Ethereum Classic’s Hashrate Taps Another All-Time High Following Ethereum’s Hardened Merge Timeline – Mining Bitcoin News

On Thursday, following the official proof-of-stake (PoS) transition announcement from the Ethereum Foundation, Ethereum Classic’s hashrate tapped another all-time high at block height 15,806,925. The latest jump to 38.64 terahash marks the network’s second record high in five days, as Ethereum Classic captured 38.37 terahash per second (TH/s) on August 20, 2022.

After the Merge Announcement, Ethereum Classic Hashrate Spikes

The Ethereum Foundation recently published a blog post called the “Mainnet Merge Announcement,” which gives the public more precise dates concerning The Merge upgrade. The Merge will go live in September 20-22, according to the Ethereum Foundation. Once that occurs, Ethash proof of work (PoW), miners will have to start mining another Ethash-supporting cryptocurrency network.

Ethash miners are allowed to choose between ravencoin(RVN), Ergo (ERGO), BEAM (BEAM) and Ethereum Classic (ETC). Five days ago, Bitcoin.com News reported on ETC’s hashrate tapping an all-time high at 38.37 TH/s at block height 15,776,674. On August 25, 2022, ETC surpassed that record as the network’s hashrate reached 38.64 TH/s at block height 15,806,925.

There’s a great possibility ETC could surpass that record again in the near future because the network jumped over the August 20 record on August 24 at block height 15,801,069 when it reached 38.40 TH/s. Moreover, there’s still 975.15 TH/s of hashpower pointed at the Ethereum (ETH) network today. There are many Ethash support coins but Ethereum Classic has so far been the biggest beneficiary of The Merge.

Ethereum Classic’s 30-Day Gains Outshine Ether’s Price Rise Last Month

Ethereum classic (ETC), the network’s native token, has also managed to climb from the 20th largest market valuation to the 19th, as ETC prices jumped 10.2% higher in the last 24 hours. ETC jumped from $34.57 per unit during the early morning trading sessions on Thursday (EST), to the day’s price high at $38.09 per unit.

ETC’s price has risen 61.2% against the U.S. Dollar in the past 30 days. In fact, ETC’s price rise over the past month is higher than ethereum’s (ETH) 18.4% rise in the same time period.

What do you think about Ethereum Classic’s recent hashrate spike? Please comment below to let us know your thoughts on this topic.

Jamie Redman

Jamie Redman is the News Lead for Bitcoin.com News. He also lives in Florida and works as a journalist covering financial technology. Redman joined the cryptocurrency community in 2011 and has been an active member ever since. Redman is passionate about Bitcoin and open-source codes. Redman is a prolific writer for Bitcoin.com News, with over 5,700 articles on the most disruptive protocols currently in development.