 TH/s on Wednesday and Thursday morning (ET) it is 123.94% higher at 126.28 TH/s.

A significant amount of hashrate is still missing Hashpower is apparently waiting for the new fork

In addition to ETCERGO and RVN, the FLUX cryptonet and BEAM also saw their hash rate increase, but a much lower percentage compared to ETCand the rise of ERGO. FLUX’s hashrate jumped 40% and BEAM saw its computing power increase by 74.25%. While much of the hashrate has gone to the five aforementioned tokens, not all of Ethereum’s hashrate has been transferred to ETC, ERGO, BEAM, FLUX or RVN. Apparently much of the hashrate is simply disabled or miners are waiting for the new Ethereum proof-of-work ETHW network.

The team behind ETHW, who remains anonymous, Explain two days ago the blockchain network would be launched 24 hours after The Merge. According to the official ETHW Twitter page, major mining pools such as Btc.com, Poolin, F2pool, 2miners, Antpool, Bitdog, and Solomine plan to dedicate the hashrate to the ETHW channel.

“Nanopool is going to support the EthPow Ethereum fork which should be mineable within 24 hours after the ETH Merger Happens”, Nanopool Mining wrote Wednesday. No one knows exactly how much hashrate has been withheld waiting for the ETHW fork, but quite a few ETH the hashrate is still missing despite the spikes recorded by RVN, ETCand ERGO.

Keywords in this story

crypto-mining, ergonomics, ergo (ERGO), ETC, ETC hash rate, ETH, ETH fork, ETH hash rate, Fork PoW ETH, Ethash, ether, Ethereum, Ethereum (ETH), Classic Ethereum, classic ethereum (ETC), FLOW, Flow (FLOW), GPU mining, hash power, Hash rate, mining, MS/s, point of sale, PoW, ravencoin (RVN), NRV, FLOOR, Terahash, TH/s

What do you think of the alternatives miners chose after The Merge? Do you think a large amount of hashrate awaits the new fork? Let us know what you think about this topic in the comments section below.

Jamie Redman

Jamie Redman is the news manager for Bitcoin.com News and a fintech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written over 6,000 articles for Bitcoin.com News about disruptive protocols emerging today.




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