Ethereum Classic has seen immense traction ahead of the upcoming Ethereum merger. ETC has recorded over 150% in the past month and its holders have enjoyed the uphill ride.
But unfortunately, the bears have recently taken control of the ETC market. And the little visitors rejoice at this opportunity. But investors with high hopes shouldn’t let the celebration end just yet as ETC’s hashrate reached a new all-time high.
Let’s get the party started
In just over a month, Merge on the Ethereum blockchain could come to life. The proof-of-work (PoW) miners of the Ethereum network were forced to find an alternative option to mine.
Vitalik Buterin, co-founder of Ethereum confirmed that the merger would probably take place on September 15. The total difficulty of the terminal is set to “587500000000000000000000”. The Ethereum PoW network had a fixed number of hash left to mine.
But that didn’t seem to alter ETC’s enthusiasm in any way. As of press time, the Ethereum Classic hashrate has reached an all-time high, as shown in the graph below.
Source: Coinwarz
The current hashrate of Ethereum Classic is 37.41 TH / s, which represents the hashrate of the global Ethereum Classic network with a mining difficulty of 561.17T at the block height of 15,786,857.
This marked a 40% jump from 27.56 TH / s to an all-time high at press time. A logical conclusion could be that several Ethereum miners explored Ethereum Classic to see how their earnings would accumulate.
The combined hashrate of Ethermine (ETC’s largest mining pool) and Poolin (second largest mining pool) of around 16 TH / s is over 40% of ETC’s global hashrate.
Journey to remember
Now, the hashrate reaching an all-time high (ATH) for Ethereum Classic at this stage is an interesting scenario.
The grid has experienced a steady decline in mining power since late April 2022. The grid’s hashrate also hit a low of just over 1.6 terahash / second in September 2020.
However, at the moment, the aforementioned increase has shown that existing ETH miners have jumped ship to Ethereum Classic to reap benefits.
Meanwhile, the network has also witnessed, or rather, garnered the support of renowned institutions.
For example, JP Morgan’s market strategists predicted that ETC would likely be a major beneficiary of the merger. Well, this certainly seems to be the case.
On the price front, unfortunately, the token was unable to reiterate the same enthusiasm. At the time of writing, ETC saw a fresh 5% correction when it slipped to the $ 31 level.
Source: CoinMarketCap