Ethereum Classic (ETC) has registered a significant spike in its hashrate, now just after the merge of Ethereum (ETH) itself.
Increase of about 280%
For example, a hashrate of 183 Terahashes per second (TH/s) was measured on the ETC network. This is about 280% higher than the 64 TH/s 24 hours earlier.
However, the network has seen a larger increase over the past month. For example, the hashrate of the ETC classic has increased by 500% in the past 30 days. This sudden growth followed Ethereum’s successful transition from Proof-of-Work to a Proof-of-Stake consensus. After this upgrade, Ethereum will no longer need miners.
Ravencoin also benefits
Previously, of course, mining equipment was needed to mine Ethereum. As a result, many individuals have invested millions in this equipment over time. It is therefore not entirely unexpected that these miners are now being used for ETC, for example. ETC can be mined with the same equipment as ETH. As a result, the devices do not become useless in one fell swoop.
According to the latest data, Ethermine is the largest mining pool on Ethereum Classic, contributing about 57 TH/s from a total of 30,647 individual miners. Ethermine was the leading mining pool on Ethereum before The Merge.
Other Proof-of-Work blockchains have witnessed a similar trend. The hashrate on the Ergo blockchain shot up more than 390%, from 27 TH/s to now 107 TH/s in one day. Also, Ravencoin’s hashrate almost doubled in one day, while it rose from 8 TH/s to around 15.52 TH/s.
