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.
Ethereum Classic Hashrate Spikes Following the Latest Merge Announcement
The Ethereum Foundation recently published a blog post called the “Mainnet Merge Announcement,” which gives the public more precise dates concerning The Merge upgrade. At the time of writing, The Merge is expected to go live on Sept 10-20, 2022, and when that happens, Ethash proof-of-work (PoW) miners will be forced to mine another Ethash-supporting crypto network.
Ethash miners have a few coins they can choose from, like 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. While there are a few different Ethash supporting coins, so far, Ethereum Classic has been the main 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 has managed to climb 61.2% higher against the U.S. dollar during the last 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? Let us know what you think about this subject in the comments section below.
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