Ethereum Classic’s hashrate surpassed the 40 terahash per second (TH/s) region last Wednesday and four days later, the network’s hashpower reached an all-time high (ATH) at 48.82 TH/s on September 4. Ethereum’s transition from proof-of-work (PoW) to proof-of-stake (PoS) is expected to take place eight days from now, and a great deal of hashrate has left the crypto asset’s network during the last few days.
Ethereum Classic’s Hashrate Runs Hot Skyrocketing Toward 50 Terahash
The sibling blockchain of Ethereum, known as Ethereum Classic, has been reaping the benefits of Ethereum’s upcoming upgrade called The Merge. That’s because when The Merge happens, ethereum (ETH) miners will no longer be able to mine ETH as the blockchain will transition to a PoS system.
Four days ago, Bitcoin.com News reported on ETC’s hashrate rise over the 40 TH/s zone but at that time, Ethereum’s hashrate remained the same. According to the report, hashrate will likely increase in waves. However, since August 31st, 2022 the wave of hashpower has started increasing.
Metrics recorded by the Ethash mining pool 2miners.com indicates that ETC’s hashrate tapped an ATH at 48.82 TH/s on September 4. Ethereum Classic’s hashrate is 19.86% higher than the ATH recorded on August 31. At that time, Ethereum’s hashrate remained roughly the same but during the course of the last four days, it’s been fluctuating more often and declining at the same time.
By the first day of September, ETH’s hashrate according to 2miners.com statistics was coasting along at 917 TH/s. Today, on September 5, Ethereum’s hashrate is running at 926.02 TH/s and Ethereum Classic’s hashpower has a dedicated 46 TH/s. ETC’s hashrate is just a hair down from the 48.82 TH/s ATH and will likely surpass the ATH again this week.
The Merge is expected to happen in just over eight days from now and it’s likely larger waves of hashrate will move from ETH to ETC. However, there is a planned Ethereum PoW fork in the cards called ETHW and the public won’t know how much hashrate this proposed chain will have until the network’s first few days of mining.
Ethermine.org, the biggest ethereum mining site with 260 TH/s dedicated for the chain at the time this article was written, is currently the most popular. Ethermine announced at August’s end that it will stop mining ethereum below PoW and would provide liquid staking services for ETH 2.0. Antpool stated it wouldn’t support a new ETH PoW-chain, but it will bolster ETC. Antpool also revealed an Ethereum Classic firmware upgrade for the company’s E9 Ethash mining rig.
Below Ethermine’s hashrate, in terms of the largest dedicated streams of Ethereum hashpower, are the mining pools F2pool, Hiveon, Poolin, 2miners.com, and Flexpool.io. The majority of mining pools that mine ethereum, (ETH), also mine ethereum classical. Poolin, which has 9.73 trillion hashrate (TH/s) of ETC-mineralized copper dedicated to it, is the biggest ETC mining pool. F2pool and 2miners.com are followed closely by Poolin, Antpool, Hiveon (Ethermine), Hiveon, Hiveon, Antpool, and 2miners.com.
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Images CreditsShutterstock. Pixabay. Wiki commons. wenmerge.com.2miners.com.
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