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Ethereum Classic’s hash rate surpassed the 40 terahash per second (TH/s) region last Wednesday and four days later, the network’s hash power hit an all-time high (ATH) of 48.82 TH/s on September 4th. Ethereum’s transition from proof-of-work (PoW) to proof-of-stake (PoS) is expected to take place eight days from now, and a lot of hashrate has left the crypto-asset’s network over the past few days.
Ethereum’s sibling blockchain, known as Ethereum Classic, has reaped the benefits of Ethereum’s upcoming upgrade called The Merge. That’s because when The Merge happens, ethereum (ETH) miners will no longer be able to mine ETH as the blockchain will transition to a PoS system.
Four days ago, Bitcoin.com News reported on ETC’s hash rate increase above the 40 TH/s zone, but at that time, Ethereum’s hash rate remained the same. The report noted that the hash rate would likely come in waves, and since the August 31, 2022 report, hash power waves have begun to increase.
Calculations recorded by Ethash mining pool 2miners.com indicate that ETC’s hashrate hit an ATH of 48.82 TH/s on September 4. Ethereum Classic’s hashrate is 19.86% higher than the ATH recorded on August 31st. At the time, Ethereum’s rough hash rate remained the same. same, but during the last four days it has fluctuated more often and at the same time decreased.
By the first day of September, according to 2miners.com statistics, ETH’s hashrate was on its way to 917 TH/s. Today, September 5, Ethereum’s hashrate is running at 926.02 TH/s and Ethereum Classic’s hashpower has a dedicated 46 TH/s. ETC’s hashrate is just a hair down from the 48.82 TH/s ATH and is likely to surpass the ATH again this week.
The merger is expected to happen in just over eight days from now, and it is likely that larger waves of hashrate will move from ETH to ETC. However, there is a planned Ethereum PoW fork in the cards called ETHW, and the public will not know how much hashrate this proposed chain will have until the network’s first days of mining.
At the time of writing, Ethermine.org is the largest ethereum mining pool with 260 TH/s dedicated to the chain. Ethermine noted in late August that it would stop mining Ethereum at the PoW level and revealed that it would offer a floating staking service for ETH 2.0. Antpool announced it would not support a new ETH PoW chain and said it would strengthen ETC. Antpool also revealed an Ethereum Classic firmware upgrade for the company’s E9 Ethash mining rig.
Below Ethermine’s hashrate, in terms of the largest dedicated streams of Ethereum hashpower, the mining pools are F2pool, Hiveon, Poolin, 2miners.com and Flexpool.io. Most of the mining pools that mine ethereum (ETH) also mine ethereum classic. Poolin is the largest ETC mining pool on Monday with 9.73 TH/s hashrate dedicated to the chain. Poolin is followed by F2pool, 2miners.com, Ethermine, Hiveon and Antpool.
What do you think about Ethereum Classic’s hashrate losing an all-time high on September 4th? Let us know what you think about this topic in the comments section below.
Image credit: Shutterstock, Pixabay, Wiki Commons, wenmerge.com, 2miners.com,
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