Ethereum Classic hash rate peaks before The Merge
The hash rate of Ethereum Classic has achieved an all-time high of 45 terahashes per second (TH/s), an increase of almost 480% year-to-date. The hash rate is the amount of computer power required to generate new blocks on a network.
This month’s Ethereum upgrade, known as The Merge, from a proof-of-work consensus process to a proof-of-stake consensus mechanism certainly contributed to the surge in Ethereum Classic’s hash rate.
Due to the merging, Ethereum miners, who have invested billions over the years on mining equipment, may need a proof-of-work blockchain that may serve as a successor for Ethereum. Some mining pools have considered expanding to Ethereum Classic because they regard it as a viable alternative proof-of-work blockchain to Ethereum.
AntPool, a mining pool controlled by mining giant Bitmain, originally indicated support for Ethereum Classic and invested $10 million in its ecosystem in July. This week, BTC.com, an additional mining pool, began supporting Ethereum Classic.
Ethereum Classic’s hash rate is relatively modest in contrast to Ethereum, accounting for about 5% of Ethereum’s around 895 TH/s hash rate. This indicates that Ethereum Classic has a long way to go before it can be regarded as a significant proof-of-work mining network.