Analysis

ETC Hash Rate Record High Reach 73.37 TH/s Before The Merge

The record-high ETC hash rate marked a massive migration of miners from ETH mining to ETC ahead of The Merge. The hash rate recorded 72.63 TH/s and the ETC price also increased by 5.14% in 24 hours.

Ethereum Classic’s hashrate has breached past its usual metrics, ascending to new highs of 73 TH/s. Ethereum Classic’s hashrate has doubled over the past month. The data acquired from MinerStats indicates an increase of approximately 250% in ETCs hashrate which has jumped from 30TH/s to 73TH/s in one month.

Ethereum Classic network hashrate. Souce: MinerStats

One of the main factors driving the increasing ETC hash rate appears to be the massive departure of crypto miners sparked by the impending Ethereum merge deployment.

Today (September 15), a big network upgrade is planned for the Ethereum blockchain. The upgrade, known as the “merge,” would convert Ethereum’s current proof-of-work consensus to proof-of-stake, making the blockchain long-term sustainable and energy-efficient.

Along with implementing the popular modifications, Ethereum will stop supporting conventional crypto mining following its PoS update. Miners will need to stake a set amount of cryptocurrency to authenticate online transactions in order to mine cryptocurrency on the Ethereum platform.

Since the majority of them have made significant investments by purchasing pricey crypto mining gear and equipment, some crypto miners have started moving to other PoW blockchains in the hopes of continuing their traditional crypto mining.

One of the key factors influencing Ethereum Classic’s hashrate to reach record highs has also been the widespread switchover of crypto miners to it.

Additionally, at the time of publication, the native token of Ethereum Classic (ETC) had increased by 5.14% and was trading at $39.04 over the previous day.

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.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Foxy

CoinCu News

Victor

Recent Posts

Bitcoin Spot ETF Inflows Hit $1 Billion Led By BlackRock

Bitcoin Spot ETF inflows hit $1.005B on Nov 21, led by BlackRock’s $608M and Fidelity’s…

4 minutes ago

Best Altcoins to Buy Today: Qubetics Rides 1000x Potential to Hit $2.6M, Ethereum Stays Rangebound, Tron USDT Transactions Hit $52B

Discover the best cryptos to buy and hold today: Qubetics leads with 1000x potential, Ethereum…

2 hours ago

Trump Media Company Is Pushing New Venture For Crypto Service

With the platform facing a cracked whip, Trump Media company is expanding into new business…

3 hours ago

Crypto Advisory Council Now A White House Position Attracting Leaders

Major crypto firms, including Ripple, Kraken, and Circle, are competing for spots on President-elect Donald…

4 hours ago

Analyst Sounds Major Breakout Alert Amid Shiba Inu, WallitIQ, And Dogecoin Price Recoveries

Analysts highlight a breakout alert as Shiba Inu (SHIB), and Dogecoin show signs of recovery…

4 hours ago

SEC Chair Gary Gensler Will Lose Power From January 20

SEC Chair Gary Gensler will step down on January 20, 2025, coinciding with President-elect Donald…

4 hours ago

This website uses cookies.