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HomeETHEthereum Classic hashrate increases over 200 TH/s after the merge

Ethereum Classic hashrate increases over 200 TH/s after the merge

The Ethereum Classic, an open-source, public, blockchain-based distributed computing platform with smart contract (scripting) capability, is gaining a fair share of the miners who can no longer mine Ethereum since its consensus method was changed to proof-of-stake after the Merge.

According to data provided by 2Miners, the influx of Proof of Work (PoW) miners into Ethereum Classic after the Merge caused its hashrate to climb by more than 250% in the preceding twenty-four hours which is the average daily increase in its hashrate over the last few months which increase could also be due to miners finding out that the Ethereum Classic is still a profitable option compared to most other cryptocurrencies.

The hashrate of Ethereum Classic has reached a new all-time high of 222.5 terahashes per second (TH/s) at the time of this writing, indicating a jump of more than 250% in the preceding twenty-four hours. The price of its native ETC coin, which trades on the market right now, is $37.74.

Ethereum co-founder’s view on mining after the merge

Ethereum co-founder’s view on mining after the merge
Ethereum co-founder’s view on mining after the merge

There is a concerted effort by Ethereum Classic to get more miners to join its ecosystem. The co-founder of Ethereum, Vitalik Buterin, had given the network his stamp of approval for Proof-of-Work miners who wanted to keep mining after the merging.

The results of a survey conducted previously by @cryptovium showed that proof-of-work miners were interested in switching to Ethereum Classic, Ergo, Ravecoin, and Flux following the merging. According to the most recent statistics made available by 2Miners, their hash rates are likewise on the rise.

As a result of the successful completion of the Merge, Ergo’s hashrate has skyrocketed to an all-time high of 137 TH/s, representing a gain of more than 400% in the preceding twenty-four hours.

The value of Ravencoin has also increased during the last day. As of the time this article was published, its hashrate has climbed to 14.34 TH/s, having previously been at 9 TH/s.

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Reporter
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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