Ethereum Classic hashrate jumped 223% amid The Merge
After Ethereum migrated to the Proof-of-Stake consensus algorithm, Ethereum Classic hash rate increased to 210 TH/s. The daily growth rate was about 223%.
However, the price of the cryptocurrency shows no noticeable reaction.
The price of ETC has risen almost 5% in the last 24 hours, according to CoinGecko. The coin showed the best performance of the top 20 by capitalization after LEO.
In August, Ethermine, the largest Ethereum pool, warned customers that it would not support any potential forks of the second most capitalized cryptocurrency on the Proof-of-Work (PoW) algorithm. The platform suggested that miners should switch to mining Ethereum Classic, as well as Ravencoin (RVN), Ergo (ERGO) or Beam (BEAM) as options for future activities.
The hash rate of the above-mentioned coins also demonstrated a noticeable daily growth. Ergo’s indicator increased from 32 TH/s to 80 TH/s – by 150%. Ravencoin’s compute capacity added about 75% and Beam’s added about 225%.
The developers of the PoW fork Ethereum (ETHW) announced a mainnet launch within 24 hours of The Merge. The project was launched by a group of miners led by Chandler Guo, who did not want to give up the Proof-of-Work algorithm.
In August, the head of the Ethereum Classic ecosystem development organization ETC Cooperative, Bob Summerville, questioned the feasibility of the fork in an open letter to Goh. He suggested that miners connect to the ETC network. In a response, supporters of the project noted, among other arguments, that the blockchain would not be able to accommodate all the power released in Ethereum.
According to 2Miners, before the merger, the second-capitalization cryptocurrency had a hash rate of 740 TH/s. As of this writing, the combined networks of all four coins in the Ethermine offering are around 225 TH/s.
As a reminder, JPMorgan analysts have speculated that ETC will be the main beneficiary of the influx of miners after the merger into Ethereum.
Cardano founder Charles Hoskinson criticized the cryptocurrency, calling it a “dead project.