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Ethereum Classic’s Hashrate has Hit New Highs as Merge Approaches

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...
ethereum classic hash rate mining
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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.

Felipe Rodriguez

Felipe Rodriguez

Felipe states he has super powers, some argue that case but he does come up with some very clear predictions. Felipe is based in the US and frequently travels to Brazil where he was born. He is a journalist of the future and has a portfolio of crypto projects he has worked with. Felipe always says "The future doesn't scare me as much as the past, crypto is here to stay but only time will tell where it will take us".
Felipe Rodriguez

Felipe Rodriguez

Felipe states he has super powers, some argue that case but he does come up with some very clear predictions. Felipe is based in the US and frequently travels to Brazil where he was born. He is a journalist of the future and has a portfolio of crypto projects he has worked with. Felipe always says "The future doesn't scare me as much as the past, crypto is here to stay but only time will tell where it will take us".

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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