Ethereum Classic Hashrate Taps an All-Time High, ETC Hashpower Jumped 39% Higher in 4 Days

Ethereum Classic Hashrate Taps an All-Time High, ETC Hashpower Jumped 39% Higher in 4 Days

On August 20, 2022, Ethereum Classic’s hashrate reached an all-time high at block height 15,776,674 as it tapped 38.37 terahash per second (TH/s). The crypto asset has seen its hashrate surge since Wednesday, August 17, jumping 39.22% higher from 27.56 TH/s to the all-time high (ATH). Ethereum Classic’s Hashpower Skyrockets to 38.37 Terahash Roughly six yearsafter ethereum classic (ETC) miners mined the first ETC block at block height 1,920,000, ETC’s hashrate tapped an ATH on August 20, 2022. ETC’s hashrate reached 38.37 TH/sat block height 15,776,674. The hashrate has been added to the ETC chain as Ethereum (ETH) approaches The Mergeupgrade on or around September 15, 2022. Four days ago, on August 17, ETC hashrate was 27.56 TH/s and its jumped 39.22% higher since that day. ETC’s hashrate reached an all-time high at 38.37 TH/s at block height 15,776,674 on August 20, 2022. The hashrate is up 39% higher than it was four days ago. ETC’s largest mining pool is Ethermine as it commands 8.05 TH/s, which is followed by Poolin’s 8.02 TH/s. Ethermine’s and Poolin’s combined hashrate of around 16 TH/s is more than 40% of ETC’s global hashrate. ETC was initiated after the DAO hack in 2016 and the first ETC block was mined on July 20, 2016. Proponents of ETC believe it is the original unchanged Ethereum blockchain as the DAO hard forkerased the event from the blockchain. In a commitment to sticking to proof-of-work, Ethereum Classic developers removed the difficulty bomb from the ETC chain. ETC’s difficulty bomb removal took place at block height 5,900,000. While Ethereum Classic (ETC) has seen a significant hashrate spike, other Ethash-based token networks like Ravencoin (RVN), Ergo (ERGO), and Beam (BEAM) have not see any substantial increases in hashpower. Ethereum Classic’s all-time hashrate high follows the many predictions that forecasted ETH’s hashrate would migrate to ETC. Last week, JPMorgan market strategists predicted that ETC would likely be one of the main beneficiaries of The Merge. Meanwhile, as ETC has seen a significant hashrate increase, roughly 1 petahash per second (PH/s) or 1,000 terahash (TH/s) is still dedicated to the Ethereum (ETH) blockchain. Tags in this story beam (BEAM), ergo (ERGO), ETC, ETC chain, ETH, Ethash, Ethash coins, ether, Ethereum (ETH), Ethereum Classic, ethereum classic (ETC), Ethereum Classic"s hashrate, merge, PoS, PoW, ravencoin (RVN), The DAO fork, The Merge, transition

What do you think about Ethereum Classic’s hashrate reaching an all-time on August 20? Let us know what you think about this subject in the comments section below. Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today. World"s Largest Ethereum Mining Pool to Drop Ether PoW Mining, Ethermine Starts Merge Countdown MINING | 2 hours ago Leading Japanese Online Broker SBI to Pull Out of Russia’s Crypto Mining Sector MINING | 1 day ago

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