On August 31, 2022, Ethereum Classic’s hashrate reached another all-time high (ATH) this year at block height 15,850,811. Ethereum Classic’s global hashpower surpassed the 40 terahash per second (TH/s) region on Wednesday. Despite the fact that the network’s hashrate has risen a great deal, Ethereum’s hashrate remains relatively unchanged with just over 1,000 TH/s dedicated to the network.
66 Mining Pools Dedicate More Than 1,000 Terahash to Ethereum, Network’s Hashrate Remains Steady and Unchanged
At the time of writing, Ethereum’s total difficulty is 12374533505752422, and when the total difficulty reaches 58750000000000000000 in roughly 13 days, the network will transition from a proof-of-work (PoW) network to a proof-of-stake (PoS) blockchain via The Merge.
Once the codebase has been codified, the transition will be complete and ETH miners won’t be able anymore to mine digital currency. There are approximately 66 Ethereum mining pools that dedicate Ethash hashrate to Ethereum. They represent 1,040 (TH/s), or 1.04 petahash (PH/s), of hashpower.
Ethash miners who are affected by the changes will need to choose a new network. It’s been widely reported during the last two months that many believe the Ethereum Classic (ETC) network will reap the rewards of ethereum miners migrating to another chain.
ETC actually has been on the rise in recent years. On August 31, 2022, ETC reached an ATH tap of 40.73 trillionth/s block height 15,850.811. However, while Ethereum’s hashrate has dropped some at the end of June, it has remained roughly the same since July 1, 2022.
Ethereum Classic Could See A Massive Wave Of Dedicated Hashpower in the Next 2 Weeks
Ethereum’s hashrate recorded a slight rise during the last 62 days, and the added terahash is the same amount of hashpower that secures the entire ETC chain. Beam, Ravencoin, and Ergo may have experienced slight rises in their hashpower but not compared to ETC’s increase since August 2022.
ETC’s hashrate has reached record all-time high achievements multiple times this week, and during the last 24 hours. Ethash consensus chains like ETC might see massive influxes of dedicated hashpower in the coming weeks, as statistics show that ether miners will continue to mine ether up until The Merge.
Antpool and Ethermine have both stated they plan to discontinue mining ether as a PoW and that they support the ETH2.0 transition. Ethermine has also launched a liquid staking program dedicated to the ETH2.0 network. Antpool stated once that $10 million was being committed towards the Ethereum Classic environment.
Ethermine and Antpool, two mining pools, already mine ETC. They suggest that participants in the pool choose an Ethash-consensus Chain like ETC or RVN to be able to participate in The Merge. When the hashrate wave comes is anyone’s guess, as it is extremely profitable to mine ethereum (ETH) in comparison to mining coins that leverage other consensus algorithms.
Statistics on Thursday, September 1, 2022, at 11:00 a.m. (EST) indicate that Bitmain’s new Ethash miner the Antminer E9 with 2,400 megahash per second (MH/s) can get an estimated $47.72 per day in profits. A Innosilicon A11, which has 1,500 MH/s, can make an average $26.52 per daily in ether profits.
What do you think about Ethereum Classic’s hashrate tapping an all-time high on August 31? What time do you think one of these Ethash-confirmed networks will see a surge in hashpower? Comment below and let us know how you feel about the subject.
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