Ethereum Classic’s hash rate significantly increased just before the Ethereum network switched from a proof-of-work (PoW) blockchain to a proof-of-stake (PoS) blockchain. Three days after The Merge, Ethereum Classic had 214.37 terahash per second (TH/s) of hashrate. The network’s hashrate has since dropped significantly, though, as 44.33% of it has been lost in the past 134 days.
Ethereum Classic Loses Luster After The Merge
Before Ethereum’s (ETH) significant transition, Ethereum Classic (ETC) was the center of attention, but it has since lost its PoW dance partner. The Ethereum Classic (ETC) network has experienced an increase in hashrate ever since Ethereum switched from proof-of-work (PoW) to proof-of-stake (PoS). ETC had a hashrate of 23.87 terahashes per second (TH/s) as of January 17, 2022. After more than a year, on January 30, 2023, Ethereum Classic had a hashrate of 119.32 TH/s, a 399% increase. ETC’s computing power was, however, more than 44% greater 134 days ago.
ETC’s price and hashrate both saw a significant increase on Sept. 15, 2022, the day of the Proof-of-stake (PoS) on Ethereum replaces proof-of-work (PoW). After reaching $39 per unit the day before, the value of Ethereum Classic (ETC) was about $35.81 on that day. Initially on fire, the price of Ethereum Classic has since cooled off like a wet campfire. ETC is currently trading at $22.98 per unit as of January 30, 2023, down 35.62% from its post-transition value. Records from Archive.org reveal that on Sept. 18, 2022, 214.37 terahash per second (The Ethereum Classic network received TH/s of bandwidth.
Presently, F2pool is the largest Ethereum Classic mining pool, with 26.91 terahash per second (TH/s) of the total 119.32 TH/s, equating to 22.55% of the network’s hashrate. Following closely behind with 16.48 TH/s, or 13.81% of ETC’s hashrate, is Ethermine.org. The other mining pools in the top ten are 2miners.com, Ezil.me, Dogpool.one, Hiveon.net, Poolin, Richpool.pro, Pool.btc.com, and Antpool. The combined hashrate of these ten ETC mining pools is approximately 95.11 TH/s.
