4 Crypto Tokens Reap Hashpower From The Merge, ETC Secures Most of the Hashrate Leaving ETH – Mining Bitcoin News

A poll on Twitter was posted 20 days ago asking miners to choose where they would put their hashrate after The Merge transforms Ethereum into a Proof-of-Stake (PoS). There were several proof-of-work tokens (PoW) at that time: ethereum classical, ravencoins, ergo and flux. While flux and ravencoin won the poll in terms of votes, reality is that ethereum hashrate has been the most successful beneficiary.

Tweet Poll with More Than 10,000 Votes Selects Flux. Ethereum Classic Reaps the Merge Benefits

Ethereum Classic is currently gathering the most hashrate from Ethereum (ETH), as only four days remain before The Merge. According to metrics recorded by 2miners.com, ETC’s hashrate reached an all-time high on September 8, 2022, tapping 53.29 terahash per second (TH/s).

4 Crypto Tokens Reap Hashpower From The Merge, ETC Secures Most of the Hashrate Leaving ETH

Ethereum’s hashrate has dropped below the 900 TH/s region and at the time of writing, the network hashrate is 883.78 TH/s. Cryptovium’s Twitter account posted a poll asking miners which place they plan to put their HASHPOWER when The Merge takes effect.

“With the imminent PoS ETH Merge, I’m curious what all the miners out there are planning on moving their rigs to,” Cryptovium said. “Top PoW contenders seem to be RVN, FLUX, ERG, [and] ETC. Are you going with one of these or choosing something else?”

4 Crypto Tokens Reap Hashpower From The Merge, ETC Secures Most of the Hashrate Leaving ETH

The final results of Cryptovium’s poll got 10,347 votes and flux (FLUX) received the most votes with 45.7%. The second most popular token with poll participants was ravencoin (RVN) with 27.3% of the votes, and ergo (ERGO) captured 22.1% of the poll’s votes.

4 Crypto Tokens Reap Hashpower From The Merge, ETC Secures Most of the Hashrate Leaving ETH

Ethereum classic (ETC), with 4.9% out of the total 10,347 votes received, had the lowest vote count. ETC was last in the social media survey but ETC is now the primary beneficiary of Ethereum’s hashrate exit.

4 Crypto Tokens Reap Hashpower From The Merge, ETC Secures Most of the Hashrate Leaving ETH

ETC’s hashrate continues to break lifetime records and has done so at least five times during the last two weeks. ETC, FLUX, RVN and ERG all experienced small increases in hashrate, but nothing like what ETC had recorded over the 30 days.

Ergo’s hashrate jumped 99.14% from 14.04 TH/s on September 2, to 27.96 TH/s on September 4. Since then, however, Ergo’s hashrate dropped 18.77% down to 22.71 TH/s. On September 5, Ravencoin’s hashrate was coasting along at 2.42 TH/s and since then it has increased by 70.24% to 4.12 TH/s.

Flux employs a sol solution, and its performance is expressed in sol/second. On September 3, Flux’s hashrate was 1.98 MS/s and it jumped 55.55% higher to 3.08 MS/s during the last six days.

Although, Flux’s hashrate has slipped back down to the 2.28 MS/s range. Flux emerged as the winner in the Twitter poll but lost out to reality when it comes to obtaining hashrate outside the ETH network.

FLUX rose 33.1% in the past seven days. ERGO has increased 48.1% and RVN has risen 54% against U.S. dollars over the same period. In terms of the past week’s gains, ETC saw the lowest rise against the dollar as the token has risen 19% during the past week.

In this story, tags
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Do you have any thoughts about what other mining options miners will be able to choose from after The Merge comes into force next week? Comment below and let us know how you feel about the subject.

Jamie Redman

Jamie Redman, a Florida-based financial journalist and news lead at Bitcoin.com News is Jamie Redman. Redman joined the cryptocurrency community in 2011 and has continued to be active ever since. Since 2011, Redman has been an active member of the cryptocurrency community. Redman is a prolific writer for Bitcoin.com News, with over 6,000 articles on disruptive protocols.

Image creditShutterstock. Pixabay. Wiki commons. 2miners.com. Twitter.

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