Ethereum Classic (ETC) saw its hash rate skyrocket after the Ethereum Merge, which took place earlier today. According to data shared by 2miners.com, the Ethereum Classic hash rate skyrocketed to 302.47 TH/s. This shows that there is a large number of miners that moved from ETH to ETC in order to keep receiving rewards for protecting the network.
Ethereum Classic Hash Rate Skyrockets
On September 15th, Ethereum (ETH) finally merged, transforming Ethereum into a Proof of Stake (PoS) blockchain network. Thanks to this change, ETH is now faster, cheaper to use, and more reliable, especially for developers that wanted to create and run efficient blockchain apps.
That means that rather than miners processing transactions and securing the network, there are now stakers that protect the network by freezing their coins. This is also one of the ways in which they can get rewarded. But there have been many complaints about PoS centralization and how it affects Ethereum’s ability to become decentralized over time.
The crypto community has also paid attention to what happened to Ethereum Classic (ETC). Let’s not forget that Ethereum Classic continues to work as a Proof of Work blockchain network. That means that those Ethereum (ETH) miners that did not want to transition to stakers, moved to ETC.
This is indeed very positive for ETC, which has been 51% attacked many times in the past. Therefore, it brings ETC extra security, reliability, usability, and decentralization. As you can see in the image below, hash rate on the Ethereum Classic blockchain network skyrocketed in recent hours, showing that there is a large interest in keeping the miners turned on.
Hash rate moved from 50 TH/s on September 13, to over 300 TH/s in recent hours. This represents an increase of 500% in just a few days. This trend could continue in the coming months if stakers on the ETH network decide to turn their mining equipment on once again.
According to data shared by CoinGecko, Ethereum fell by 5.1% over the last 24 hours. This shows that despite the success of the Merge (without any major issues), the virtual currency registered moderate losses. It was, indeed, the digital asset that registered the largest loss among the top 20.
Ethereum Classic, instead, remained stable during the same period of time, but it moved higher by 0.4% in the last 7 days. It would be a matter of time to see what could happen with Ethereum Classic and Ethereum in the next few months. This is going to show whether moving to a PoS blockchain network was a better decision than remaining as a PoW virtual currency.
Bitcoin, the largest virtual currency in the market has also fallen in the last 24 hours by 1.6%. At the time of writing this article, BTC is being traded above $19,875. Ethereum has a price of $1,515 and Ethereum Classic is being traded at close to $37.60 per coin.