Thursday’s stats showed that the hashrate of Ethereum Classic, a metric that calculates the total power used for mining, surged 280% in the first day after Ethereum’s merger. According to industry estimates, ETC’s terahash per second (Th/s) surged from 64 Th/s to 183 Th/s. The metric shows that a miner who has closed shop on the ETH network has moved to his ETC because Ethereum mining hardware is compatible with Ethereum Classic’s mining chip, Ethash.
Ethereum, the second most popular cryptocurrency after Bitcoin, announced the most significant upgrade on Sept. 15 to transform its network from Proof of Work (PoW) to Proof of Stake (PoS) consensus. . The Ethereum network as an upgrade to PoS has killed the need for mining. I tend to keep working.
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The sharp rise in hashrate coincides with the Ethereum merger, but ETC hashrate has already increased.
Ethereum founder backs miners moving to Ethereum Classic
Ethereum founder Vitalik Buterin also cites the move to PoS and recommends that miners move to Ethereum Classic to continue their work.Vitalik Added in a statement;
Who wants to cancel Proof of Stake?…There are plenty of blockchains out there, like Ethereum Classic, the original Ethereum that forked TheDAO and didn’t betray its vision. It’s a very welcoming community and I’m sure fans of Proof of Work will be welcome. If you like Proof of Work, you should use Ethereum Classic. It is an overall classy chain.
After merging, miners moved to other PoW platforms
In addition to miners migrating to Ethereum Classic after the merge, they also expressed interest in other PoW platforms such as Ergo, Ravecoin and Flux. Similarly, a data analytics company specializing in mining 2 Miners, Ergo’s network recorded a rapid growth of 400% 24 hours after the merge, with a hashrate of 137 Th/s. Also, Ravecoin’s hashrate jumps from 9 Th/s he to 14.34 a day after the merger.
ETC mining can be done quickly via pre-developed Ethereum accessories. ETC requires GPU and ASIC-based machines for mining already built by ETH. Additionally, Ethermine, the top mining pool on the Ethereum network, has now become the most significant contributor generating 57 Th/s. The group relies on his 30,647 miners in total.
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ETC, the native asset of Ethereum Classic, is currently trading above $33, up more than 2% in the past hour. However, in contrast to the higher mining activity, ETC lost over 10% in a single day and over 11% last week.
Featured image from Pixabay and chart from TradingView.com