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.
Ethereum Classic Hashrate Spikes After Latest Merger Announcement
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’s 30-day gains outpace Ether’s price rally last month
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.
Tags in this story
beam (BEAM), ergo (ERGO), ETC, ETC chain, ETH, Ethash, Ethash coins, ether, Ethereum (ETH), Ethereum Classic, ethereum classic (ETC), Ethereum Classics hashrate, merge, PoS, PoW, ravencoin (RVN), The DAO fork, The Merge, transition
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.
Jamie Redman
Jamie Redman is the news editor at Bitcoin.com News and a financial technology journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or an endorsement or recommendation of products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is directly or indirectly responsible for damages or losses caused or alleged to be caused by or in connection with the use of or reliance on content, goods or services mentioned in this article.