According to Thursday’s stats, Ethereum Classic’s hashrate, a measure used to calculate the total power used for mining, has skyrocketed by 280% in a day after Ethereum’s merger. ETC’s terahash per second (Th/s) rose from 64 Th/s to 183 Th/s, according to industry estimates. This indicator indicates that miners who closed their shop on the ETH network switched to ETC, as Ethereum mining hardware is still compatible with the Ethereum Classic mining chip, Ethash.
Ethereum, the second most popular cryptocurrency after Bitcoin, unveiled its most significant upgrade on September 15 to transform the network from Proof of Work (PoW) to Proof of Stake (PoS). Also, it has put a large chunk of miners out of work on the platform. The Ethereum network has eliminated the need for mining with its upgrade to PoS. But since the billions in purchased mining supplies cannot be wasted, miners are gravitating to Ethereum Classic (ETC) to continue their work.
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Although the sudden increase in hashrate coincides with the Ethereum merger, the ETC hashrate has already increased. For example, the ETC hashrate is up almost 500% in the previous month.
Ethereum founder advocates for miners to switch to Ethereum Classic
Citing the transition to PoS, Vitalik Buterin, the founder of Ethereum, has also advocated for miners to switch to Ethereum Classic to continue their work. Vitalik added in a statement;
Who wants to cancel Proof of Stake here?… There are many blockchains such as Ethereum Classic, the original Ethereum that did not 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 use Ethereum Classic. It’s a really fine chain.
The price of ETC is currently trading above $33. | Source: ETCUSD price chart from TradingView.com
Miners have moved to other PoW platforms after the merger
Besides the miners who switched to Ethereum Classic after the merger, they also showed interest in some other PoW platforms including Ergo, Ravecoin and Flux. Likewise, a data analysis company dedicated to mining, 2Miners, concluded that Ergo’s network has seen rapid growth of 400% within 24 hours of the merger and the hashrate is at 137 Th/s. And Ravecoin’s hashrate sees a jump from 9 Th/s to 14.34 in a day after the merger.
ETC can be mined quickly via previously developed Ethereum accessories. ETC requires GPU and ASIC-based mining machines already built by ETH. Additionally, the top mining pool on the Ethereum network, Etheremine, is currently the most significant contributor, generating 57 Th/s. The group relies on a total of 30,647 miners.
Related Reading: Ethereum TVL falls more than $1 billion after merger
ETC, the native asset of Ethereum Classic, is currently trading above $33, up over 2% in the last hour. However, in contrast to the higher mining activity, ETC lost over 10% in one day and over 11% in the past week.
Featured image from Pixabay and chart from TradingView.com
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