Ethereum Classic’s Hashrate Taps Another All-Time High Following Ethereum’s Hardened Merge Timeline – Mining Bitcoin News

On Thursday, following the Ethereum Foundation’s official proof-of-stake (PoS) transition announcement, Ethereum Classic’s hashrate hit another all-time high at block height 15,806,925. The latest jump to 38.64 terahash marks the network’s second record in five days, as Ethereum Classic captured 38.37 terahashes per second (TH/s) on August 20, 2022.

Ethereum Classic Hashrate Spikes After the Latest Merger

The Ethereum Foundation recently published a blog post called “Mainnet Merge Announcement,” which gives the public more precise dates for The Merge’s update. At the time of writing, The Merge is expected to continue 10-20 September 2022and when that happens, Ethash proof-of-work (PoW) miners will be forced to mine another Ethash-backed crypto network.

Ethash miners have a number of coins they can choose from, such as ravencoin (RVN), ergo (ERGO), beam (BEAM), and ethereum classic (Etc). Five days ago, Bitcoin.com News reported Etc‘s hashrate hitting an all-time high at 38.37 TH/s at block height 15,776,674. August 25, 2022, Etc surpassed that record when the hashrate of the network reached 38.64 TH/s at block height 15,806,925.

There is a great possibility Etc could surpass that record again in the near future as the network surpassed the August 20 record on August 24 at block height 15,801,069 when it reached 38.40 TH/s. Additionally, there is still 975.15 TH/s of hashpower directed at the Ethereum (ETH) network today. While there are a number of different Ethash-backed coins, so far, Ethereum Classic has been the main beneficiary of The Merge.

Ethereum Classic’s 30-Day Gains Exceed Ether’s Price Rise Last Month

Ethereum classic (Etc), the network’s native token, also managed to climb from the 20th largest market valuation to the 19th, as Etc prices jumped 10.2% higher in the last 24 hours. Etc jumped from $34.57 per unit during early morning trading sessions on Thursday (EST), to the day’s high price of $38.09 per unit.

Etc managed to climb 61.2% higher against the US dollar during the last 30 days. In fact, EtcThe price increase of the past month is higher than that of Ethereum (ETH) 18.4% increase in the same time period.

What do you think about Ethereum Classic’s recent hash rate spike? Let us know what you think about this topic in the comments section below.

Jamie Redman

Jamie Redman is the News Leader at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written over 5,700 articles for Bitcoin.com News about the disruptive protocols coming out today.