According to Thursday’s statistics, the Ethereum Classic hashrate, a measure used to calculate the total power used for mining, has skyrocketed by 280% in a day after the Ethereum merger. ETC’s terahash per second (Th/s) skyrocketed from 64 Th/s to 183 Th/s according to industry estimates. This indicator indicates that miners who have closed shop on the ETH network have moved to ETC because the Ethereum mining hardware is still compatible with Ethereum Classic’s mining chip, Ethash.
Ethereum, the second most well-known cryptocurrency after Bitcoin, has unveiled its major upgrade to transform the network from Proof of Work (PoW) to Proof of Stake (PoS) on September 15. In addition, it has destroyed much of the miners on the Ethereum network as an upgrade to PoS has destroyed the need for mining. But since the billions of purchased mining accessories cannot be lost, miners are leaning towards Ethereum Classic (ETC) to continue their work.
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Although the sudden increase in the hashrate has coincided with the Ethereum merger, the hashrate of the ETC has already increased. For example, the ETC hashrate has risen nearly 500% in the past month.
Ethereum Founder Supports Miners to Switch to Ethereum Classic
Citing the transition to PoS, Vitalik Buterin, the founder of Ethereum, has also approved miners to move on to Ethereum Classic to continue their work. Vitalik added in a statement;
Who wants to cancel Proof of Stake here? … There are plenty of 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 start using Ethereum Classic. It’s a very nice necklace.
Miners moved to other PoW platforms after the merger
In addition to the miners that moved to Ethereum Classic after the merger, they also expressed interest in some other PoW platforms, including Ergo, Ravecoin, and Flux. Similarly, a data analytics company dedicated to mining, 2Miners, concluded that Ergo’s network recorded a rapid 400% growth in 24 hours after the merger, with a hashrate of 137 Th/s. And the hashrate of the Ravecoin sees a jump from 9 Th/s to 14.34 in a day after the merger.
ETC mining can be done quickly through Ethereum’s previously developed accessories. ETC needs GPU and ASIC based mining machines already built by ETH. Moreover, the main mining pool on the Ethereum network, Etheremine, is currently the main contributor generating 57 Th/s. The group relies on a total of 30,647 miners.
Related Reading: Ethereum TVL Drops Over $1 Billion After Merging
ETC, the original asset of Ethereum Classic, is currently trading above $33, up more than 2% in the past hour. However, in contrast to higher mining activity, ETC lost more than 10% in one day and more than 11% last week.
Featured image from Pixabay and chart from TradingView.com
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