Skip to content Skip to sidebar Skip to footer


According to Thursday’s statistics, Ethereum Classic’s hashrate, a metric to calculate the total power used for mining, skyrocketed 280% in one day after the Ethereum merger. ETC’s terahash per second (Th/s) increased from 64 Th/s to 183 Th/s according to industry estimates. This indicator highlights that miners who have closed their shop on the ETH network have switched to ETC because Ethereum’s mining hardware is still compatible with Ethereum Classic’s mining chip, Ethash.

Ethereum, the second best-known cryptocurrency after Bitcoin, unveiled its most significant upgrade on September 15 to transform the network from Proof of Work (PoW) consensus to Proof of Stake (PoS). At the same time, it is laying off a large chunk of miners on the Ethereum network, as its upgrade to PoS has killed the need for mining. But since the billions of purchased mining accessories cannot be wasted, miners are turning to Ethereum Classic (ETC) to continue their work.

Related reading: Nansen reports that five entities control approximately 64% of staked ether

Although the sudden increase in hashrate coincides with the Ethereum merger, ETC’s hashrate has already increased. For example, the ETC hashrate has increased by nearly 500% over the past month.

Ethereum founder approves miners to switch to Ethereum Classic

Citing the transition to PoS, Vitalik Buterin, the founder of Ethereum, also encouraged miners to switch to Ethereum Classic to continue their work. Vitalik added in a report;

Who here wants to cancel Proof of Stake?… There are a lot of blockchains, like there is Ethereum Classic, which is the original Ethereum that didn’t betray the vision by forking TheDAO. It’s a very welcoming community and I think they will definitely welcome Proof of Work fans… If you like Proof of Work, you should go and use Ethereum Classic. It is quite a fine chain.

ETCUSD
ETC’s price is currently trading above $33. | Source: ETCUSD price chart from TradingView.com

Miners moved to other PoW platforms after merger

Apart from the miners who moved to Ethereum Classic after the merger, they also showed interest in other PoW platforms, including Ergo, Ravecoin, and Flux. Similarly, a data analytics company dedicated to mining, 2 Miners, concluded that Ergo’s network grew rapidly by 400% in 24 hours after the merger, with a hashrate of 137 Th/s. And the Ravecoin hashrate sees a jump of 9 Th/s to 14.34 in one day following the merger.

ETC mining can be done quickly via previously developed Ethereum accessories. ETC needs GPU and ASIC based machines for mining which are already built by ETH. Moreover, the first mining pool of the Ethereum network, Etheremine, has currently become the largest contributor generating 57 Th/s. The group relies on 30,647 miners in total.

Related reading: Ethereum TVL Drops Over $1 Billion After Merger

ETC, the native asset of Ethereum Classic, is currently trading above $33, up more than 2% in the past hour. However, unlike the higher mining activity, ETC lost more than 10% in one day and more than 11% in the past week.

Featured image from Pixabay and chart from TradingView.com



Source link

Leave a comment