Ethereum Classic Hash Rate Reaches All-Time High In Advance Of The Merge

With a growth of more than 480% year to far, Ethereum Classic has climbed to an all-time high hash rate of 45 terahashes per second (TH/s). The hash rate is a measure of how much computer power is used to generate new blocks on the network.

Due to increasing mining activity on Ethereum before this month’s Ethereum upgrade, known as The Merge, from a proof of work to a proof of stake consensus process, the hash rate of Ethereum Classic has grown. The event, scheduled for the middle of September, will do away with the need for miners to verify transactions.

Ethereum miners, who have invested billions in mining equipment over the years, may require a proof-of-work blockchain that can take Ethereum’s place as a result of the merger. Some mining pools have considered adding Ethereum Classic to their portfolios since they see it as a competitive proof-of-work blockchain to Ethereum.

Ethereum Classic received backing was in July

AntPool a mining pool run by the industry powerhouse Bitmain, invested $10 million in the project’s ecosystem. This week, BTC.com, a different mining pool, started supporting Ethereum Classic.

In contrast to Ethereum, Ethereum Classic’s hash rate is still modest and makes up only 5% of Ethereum’s total hash rate, which is approximately 895 TH/s. This indicates that Ethereum Classic still has a ways to go before being regarded as a significant network for proof-of-work miners.

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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