Ethereum Classic Hashrate Hits All-Time High
ETC has seen an increase in hashrate since Wednesday, August 17, up 62% from 33.38 TH/s to an all-time high (ATH).
About six years after Ethereum Classic miners mined the first ETC block at the block height of 1,920,000, ETC’s hashrate hit ATH on August 20, 2022. ETC’s hash rate hit 38.37 TH/s in block height of 15,776.674.
The hash rate was added to the Ethereum Classic chain as Ethereum approached The Merge upgrade on or around September 15, 2022.
The largest ETC mining pool is Ethermine with 8.05 TH/s, followed by Poolin with 8.02 TH/s. The combined hash rate of Ethermine and Poolin is around 16 TH/s, which is more than 40% of ETC’s global hash rate.
ETC was started after the DAO hack in 2016 and the first ETC block was mined on July 20, 2016. ETC advocates believe it to be the original immutable Ethereum blockchain as the DAO hard fork removed the sue from the blockchain.
With a commitment to stick with proof of work, the Ethereum Classic developers have removed the difficulty bomb from the ETC chain. ETC’s hard bomb defuse takes place at a block height of 5,900,000.
While Ethereum Classic (ETC) has seen a significant spike in hashrate, other Ethash-based blockchains such as Ravencoin (RVN), Ergo (ERGO), and Beam (BEAM) have not seen any significant increases. Let’s talk about hashrate.
ETC’s all-time high hash rate follows many predictions that ETH’s hash rate will move to ETC. Last week, JPMorgan market strategists predicted that ETC will likely be one of the main beneficiaries of The Merge.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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