The hashrate of Ethereum Classic significantly increased just before the Ethereum network switched from a proof-of-work (PoW) blockchain to a proof-of-stake (PoS) blockchain. The hashrate of Ethereum Classic was 214.37 terahashes per second (TH/s) three days after The Merge. The network’s hashrate has now dropped dramatically, though, since 44.33% of it has been lost in the past 134 days.
Ethereum Classic Loses Luster After The Merge
Before the major switch to Ethereum (ETH), Ethereum Classic (ETC) was the centre of attention, but it has since lost its PoW dance partner. The Ethereum Classic (ETC) network’s hashrate has increased since Ethereum switched from proof-of-work (PoW) to proof-of-stake (PoS). ETC had a hashrate of 23.87 terahashes per second (TH/s) on January 17, 2022. After more than a year, on January 30, 2023, Ethereum Classic had a hashrate of 119.32 TH/s, a 399% growth. However, ETC’s computational power was more than 44% higher 134 days ago.
On September 15, 2022, when Ethereum switched from proof-of-work (PoW) to proof-of-stake, both the price and hashrate significantly increased (PoS). Ethereum Classic (ETC) was worth about $35.81 per coin on that day, after reaching $39 per unit the day before. The price of Ethereum Classic was soaring at the moment, but it has now died out like a damp campfire. ETC is now selling for $22.98 per unit as of January 30, 2023, down 35.62% from its post-transition value.
With 26.91 terahashes per second (TH/s) of the total 119.32 TH/s, or 22.55% of the network’s hashrate, F2pool is the largest Ethereum Classic mining pool. Following closely behind with 16.48 TH/s, or 13.81% of ETC’s hashrate, is Ethermine.org. The combined hashrate of these ten ETC mining pools is around 95.11 TH/s.
Additionally, on September 15, 2022, Ethereum Classic has about $873,161 in total value locked (TVL) in decentralised finance (defi) protocols. The TVL in the Ethereum Classic defi protocols has dropped to $376,803 as of this moment. With 58.74% of the TVL, or $221,335, the decentralised exchange (dex) platform Hebeswap currently has the majority.
What do you see for the future of Ethereum Classic? Let us know what you think about this subject in the comments below.
Reading More:
