Ethereum Classic hashrate hits all-time high

In just four days, the hashrate increased by 39% and reached 38,37 TH/s

22.08.2022 - 10:30

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What’s new? Ethereum Classic’s (ETC) hashrate increased from 27,56 to 38,37 TH/s from August 17 to 20, 2022, reaching its all-time high at block 15 776 674. The growth in four days was 39,22%. Bitcoin.com reports about it.

News on the Bitcoin.com website

What is the growth related to? ETC’s hashrate reaching its all-time high may be due to the upcoming Ethereum network upgrade, which is scheduled for September 15, 2022. As a result of the upgrade, the network will change its Proof of Work (PoW) consensus algorithm to Proof of Stake (PoS), and the way coins are earned will change from mining to staking.

Previously, many experts predicted that the ETH hashrate would move to ETC as the upgrade date approached. For example, analysts at JPMorgan believe that ETC could become one of the main beneficiaries of the upcoming Ethereum upgrade.

In late July, AntPool, a mining pool associated with Bitmain, one of the largest companies producing cryptocurrency mining equipment, invested $10 million in the Ethereum Classic ecosystem. Representatives of the pool stated that they would continue to invest in this area.

What is known about Ethereum Classic? The cryptocurrency ETC appeared in 2016 as a result of disagreement with the Ethereum Foundation’s decision to hard fork the network to roll back the blockchain until The DAO project was hacked to compensate affected users for their losses. Members of the Ethereum community united around the cryptocurrency and the “original” blockchain, who rejected the main network’s hard fork for ideological reasons.

The price of Ethereum Classic is $32,28 (-3,99% per day) and the market capitalization is $4,387 billion as of August 22, 10:40 UTC, according to Binance. The coin is traded on all leading crypto exchanges and is part of portfolios of large funds such as Grayscale Investments.

Read about how profitable it is to invest in ETC and where miners will switch to after the launch of Ethereum 2.0 in GetBlock Magazine’s special feature.

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