Ethereum Classic beats its historic ATH in terms of hashrate
ETH's hard fork could be the biggest winner of the upcoming The Merge!
Ethereum Classic (ETC) is one of the major actors in the cryptocurrency sector recently. This is because it has seen a second consecutive increase in hashrate in the week and the third one this month. This, of course, is related to the upcoming update of the network to which Ether (ETH) belongs, as a result of which this cryptocurrency will change the consensus mechanism from Proof of Work (PoW) to Proof of Stake (PoS). This means that its extraction by the miners will not be possible anymore. An alternative for miners of the second largest virtual currency is its 2016 hard fork.
Ethereum Classic achieves another increase in hashrate
The closer to The Merge update, the more miners are forced to migrate from the Ethereum network to Ethereum Classic. After the last programming work and tests leading together to change the consensus mechanism of the second largest cryptocurrency, it will no longer be possible to mine it. ETH miners are forced to look for new alternatives.
A few days ago, ETC set the second record for hashrate this month. It was then 38.37 TH / s. On Thursday it was beaten again at block 15 806 925 because the hashrate increased to 38.64 TH / s.
Currently, the Ethereum network still has 975.15 TH / s of computing power. While ETC is currently the main beneficiary of Ethereum's abandonment of PoW, an alternative to ETH miners is also provided by a few other coins. These include projects such as the latest ETH hard fork, namely Ethereum PoW (ETHW), but also Beam (BEAM), Ravencoin (RVN) and Ergo (ERGO).
High ETC growth over the past month
The rate of the native cryptocurrency related to the Ethereum Classic network has gained significantly in value recently. From the unimpressive level of $ 31.44 a month ago, it jumped to $ 45.51 in just 30 days. Currently, it is traded at a price oscillating around $ 37.99.
Despite the recent significant increases, this cryptocurrency is very much separated from the historical ATH in May 2021, because it is close to 80%. The highest historical price peak on the ETC price chart was set at an impressive $ 176.16. After the recent increases, ETC has moved up in the CoinMarketCap ranking and is currently on the 19th position.
