After seven years operating as PoW blockchains, Ethereum has now officially transformed from being a proof network (PoW), to becoming a Proof-of–stake (PoS). Merge has forced ethereum miner to move to PoW-based coins. After the ruleset changes were codified, few PoW currencies compatible with Ethash algorithm saw hashrates soar. Ethereum Classic’s hashrate has tripled in size since The Merge was triggered by Ethereum’s Paris Upgrade.
5 Tokens Reap the Benefits of Ethereum’s Leftover Hashrate
Ethereum, second in crypto assets market capitalization (in terms of value), now uses a proof-of–stake (PoS), Blockchain system. On September 15th, at block height 15,537.391 at 02:42.42AM. The Paris Upgrade activated the Merge. ET. A few hours prior to The Merge, Ethereum’s hashrate plummeted significantly, and a great deal of hashrate was pointed at Ethereum Classic (ETC).
During the early morning hours (ET) on September 15, ETC’s hashrate was around 80.77 terahash per second (TH/s). Hours after The Merge on September 16, ETC’s hashrate increased by 228%, jumping to the current 228.62 TH/s. ETC was the main beneficiary in terms of getting the most hashrate from Ethereum’s forced transition from PoW to PoS. A few tokens that have similar algorithms for hashing saw significant increases in their computational power.
At the start of the day on September 15, Ravencoin’s (RVN) hashrate was around 10.15 TH/s but the following day it was up 64.23% at 16.67 TH/s. Ergo saw a significant hashrate jump as it started off at 56.39 TH/s on Wednesday and by Thursday morning (ET) it’s 123.94% higher at 126.28 TH/s.
It is still missing a significant amount of hashrate —Hashpower Seems to Be Waiting for the New Fork
In addition to ETC, ERGO, and RVN, the crypto network FLUX and BEAM saw increases in hashrate as well, but a much smaller percentage compared to ETC’s and ERGO’s climb. FLUX’s hashrate increased 40% and BEAM experienced a 74.25% increase in computational power. While a great deal of hashrate has been dedicated to the five aforementioned tokens, Ethereum’s entire hashrate did not transfer to ETC, ERGO, BEAM, FLUX, or RVN. A lot of the hashrate seems to have been either turned off, or miners are waiting on the new Ethereum proof-of work network ETHW.
This is the list of all mining pools currently in development. It will continue to be updated with new pools.
Just wanna say THANK YOU ALL!https://t.co/TwIB7VFlJd
— EthereumPoW (ETHW) Official #ETHW #ETHPoW (@EthereumPoW) September 15, 2022
The anonymous team behind ETHW stated two days ago the launch of the blockchain network 24 hours following The Merge. The official ETHW Twitter account states that large mining pools like Btc.com and Poolin, F2pool. 2miners. Antpool. Bitdog. Solomine will dedicate hashrate for the ETHW network.
“Nanopool is going to support EthPow Ethereum fork expected to be minable in 24 hours after the ETH Merge occurs,” the mining operation Nanopool wroteThis Wednesday. Although no one knows how much hashrate was held back in order to await the ETHW fork, it is clear that quite a lot of ETH hashrate remains missing despite spikes by RVN and ETC.
Do you have any thoughts about the options miners made after The Merge, and what do they think? Are you concerned that the new fork will contain a significant amount of hashrate? Please comment below to let us know your thoughts on this topic.
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