The record-high ETC hash rate marked a massive migration of miners from ETH mining to ETC ahead of The Merge. The hash rate recorded 72.63 TH/s and the ETC price also increased by 5.14% in 24 hours.
Ethereum Classic’s hashrate has breached past its usual metrics, ascending to new highs of 73 TH/s. Ethereum Classic’s hashrate has doubled over the past month. The data acquired from MinerStats indicates an increase of approximately 250% in ETCs hashrate which has jumped from 30TH/s to 73TH/s in one month.
One of the main factors driving the increasing ETC hash rate appears to be the massive departure of crypto miners sparked by the impending Ethereum merge deployment.
Today (September 15), a big network upgrade is planned for the Ethereum blockchain. The upgrade, known as the “merge,” would convert Ethereum’s current proof-of-work consensus to proof-of-stake, making the blockchain long-term sustainable and energy-efficient.
Along with implementing the popular modifications, Ethereum will stop supporting conventional crypto mining following its PoS update. Miners will need to stake a set amount of cryptocurrency to authenticate online transactions in order to mine cryptocurrency on the Ethereum platform.
Since the majority of them have made significant investments by purchasing pricey crypto mining gear and equipment, some crypto miners have started moving to other PoW blockchains in the hopes of continuing their traditional crypto mining.
One of the key factors influencing Ethereum Classic’s hashrate to reach record highs has also been the widespread switchover of crypto miners to it.
Additionally, at the time of publication, the native token of Ethereum Classic (ETC) had increased by 5.14% and was trading at $39.04 over the previous day.
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