Ethereum Miners Flock To This Altcoin!

The official date of the transition to “proof of stake (PoS)” was shared with the blog post published by the Ethereum Foundation. Following this announcement, the Ethereum Classic hash rate reached its highest level with a block height of 15,806,925. Ethereum ClassicThe recent leap to 38.64 terahash marks the network’s second record in five days, as it captured 38.37 terahash per second (TH/s) on August 20, 2022.

ETC Hashrate Increases After Ethereum Merge Announcement

The Merge is expected to be released September 10-20, 2022, and once this transition is complete, Ethash proof-of-work (PoW) miners will have to mine another Ethash-powered crypto network.

Ethash minerThere are options such as Ravencoin (RVN), Ergo (ERGO), Beam (BEAM) and Ethereum Classic (ETC). Five days ago, it was seen that ETC’s hash rate reached an all-time high of 38.37 TH/s at a block height of 15,776,674 and the developments were noteworthy. On August 25, 2022, ETC broke this record again as the network’s hashrate reached 38.64 TH/s at block 15,806,925.

Ethereum

If the developments continue like this, it seems possible for Ethereum Classic to surpass this record again in a short time. Also, there is still 975.15 TH/s hash rate for the Ethereum (ETH) network today. While there are several different Ethash backing coins, Ethereum Classic has so far been the asset that has benefited the most from The Merge.

The network’s native token Ethereum Classic (ETC) gained a spot on the most valuable coins list, moving up to 19th position as ETC prices rose 10.2% in the last 24 hours. ETC jumped from $34.57 per unit to a daily high of $38.09 per unit during early morning trading sessions on Thursday (EST).

ETC has managed to gain 61.2% against the US dollar in the past 30 days. In fact, ETC’s price increase over the past month is higher than Ethereum’s (ETH) surge of 18.4% over the same period.

You can follow the current price action here.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.

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