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On Thursday, following the official proof-of-stake (PoS) transition announcement from the Ethereum Foundation, Ethereum Classic’s hashrate lost 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 , when Ethereum Classic captured 38.37 terahash per second (TH/s) on August 20, 2022.
The Ethereum Foundation recently published a blog post called “Mainnet Merge Announcement”, giving the public more precise dates regarding The Merge upgrade. At the time of writing, The Merge is expected to go live 10-20. September 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 to choose from such as ravencoin (RVN), ergo (ERGO), beam (BEAM) and ethereum classic (ETC). Five days ago, Bitcoin.com News reported on ETC’s hashrate losing an all-time high of 38.37 TH/s at block height 15,776,674. On August 25, 2022, ETC surpassed this record when the network’s hashrate reached 38.64 TH/s at block height 15,806,925.
There is a strong possibility that ETC may surpass that record again in the near future because the network surpassed the August 20 record on August 24 at block height 15,801,069 when it reached 38.40 TH/s. Also, there is still 975.15 TH/s of hashpower targeting the Ethereum (ETH) network today. Although there are a few different Ethash backing coins, so far, Ethereum Classic has been the main recipient of The Merge.
Ethereum classic (ETC), the network’s native token, has also managed to climb from the 20th largest market capitalization to the 19th, as ETC prices jumped 10.2% higher in the last 24 hours. ETC jumped from $34.57 per unit during early morning trading on Thursday (EST), to the day’s high of $38.09 per unit.
ETC has managed to climb 61.2% higher against the US dollar in the last 30 days. In fact, ETC’s price increase in the last month is higher than ethereum’s (ETH) 18.4% increase in the same time period.
What do you think of Ethereum Classic’s latest hashrate spike? Let us know what you think about this topic in the comments section below.
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