On Thursday, following the official proof-of-stake (PoS) transition announcement from the Ethereum Foundation, Ethereum Classic’s hashrate tapped another all-time high at block height 15,806,925. The latest jump to 38.64 terahash marks the network’s second record high in five days, as Ethereum Classic captured 38.37 terahash per second (TH/s) on August 20, 2022.
Ethereum Classic Hashrate Spikes After Latest Merge Announcement
The Ethereum Foundation recently published a blog post titled “Mainnet Merge Announcement” which gives the public more precise dates related to the merge upgrade. At the time of writing, The Merge is expected to go live on September 10-20, 2022, and when it does, Ethash Proof-of-Work (PoW) miners will be able to mine another Ethash-supporting crypto network. will be forced.
Ethash miners have a few coins they can choose from, like ravencoin (RVN), ergo (ERGO), beam (BEAM), and ethereum classic (ETC). Five days ago, Bitcoin.com News reported on ETC’s hashrate tapping an all-time high at 38.37 TH/s at block height 15,776,674. On August 25, 2022, ETC surpassed that record as the network’s hashrate reached 38.64 TH/s at block height 15,806,925.
There is a high chance that ETC may surpass that record again in the near future as the network hit 38.40 TH/s on August 24th to hit a record high of 15,801,069 blocks on August 20th. Furthermore, 975.15 TH/s hashpower is still indicated on the Ethereum (ETH) network today. While there are a few different EthHash backing coins, so far, Ethereum Classic has been the main beneficiary of The Merge.
Ethereum Classic’s 30-Day Gains Outshine Ether’s Price Rise Last Month
Ethereum classic (ETC), the network’s native token, has 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 the early morning trading sessions on Thursday (EST), to the day’s price high at $38.09 per unit.
ETC has managed to climb higher by 61.2% against the US Dollar during the last 30 days. In fact, the increase in the price of ETC over the past month exceeds the 18.4% increase in Ethereum (ETH) over the same period.
