Hash Rate Of This Altcoin Hits All-Time High Before Ethereum Update!

Ethereum With its long-awaited update approaching, it looks like miners are migrating their machines to Ethereum Classic.

Ethereum will end mining on its network tonight following the merger that put the network in Proof of Stake.

Hash Rate on Ethereum Classic (ETC) Altcoin Network Hits All-Time High

However, according to 2miners data, the mining hash rate on Ethereum Classic (ETC), which claims to be the “original ETH chain”, also reached an all-time high of 65.49 TH/s.

The ETC network was launched in 2016 as a hard fork of ETH.

Hash rate, a cryptocurrency It refers to the computational power used to mine the unit. Assets like Bitcoin, Ethereum Classic, and ETH (before the merger) use a Proof of Work system that requires lots of powerful computers and energy to process transactions.

But ETH, the world’s second-largest cryptocurrency by market capitalization, is making its long-awaited transition to the Proof of Stake Blockchain today, bringing in validators instead of miners, i.e. people who “stacks” the cryptocurrency to keep the network safe and working.

According to the ETH Foundation, this upgrade will make the network “99% more energy efficient.” Almost anyone will be able to participate in the staking process, help secure the new network, and earn ETH passively by staking 32 ETH themselves or by joining a stake pool through an exchange like Coinbase.

However, this move probably leaves legacy ETH miners with nothing to do, so many will instead mine ETC and other compatible coins like Ravencoin.

ETC originated as a hard fork of ETH. After the DAO hack in 2016, $55 million in ETH was stolen and these events resulted in a hard fork in order to render the assets stolen by the hacker worthless.

*Not investment advice.