Erthereum Classic hashrate renews historical maximum.
With a number of Ethereum miners starting to switch to Ethereum Classic (ETC) mining, the latter’s hashrate has renewed its all-time high, reaching 48.82 Th/s. Over the past 30 days, the ETC hashrate has increased by 62.1%, while over the past 12 months it has risen by 105%.
The increase in hashrate indicates both an increase in connected ETC mining capacity and signals an increase in the resilience of the ETC blockchain and a decrease in the likelihood of a successful “51% attack” on it. The last time the ETC blockchain was invaded was in August 2020, but then its hash rate was only 2.9 Th/s. If we take that moment and the present one, the hash rate of the ETC blockchain is up 1,606%.
At the same time as the ETC hash rate record was updated, the difficulty of mining such digital assets also reached a new all-time high of 626.06 trillion.
The price of ETC jumped 26.3% in the last 24 hours in a daily movement, and has added 19.4% in the last seven days, reaching $40.5. Ethereum looks weaker against this backdrop, with a 6% increase over the day and only a 4.2% gain over the past seven days.
Interestingly, the main catalyst for such activity of ETC miners and increased investment in this cryptocurrency is the upcoming update of Merge, which will transfer the Ethereum blockchain from Proof-of-Work protocol to Proof-of-Stake. By now, the necessary preparatory technological work for such a change has been done, and the update itself puts the Question factor in the further decentralization of Ethereum.