Today, while most cryptocurrencies, especially Bitcoin, are losing value, Ethereum Classic (ETC) It rose 12%, attracting all the attention.
The rise of ETC is not just today. ETC, which was trading in the range of $13.50-14 in the beginning of July, rose to $36.45 as of today, gaining 157%.
ETC Mining Hashrate at Historic Peak
The rise in the ETC price also parallels the increase in mining activity. 2miners According to the website, ETC mining hashrate rose to 48.82 TH/s, breaking the all-time record. hashrate, a blockchain It is an important data that measures the network activity in the network.
The hashrate level, which was about 20 TH/s at the beginning of last July, rose 140% in a short period of 2 months.
Apart from the hash rate, Ethereum Classic’s mining difficulty has also risen to an all-time high.
Why Is ETC Rising? What is ETC?
Before we can make sense of the rise in ETC, we need to first look at what ETC is. Ethereum Classic is an Ethereum hard fork released in 2016. An Ethereum hard fork was needed due to a DAO cyberattack in 2016.
The likely main reason for the rise in Ethereum Classic (ETC) is the upcoming Ethereum Merge update. The Merge update will completely change the way the ETH network works. The PoW system, in which miners use video cards, will be abandoned. Miners will be replaced by a PoS system with shareholders.
Cryptocurrency miners, who will soon lose the opportunity to mine Ethereum, are looking for new alternatives. The first choice of Ethereum miners is Ethereum Classic (ETC).
Ethereum Classic ($ETC) is trading at $36.17 as of writing.
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