- ETCs hash rate has reached an all-time high of 64 Terra Hashes.
- The surging hash rate indicates an increased mining activity on the ETC network
Ethereum Classic’s hashrate has breached past its usual metrics, ascending to new highs of 64 TH/s.
Ethereum Classic’s Online Activity Is Surging Ahead Of The Upcoming Merge Upgrade
Ethereum Classic’s hashrate has doubled over the past month. The data acquired from MinerStats indicates an increase of approximately 200% in ETCs hashrate which has jumped from 30TH/s to 64TH/s in one month
The mass crypto miner exodus spurred by the upcoming Ethereum merge deployment seems to be one of the primary sources contributing to the increased ETC hash rate.
The Ethereum blockchain is scheduled to undergo a significant network upgrade between September 13-15. Dubbed the “merge,” the upgrade will change Ethereum’s existing proof of work consensus to proof of stake, rendering the blockchain sustainable and energy efficient in the long run.
Alongside deploying the mainstream changes, Ethereum, after its PoS update, will no longer support traditional crypto mining. In order to mine crypto transactions on Ethereum, miners will be required to stake a fixed amount of crypto to authenticate online transactions.
Several crypto miners have been migrating to other PoW blockchains in hopes to continue their traditional crypto mining since most of them have made heavy investments by purchasing expensive crypto mining gear and equipment.
The mass migration of crypto miners to Ethereum Classic has also been one of the significant driving forces that have been steering its hashrate to reach new highs.
Furthermore, the Ethereum Classic’s native token $ETC is also up by 5.71% at press time, trading at $37.91 in the last 24 hours.
Hashrate, in crypto terminology, refers to the total amount of computing power that is utilized while processing cryptocurrency transactions on a proof of work network. A high hash rate usually indicates a secure network further demonstrating that a large group of miners are currently verifying transactions on a blockchain.
In addition to this, a new blog post published by 2miners states that Ethereum Classic, Ravencoin, and Ergo are some of the safest PoW blockchains to work with post the ETH merge update.
“Currently the most profitable coins after Ethereum are Ravencoin, Firo, Cortex, Ergo, Aeternity, Beam, Bitcoin Gold, Ethereum Classic, and Callisto.”
The blog has also dedicated an entire section on how miners can still mine crypto using their expensive GPUs post the highly anticipated merge event.
Ray Schuetz received a Masters Degree in computer science from The University of Texas (Austin). Ray has been working as a full-time blockchain consultant for the past 3 years. In his spare time, Ray enjoys writing for EthereumCryptocurrency.com and other crypto news publications.