Ethereum Classic achieved an unprecedented 47 terahashes per sec (TH/s) hash rate. This network is only 5% of Ethereum’s hash rate (which is more than 930 TH/s).
Ethereum Classic’s hash rate has reached an all time high 45 Terahashes per Second (TH/s), growing more than 480% over the past year. The amount of computing power required to create new blocks on the network’s hash rate is called its “hash rate”.
Ethereum Classic’s growth in hash rate is likely due to increased miner activity ahead of the Ethereum upgrade, known as The Merge — which will transform Ethereum Classic from a proof-of-work mechanism into a proof that stake consensus mechanism.
This event is scheduled for mid-September and will eliminate the requirement for transactions to be verified via miners.
Ethereum miners need to adapt to the merge
The merge has led to Ethereum miners spending billions over the years on mining equipment. They may now need a proof-of work blockchain that can replace Ethereum. Some mining pools are considering expanding Ethereum Classic as a proof-of-work alternative to Ethereum.
AntPool was founded by the mining giant Bitmain in July. It made a $10 million investment into its ecosystem and signaled support for Ethereum Classic.
BTC.com, another mining pool, launched support for Ethereum Classic this week.
Ethereum Classic’s hash rate is still small in comparison to Ethereum, and accounts for only 5% of Ethereum’s hash rate of roughly 895 TH/s. Ethereum Classic still has a lot of work to do before it can be considered a major network for proof–of-work miners.