ETC’s hashrate has increased by about 330% in 24 hours on the same day of the successful Ethereum merger, indicating that miners have switched from Ethereum to Ethereum Classic.
Source: Depositphotos
Ethereum’s successful transition from a proof-of-work network to a proof-of-stake through the merge event greatly benefited Ethereum Classic (ETC), which has since adopted a majority of ETH miners.
At the start of the day, Ethereum Classic’s hashrate was 70 TH/s. Its hashrate has since increased by 330% to the current level of 302 TH/s as can be seen from the chart below.
Source: 2Miners
Another analysis of the last 30 days before the merger revealed that the Ethereum Classic hash rate had an incredible 900% growth. In mid-August, the hashrate was around 30 TH/s and has since grown to the aforementioned 302.47 TH/s.
30-day growth of Ethereum Classic hashrate. Source: 2Miners.com
In terms of price action, Ethereum Classic has somewhat withstood the crypto-wide market sell-off following the successful merge event.
According to data from CoinGecko, Ethereum Classic is up 2% over the past 24 hours, compared to Ethereum’s -0.46%. At the same time, the new Ethereum PoW fork token is down 18.31% in one day. The table below also provides a side-by-side comparison of the three digital assets.
Ethereum, ETC and Ethereum PoW price comparison. Source: GeckoTerminal
As mentioned, the remarkable growth in computing power on Ethereum Classic is attributed to Ethereum miners reconfiguring their machines to mine ETC.
However, Ethereum Classic is not the only beneficiary of Ethereum stopping using a proof-of-work algorithm. Ergo (ERG) network hash rate increased by 550% from 32 TH/s earlier today to 208 TH/s. Similarly, Ravencoin (RVN) hashrate has grown by 439% from 3.15 TH/s to 17 TH/s in 24 hours.
~By John P. Njui~
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
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